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04 September 2015
What does ‘protection’ mean to you? How important is your family to you? Have you adequately provided for them when you are no longer around? In order to make sure and remind you of the need to include life insurance in your financial plans, the IASL in concurrence with the Insurance Board of Sri Lanka will be launching a ‘Life Insurance Awareness Month’ during the month of September.
If disaster strikes, life insurance can pay out when your family needs it most. It can pay off debts and loans, providing surviving family members with the chance to move on with a clean slate. It can keep families in their homes and pre-fund a child’s education. It can keep a family business in the family. It can provide a stream of income for a family to live on for a period of time.
According to statistics 12.6% Sri Lankan’s are protected with life insurance. It is known that a majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones. The life insurance market is highly under-penetrated with the total life insurance premium to Gross Domestic Product ratio standing at only 0.46% in 2014 (IBSL Annual Report).