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Who buys endowment insurance policies most often in Russia?

Universal life insurance as an accumulation tool is most often used by the companies’ executives in the realm of trade and industry. Sberbank Life Insurance comes to this conclusion having analyzed 3,500 endowment agreements.
Who buys endowment insurance policies most often in Russia?

Universal life insurance contracts are concluded by commercial and various industries (consumer, food, mining, metallurgy, etc.) workers; these segments account for about 13% of endowment contracts.

 

“Next are financiers and developers: the representatives of each of these activity areas account for approximately 8% of the concluded agreements. Another 7% of contracts are concluded by clients working in healthcare and education. State officials (3% of contracts), law enforcement and the military (2%), clients working in advertising and PR (1%) also save with the help of endowment,” the company’s release says.

 

28% of endowment contracts are concluded by top managers, general directors and their deputies. 10% of clients are middle managers, another 10% are specialists. Individual entrepreneurs concluded 8% of all endowment agreements, pensioners and housewives - 13%.

 

According to Sberbank Life Insurance, about 30% of endowment agreements are concluded by people aged 36–45, almost the same amount, 28% of total contracts are customers under the age of 35 years. 42% of customers are ready to save from 6 to 10 years, 22% plan to make savings for 11-15 years. A fifth of clients sign five-year contracts, and a tenth - 16–20-year contracts.

Photos are from open sources.

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