A study of income protection insurance awareness by the Maltese citizens

Abstract

The general perception among Maltese citizens regarding Income protection insurance is linked to lack of knowledge. Consequently, by means of this study, the author has analysed the awareness of income protection insurance among Maltese people. Moreover, the determining factors which lead to awareness of income protection insurance were scrutinized. Lastly, the author evaluated what can be done to enhance knowledge linked to this type of insurance. An online survey questionnaire was distributed among a wide variety of Maltese citizens which included different age groups, genders, and status. The feedback obtained from this questionnaire demonstrates that the perception linked to income protection insurance is inaccurate as the majority of respondents were aware of the existence and benefits of such a policy. However, only a small number of respondents have purchased and invested in such a policy. Thus, when insurance companies promote such policies, detailed information about their benefits should be explained to the public. The sample indicates four factors which determine awareness about the benefits of income protection insurance among Maltese citizens. As a result of this investigation, the author has concluded that insurance companies in Malta need to invest in promoting these type of policies. This can be achieved by means of advertisements on social media as well as television, radio and newspapers. Furthermore, insurance companies have to focus and create initiatives for individuals who are already aware of the existence of such policies but have not attempted to purchase a policy because of certain misconceptions. Further research may be undertaken by Maltese insurance companies so as to target a wider range of the Maltese population in the same way international insurance companies manage to interact with their numerous customers.