Sovereign covers Kiwis with free Facebook insurance

Sovereign covers Kiwis with free Facebook insurance

Sovereign is giving Kiwis the opportunity to receive free life insurance through an innovative Facebook campaign aimed at addressing the issue of underinsurance in New Zealand.

New research[1] undertaken by Sovereign shows that 2 in 5 Kiwis don’t have life insurance and only 16% of those who don’t have it are considering it in the future.

New Zealand is reported as having the third lowest penetration of insurance among 31 OECD countries with only Greece and Mexico having a lower insurance penetration[2].

The industry first Facebook campaign is an innovative move by Sovereign to reach Kiwis in the 25 – 50 year old demographic who may not know where to start with insurance or understand how it works.

The free insurance offer kicks off June 8 and runs until July 12 giving Kiwis the opportunity to receive $10,000 free life insurance for six months. To apply, applicants simply visit the Sovereign NZ Facebook page and click on the free insurance offer.

According to Facebook statistics, currently 1.9 million Kiwis use Facebook daily, with the largest group aged between 25 and 50 years of age.

Sovereign Chief Marketing and Innovation Officer Chris Lamers, says the campaign is designed to help Kiwis better understand the benefits of life insurance and how it is relevant to them.

Sovereign’s research revealed the main life triggers for taking out life insurance included planning for the future (40%), children or child on the way (36%), marriage or permanent relationship (25%) and first time home buyer (24%).

“It’s at these milestones that life insurance can make a real difference,” says Lamers. “By giving people a chance to try insurance at no cost, we are giving New Zealanders information that will help them plan and prepare for their future.”

Underinsurance, defined as people who have too little or no insurance, is an important issue for New Zealand. The impact includes financial and emotional impact on families in the event of sickness, death or disability and increased pressure on the public health system.

Sovereign’s research revealed that the main reasons for not having life insurance is a belief that it isn’t relevant to their life stage (38%) and that life insurance isn’t necessary (22%).

“We know that some of the most common reasons for underinsurance are a lack of understanding, complexity of insurance products and a reluctance to plan for the future. We are hoping to address these and many other barriers to getting insurance through the simplicity and accessibility of this campaign.”

The campaign also allows people to take charge of the personalisation of the insurance by naming the product and deciding which friends they would like to share the offer with.

To find out more visit the Sovereign Facebook page.

ENDS

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