South Africa has an incomplete social protection system without a mandatory pension savings scheme. Designing a universal insurance pension system would allow to reduce the important government funded pension grant system and ensure that the old-age population has decent income. Only 40% of...

Life insurance is one of the substitute investments for social protection at the micro level for individuals and households. Like state social insurance, life insurance mitigates the social risks of aging, unemployment, reduced health, poverty and simultaneously saving for future well-being....