Mr. Oliver: Life insurance companies continue to provide life insurance; they sell annuities, they sell health insurance and they're moving towards becoming financial service companies. As you say, the blurring continues.
TWST: Michelle, how much can we still describe this life insurance
industry as driven by the sale of protection?
Ms. Giordano: I think new sales are increasingly coming from
retirement savings products such as annuities, which protect
individuals for the risk of living too long and moving away from death
protection products, such as life insurance, to protect from the risk
of dying too young.
TWST: Sandra?
Ms. Pagel: Where protection is provided, it's now provided primarily
in a pure term insurance policy form rather than through the
traditional ordinary whole life product which was a combination of a
fixed income account with protection.
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