Life insurance for children initiated by women
Life insurance companies have analyzed the structure of risk and endowment life insurance programs for children.
According to the results of the Beinsure study, 57% of such policies are issued by relatives aged 26-45 in favor of children aged 4-12. The average annual contribution for children’s savings programs is $1,740.
Men (40%) confirm their right to the role of family protector, almost on an equal footing with women (60%), acting as insurers under “children’s” programs. Based on practice, in the overwhelming majority of cases, the conclusion of “children’s” contracts is initiated by women who actively participate in discussions of the conditions for the programs.
Most often, relatives open life insurance policies in favor of children from 8 to 12 years old, this group is 32%. In second place are contracts in favor of the younger generation between the ages of 4 and 7, 25%. The shares of insurance for 13-16-year-old teenagers and toddlers from 1 to 3 years old are 21% and 22%, respectively
| Children’s age | Insured |
| 1-3 | 22% |
| 4-7 | 25% |
| 8-12 | 32% |
| 13-16 | 21% |
Children’s life insurance programs allow both systematically accumulating a large amount for an important event, for example, for the education of a child, and providing adults and children with financial protection in case of unforeseen circumstances.
Most often, a life insurance contract in favor of children is concluded by men and women aged 36 to 45 years. They account for 50.6% and 46.2%, respectively. A solid second place is occupied by 26-35-year-old clients, the share of men is 30%, and women – 33.1%. Representatives of the age group 46-60 years old (as a rule, these are aunts / uncles, grandparents) are also active, the “male” share is 16.4%, “female” – 16%.
According to experts, such a picture is due, first of all, to national characteristics and attitudes towards financial instruments. Savings are often formed not regularly and systematically, but according to the residual principle, when “extra” money appears.
Author: Oleg Parashchak
