Parents combine saving with insurance cover

SEB’s statistics reveal that parents prefer solutions that combine a saving function for their child’s future with insurance cover against the most common risks.

Seventy-five per cent of parents who begin the process of saving for their child also take out insurance cover, which will help the family to cope better financially in the case of unexpected events.

Sums insured have increased 41% in two years

The statistics of SEB Elu- ja Pensionikindlustus reveal that more than one half of customers (65%) also select insurance cover for the continuation of insurance premiums to go with the endowment contract, to secure their child’s future, thereby ensuring that upon the death of a parent the insurance undertaking will continue with the agreed payments. Thirty per cent of parents also take out accident insurance together with endowment contracts. Compared to 2015, the sums insured of accident insurance cover have increased by 41 per cent.

‘Parents, who through the process of building a monetary buffer want to ensure a financially more stable future for their child, also want their child to receive the planned amount, regardless of what happens to them. This is why the customers are expressing greater interest in favourable insurance cover – regarding the guarantee for continuing insurance premiums’, said Indrek Holst, Chairman of the Management Board at SEB Elu- ja Pensionikindlustus.

‘Furthermore, parents are aware of the risks of accidents involving children and able to judge the medical costs that must be borne when a child has been in an accident. According to our loss adjustment data, the average duration of post-accident treatment of children is 34 days. For a parent, this may mean being absent from work for the same period of time and an immediate impact on income. Insurance helps to cover the incurred medical costs or support the family’s income’, Holst added.

Insurance has continued making payments to the contracts of 100 children

Compared to 2015, the number of insurance covers has increased, giving the feeling of security to the parent that whenever the contributions into the endowment contract are stopped, the insurance undertaking will continue saving for the child as the parent had planned.

Over time, SEB Elu- ja Pensionikindlustus has continued payments into the contracts of 100 children. Nearly 40 of these children have since reached adulthood and received their sums, and we are continuing to make payments into 66 contracts.

Additional information:

Julia Piilmann
Communication Manager
Marketing and Communication division
SEB Pank

Phone+372 665 5340
Address Tornimäe 2, 15010 Tallinn
E-mail julia.piilmann@seb.ee
www.seb.ee

Read our news feed on Twitter www.twitter.com/SEB_Eesti
Follow us on Facebook www.facebook.com/seb.eesti
View the video archive on YouTube www.youtube.com/user/sebeestivideo