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Research: most Russians use life insurance to save up to support their children

On International Children's Day, CAPITAL LIFE insurance company conducted a nationwide study on how residents of various regions of Russia used endowment life insurance programs to ensure a decent future for their children. These data were obtained on the basis of 612,000 analyzed endowment contracts serviced by CAPITAL LIFE, which made almost 40% of all valid endowment agreements in the country, according to the information by the All-Russian Union of Insurers for the 1st Q 2022.
Research: most Russians use life insurance to save up to support their children

The main goals of the savings of Russians who have acquired universal life insurance programs are: education and support for children - 39%, savings for retirement - 23%, just in case, in reserve - 22%.

Most of the parents who care about the future of their children live in the Republic of Buryatia (54% of all those who bought the ULI), the Khabarovsk Territory (50%) and the Arkhangelsk Region (50%).

Russians most often think about savings for a child when they send him to school, on average with a contract term of 9-11 years, in order to form capital for adulthood. It is interesting that 2% of Russians purchase a child's universal life insurance policy in the first year of his life. Most of these parents are in the Kaliningrad region.

According to the data received, a third of Russians with children's endowment life insurance programs form capital in the amount of over 200 thousand rubles. Among the leaders in terms of the amount of savings are Moscow and the region (almost 400 thousand rubles per child), St. Petersburg and the region (355 thousand rubles per child) and Primorsky Krai (276 thousand rubles).

“Universal life insurance is an effective tool, with the help of which even small but regular contributions allow parents to accumulate sufficient amounts for their child’s admission to a university or other important life goals, by distributing the burden on the family budget evenly. Also, endowment life insurance programs protect the child’s health and allow keep family’s savings in case of unforeseen circumstances, such as medical treatment due to injury or illness,” says Eugeny Gurevich, CEO of CAPITAL LIFE.

Source: https://tass.ru/novosti-partnerov/14789905

Photos are from open sources.

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