Life companies vying for beer money says Navigant

Tue, 03 Jun 2008

Life assurance providers are competing with beer and cigarettes for peoples’ spending money, according to a senior consultant.

Speaking at the recent Market Force Future of Life Assurance conference, Ken Taylor, life and pensions chief for Navigant, warned against consumer complacency when faced with planning for the future.

He said research by his company revealed that 55 per cent of people would rather have a good standard of living today than plan for later life. Mr Taylor said: "We have got a challenge of people who find it unaffordable. We have to compete with the thought that 'I am going to put all this money away and not get it back. Employers go bust. Providers go bust'."

He noted that the credit crunch had hit consumer confidence across the board in the financial services and that people did not differentiate between banks, insurance companies and trust managers, adding that people did not trust financial services. Mr Taylor urged the industry to tackle the problem and target people through advertising .
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