Spectator on facebook

Spectator on facebook

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.

Topic: Finances and Advisory


Top stories

The Financial Administration’s head resigns from post

František Imrecze says his decision was spontaneous.

František Imrecze

Institutions can be quickly destroyed, but they are hard to build

Head of the To Dá Rozum intiative, Renáta Hall, talks about the impacts of a dispute between the academy of sciences and the Education Ministry.

Renáta Hall

Man from Russian sanction list trained president’s and PM’s bodyguards

Denis Riauzov is on the sanctions list and the secret services believe he is a Russian agent.

He survived the Paris attacks: Slovakia healed me, he says

I stepped back into life and learned to live again here. I don’t think I could have done it in Paris, says Thomas Tran Dinh.

I found people in Slovakia who try to understand and balance things, says Thomas Tran Dinh.