About 89% of participants assess life insurance as essential, according to Vietnam Insurance Association (IAV).
This was one of the conclusions in a study conducted by IFM Research Company with 1,265 survey participants nationwide, including cities like Hanoi, Ho Chi Minh City, Hai Phong, Da Nang and Can Tho, in both urban and rural areas.
Mr Nguyen Phong Cam, Deputy Secretary General of IAV, said that this is the first time in more than 30 years that the Vietnamese life insurance industry has conducted an independent study on people's awareness and behavior in this field.
The publication of the study not only provides a panoramic picture of the awareness and importance of life insurance in social life, but is also an important basis for management agencies, businesses and the entire insurance industry to build appropriate solutions to better serve people in the coming time," Mr Nguyen Phong Cam shared.
The percentage of respondents who assess life insurance as essential in life reached 91% in the group that owns life insurance contracts, 86% in the group that does not own them and 91% in the group that used to own them.
At the same time, the study also recorded a relatively positive level of understanding of life insurance by survey participants.
Accordingly, 58% of participants self-assessed themselves as having a high level of understanding of life insurance.
This rate is quite uniform between age groups: 57% in the 22-29 age group, 59% in the 30-40 age group and 58% in the over 40 age group.
However, the main reasons why life insurance is considered necessary are all related to the very basic needs of each family: 57% of respondents believe that life insurance helps protect against disease, accident, and death risks; 45% emphasise the role of financial stability for families, reported Lao Dong newspaper.