Therefore, 70–85% of working residents of the UK, Germany, Italy, the USA and France use this service. The range of life insurance products is wide. It includes endowment, investment insurance, travel insurance, sports insurance, and programs with and without a risk component, extra services programs (telemedicine, check-ups) with the most popular personal types of credit and investment insurance.
The US insurers recently offered a new product on the market that provides a comfortable life for pets after their owners’ death. “The dogs that have lost their owners are transferred to shelters, and if they are not taken, the animals are euthanized. The pet protection plans prevent this scenario by appointing a guardian who will be responsible for receiving the pet if the owner dies,” Todd Halterman, the new insurance policy developer, told reporters.
In its 2018 insurance market report, Deloitte expects the emerging markets, Chinese in particular, to have greater potential for rapid growth, at least in percentage terms, especially for property insurance companies. Thus, the Swedish insurtech startup Bima has developed life micro-insurance for low-income buyers especially for developing countries in Africa, Asia and Latin America.
Everything is different in Kazakhstan: the society majority does not like to think about life insurance due to some prejudices and desire to banish bad thoughts with the confidence that nothing bad will ever happen to us. Avoiding the problem is not the best option. Having realized that, the class of people taking care of themselves and their families is coming along. “In our family my husband only works. And recently we lost a nephew, he had cancer. After that my husband and I decided to insure his life. We want to make sure our children will be protected financially, if something happens. The insurance manager explained us everything, and we chose endowment,” said Akmaral.
There are just few such clients in Kazakhstan life insurance companies so far, although the statistics demonstrate an annual increase in the number of accidents and serious diseases. “An insurance policy is a tool that helps protect the family budget from financial losses associated with the consequences of injuries, dangerous diseases and other troubles that require serious costs to restore health,” explains Ramai Kurbangaliyev, the sales and regional development department director of JSC LIC Nomad Life.
Timely insurance payment far outweighing the insurance premium will allow solve health problems, provide the necessary funds for recovery and rehabilitation, and also cover the costs associated with the loss of habitual income during the illness and after it. A life insurance policy also provides for protection of life and health of a breadwinner.
In the case of the worst event, relatives will promptly receive the insurance payment that will support the family in difficult times,” said Ramai Kurbangaliyev.
Photos are from open sources.