A leading global reinsurer has released a report recently that states that consumers are confused about the life insurance cover they have.

The report says that people are confused between the life insurance cover they think they have and the cover they actually have.

The reinsurer further said that the industry has to take the step of empowering their consumers with information. Armed with this information, consumers need to move from being aware to actually making better decisions financially.

The report titled, ‘The cost of doing nothing’, estimates that a little less than half of consumers, feel like they are in safe hands if they had to suffer long term illness or die. A majority of people feel that they can rely safely on life insurance to protect themselves financially.

However, only one third actually think they can rely on their insurance. Critics stated that these consumers could be turning a blind eye to the possibility that they are underinsured.