FOCUS SHORT

Policies may grow obsolete

HOLDERS of life insurance policies in Slovakia should check to see whether their policies still cover all their needs.

HOLDERS of life insurance policies in Slovakia should check to see whether their policies still cover all their needs.

“The average life-cycle of a life insurance policy is less than 10 years,” Peter Világi, senior analyst of Fincentrum, told the Sme daily.

Világi cited an old insurance policy signed in 2000 by an 18-year-old client for 15 years. The death benefit was Sk40,000 (about €1,333), and the accidental death benefit was Sk100,000 (about €3,333). The insured paid Sk318 (€10.6) per month. If this policy were still active, the client would receive an insurance payment of €1,327 plus 25 percent as a special bonus from the insured sum in 2015.

“This is really not a policy that fits the needs of a client who is 32 years old today,” Világi said.

An increase in indebtedness due to the fact that now more Slovaks have mortgages than 20 years ago has also affected life insurance. According to the Statistics Office, 80 percent of those in the 20-35 year-old age group who have died were men, which is also the age range in which clients take on mortgages the most.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Theme: Finances and Advisory


Top stories

Slovak wines do great abroad, but inspectors see them as unfit at home

Slovak legislation does not recognise orange and cloudy wines. As a result, inspectors remove them from the shelves of stores in Slovakia.

Michelin-starred restaurants buy Slovak wines while inspectors in Slovakia remove some of them from the shelves of stores

This is not even the end of the beginning

Somehow Boris Johnson sold himself as the least tiresome.

The UK is like a flatmate who promised to move out, but just never leaves. In the meantime, they keep stealing beer from the refrigerator while complaining about how it tastes.

Economy minister: A gas crisis may come after the New Year

Slovakia will probably have to use all measures possible to secure supplies.

Gas storage facility in Gajary.

Tragedy in Prešov and bad news for Kočner from the U.S.

It’s less than three months before the general election and the chairmen of two major parties are facing criminal prosecution.