Rating of endowment life insurance companies: who can you trust? Insurance companies working with Sberbank on mortgages - who to work with

Sberbank mortgage insurance is provided by accredited insurance companies. Their list is quite sufficient for clients to conclude an agreement on favorable terms.

Bank insurance requirements

According to mortgage agreements concluded with Sberbank, borrowers are required to insure the purchased property. This requirement is stipulated by the provisions prescribed in the federal law “On Mortgage (Pledge of Real Estate)” (Article 31).

Life and health insurance of the borrower (co-borrower) is not a mandatory condition of the mortgage agreement, but is desirable. The bank encourages its clients to take out this type of insurance by reducing or increasing the mortgage loan rate, depending on the presence or absence of such an insurance policy. Sberbank offers its own list of insurance companies for mortgages and life insurance.

In total, both insurance policies cost a decent amount. It is quite logical that borrowers, having received approval for a mortgage, try to find an insurance company for cooperation that will ask to pay the minimum insurance premium, but will be a reliable partner accredited by Sberbank of Russia.

It cannot be said that the list of accredited insurers includes any exceptional companies. Which insurance companies does Sberbank of Russia work directly with for mortgages? Those who independently expressed a desire to cooperate with him. Such organizations contacted the bank, presented the necessary documents, were checked by internal services and, based on their conclusions, formed a partnership.

Insurance companies cooperating with Sberbank on mortgages also offer other types of insurance: title insurance, as well as against job loss and other financial risks. These types of insurance are often not required either by law or by the terms of the loan.

Sberbank will also accept an insurance policy issued by an insurance company that has not been accredited. However, it will take time to accept such a document: the lender’s services need to check the insurer proposed by the client and make an informed decision about the possibility of working with him.

Considering that control over activities in the insurance market is carried out by the Central Bank of the Russian Federation, which only needs one day to suspend the activities of the insurer if any problems are identified, there are usually no difficulties with accepting a policy from a non-accredited insurance company. But the period required for Sberbank to verify the insurer is 30 working days from the date of provision of the full package of documents for this organization.

Benefits of Mortgage Insurance

Sberbank is indicated as the beneficiary under the mortgage insurer's policies. However, mortgage insurance is beneficial to both the borrower and the bank: if an insured event occurs, payments paid by the insurer will be used to pay off the debt. As a result, Sberbank will return the funds provided under the loan agreement, as well as accrued interest. That is, the bank, if problems arise with payments due to the fact that the borrower is in a difficult life situation, will not need to litigate or sell the collateral.

Having such insurance is also beneficial for the borrower. In the event of an insured event, the insurer will pay off the debt to the bank. In some cases, especially when it comes to insuring the loan object, payments are sent to the borrower to restore the collateral.

When the insurance payment is credited to repay the loan debt, the ownership of the property purchased with a mortgage remains with its owner, that is, with the borrower. This scheme is also good because it allows you to maintain a good credit history, preventing the occurrence of delays, and if problems arise with the life and health of the borrower, it will relieve his loved ones from the need to repay the mortgage debt.

However, it is necessary to prepare for the fact that payments will arrive in the loan account only after 1-2 months, after the insurer receives all the necessary documents.

Almost all insurance companies accredited by Sberbank for mortgages use standard methods when determining the cost of an insurance policy. But the applied coefficients, tariffs and, as a result, the amount that the policyholder must pay differ. In 2017, insurers began to pay more attention to the age of the borrower, that is, the older the person, the more expensive insurance will cost.

If desired, you can purchase more extended insurance options. They will cost more, but will also provide wider coverage. For example, real estate insurance in the basic version involves only the protection of walls and structures and only within the amount of the loan debt plus interest, usually for a year. But in the event of a fire, housing will not be considered completely lost if at least the foundation remains of a private house; payments will be calculated taking into account the amount of coverage (for the entire value of the property or in proportion to the balance of the debt to the bank). A more expensive policy could reimburse the cost of lost repairs, furnishings, and household appliances.

When insuring life and health for large sums (over 4-5 million rubles), they usually require you to undergo a medical commission. These expenses are paid by the policyholder.

Registration of insurance

Ultimately, both insurance - both the property and the life and health of the borrower - will cost 0.5-1.5% of the loan amount.

If you take out a policy at the Sberbank office, and not at insurance companies accredited by it for life and health mortgages, as well as directly for housing, then the final insured amount will be affected by:

• loan amount;
• age of the policyholder;
• the duration of the mortgage according to the agreement;
• the cost of the acquired property;
• its location;
• client's income level;
• history of transactions made with this property previously.

Before concluding an insurance agreement with Sberbank, it is worth clarifying the offers of its partners.

Basic list of documents required when purchasing a policy for a property from one of the bank’s partners included in the list of accredited mortgage insurance companies of Sberbank in 2017:

• borrower's passport;
• loan agreement;
• payment schedule;
• title documents for housing - certificate of ownership (extended extract from the Unified State Register), purchase and sale agreement (SDA);
• technical certificate.

For life insurance with a Sberbank mortgage, accredited companies may also require other documents (marriage certificates, birth certificates of children, etc.). The full list can be confirmed with the insurer.

Which insurance companies are accredited by Sberbank for mortgages: rating of insurance companies

When studying Sberbank's partner insurance companies for mortgages under life insurance, you should also pay very close attention to the data of the RAEX Rating Agency (Expert RA). This organization analyzes the insurance market. According to experts from the country's leading rating agency, the following insurance companies working with Sberbank on mortgages:

• LLC IC "Sberbank Insurance";
• JSC "AIG";
• OJSC "AlfaStrakhovanie";
• JSC "VSK";
• LLC IC "VTB Insurance";
• SPAO "Ingosstrakh";
• Liberty Insurance (JSC);
• SPJSC "RESO-Garantiya";
• PJSC IC "Rosgosstrakh";
• 10. CJSC IC RSHB-Insurance;
• 11. JSC "SOGAZ";
• as of May 2017, they received an A++ reliability level. In fact, this is a list of the 11 most reliable insurers that meet the requirements of a given bank.

The RAEX rating agency makes such an assessment when it believes that this insurer with a very high degree of probability guarantees the timely fulfillment of all financial obligations (both current and arising in the course of its work) even in the event of significant adverse changes in macroeconomic and market indicators. This also indicates the stability of the forecast and the preservation of the rating of organizations, including those included by Sberbank in the list of mortgage insurance companies, in the medium term.

Insurance companies approved by Sberbank for mortgages change periodically.

Life insurance is carried out in the event of the death of the policyholder or the insured person or the loss of health of the insured from an accident, as well as survival to a certain date or event. Life insurance as a type of insurance appeared in Europe at the turn of the 17th–18th centuries. as a supplement to marine insurance, when, along with ship and cargo insurance, life insurance contracts for ship captains began to be concluded. Currently, life insurance is one of the most representative and dynamically developing industries in the global insurance market.

Life insurance is a set of types of personal insurance that provide for the insurer’s responsibilities for insurance payments in the following cases:

• survival of the insured until the end of the insurance period or the age specified in the insurance contract;
• death of the insured;
• as well as for the payment of a pension (rent, annuity) to the insured in cases provided for by the insurance contract (expiration of the contract, the insured reaching a certain age, death of the breadwinner, permanent disability, current payments during the period of validity of the insurance contract, etc.).

Life insurance objects are the property interests of the insured person related to his life (death) and aimed at him (or the beneficiary) receiving a certain income upon the occurrence of the corresponding insured event.

Subject of insurance for life insurance is the life of the insured person, as well as income that guarantees a certain standard of living in the event of insured events. Therefore, in the Life Insurance sub-industry there are several types of insurance (Fig. 8.2).

Rice. 8.2.

Types of life insurance based on the methods of forming insurance funds, determining the amounts of insurance payments and target orientation are of a clearly defined accumulative and savings nature. Life insurance subjects are shown in Fig. 8.3.

Rice. 8.3.

The insurer has the right to provide life insurance if it complies with the legal and economic regulatory requirements for the creation and activities of insurance organizations engaged in this type of insurance. First of all, this concerns the size of the minimum authorized capital, as well as the procedure for the formation, placement and use of insurance reserves for life insurance.

Both legal entities and individuals with legal capacity can act as policyholders, insured persons and beneficiaries. In this case, the policyholder can be an individual who has reached the age of 18 or has become legally competent at the age of 16 as a working person at this age. The age limit for insurance is most often 65 years, less often 70 years or more. For insured persons, the most common age limits range from one year to 65 years. In addition, there are health restrictions for insured persons. Insurance for persons with mental disorders, severe nervous and other diseases is usually not provided.

Life insurance can be:

• individual, i.e. life insurance for one person;
• collective, i.e. insurance under a life contract for a group of persons or collective.

Life insurance can be combined for insured events of “survival” and “death”, as well as with insurance against accidents. This form of insurance is called “mixed life insurance” and has an additional goal - the protection of property interests in connection with damage to life, health, and ability to work as a result of an accident.

Insured events in life insurance are the following risks (Fig. 8.4).

Life insurance is carried out in accordance with insurance rules developed by the insurer separately for each type of life insurance or for a number of related types related to life insurance, as well as in combination with accident insurance. A life insurance contract is usually concluded for a period of at least one year.

Rice. 8.4.

Life insurance in case of death represents the assumption by the insurer under an insurance contract of the obligation to pay the insured amount to the beneficiary in the event of the death of the insured person during the validity period of the contract. With this type of insurance, policyholders can be both individuals and legal entities, and there are age restrictions for individuals. Individuals usually enter into individual insurance contracts for themselves or their loved ones, while legal entities mainly enter into collective life insurance contracts in the event of the death of their employees.

Individuals aged from one year to 70 years can be insured in this type of insurance, however, the insurance rules also provide for restrictions based on health conditions. Thus, persons suffering from mental disorders, severe forms of cancer and cardiovascular diseases are not accepted for insurance. Typically, insurance is carried out without a medical examination of the person subject to insurance, but the insurer has such a right and uses it if an insurance contract is concluded for a large insured amount.

A life insurance contract in the event of death is concluded, as a rule, on the basis of a written statement from the policyholder, however, this statement may also be oral, but in any case the policyholder is obliged to inform the insurer of basic information about the insured person, including those existing at the time of insurance or pre-existing diseases. If, after concluding a life insurance contract, the insurer determines that it was provided with false information about the health status of the insured, the insurance company has the right to demand that this contract be declared invalid.

The insurer is liable under a life insurance contract in the event of death for any reason, except for events that occur as a result of:

• intentional self-infliction of bodily harm by the insured person;
• criminal intent and actions of the beneficiary resulting in the death of the insured;
• suicide or attempted suicide;
• commission of illegal actions by the insured;
• alcohol, drug or toxic intoxication or poisoning;
• transfer by the insured person of driving a vehicle to a person who is under the influence of alcohol, drugs or toxic substances, or to a person who does not have the right to drive this vehicle, etc.

If, during the period of validity of the life insurance contract, an insured who is not the insured person dies and the payment of insurance premiums is terminated, the insured person is paid the amount of premiums paid by the insured minus the share attributable to covering the insurer's expenses for providing this type of insurance.

Greetings! In one of my recent posts, I wrote about how . If you are categorically against risk insurance, I advise you to take a closer look at endowment life insurance.

NSZ products combine full-fledged insurance protection, an accumulation function, and even. In 2015 in Russia, the average accrued income for such programs was 10-14% in rubles and 3-6% in foreign currency.

Endowment life insurance is designed for long terms: up to 20-30 years. Insurance policies allow or until the age of children. Along the way, you insure yourself and your loved ones in case of force majeure (at least against death from an accident).

The most important thing is to decide on the insurance company. So, accumulative life insurance rating of companies and their products.

How to choose a reliable insurance company? The easiest way is to use a ready-made rating. I trust the rating agency Expert RA (RAEX). Ratings from Expert RA are a mandatory requirement for banks, insurers, issuers, etc.

According to Expert RA, only nine insurance companies have the maximum (A++) with a stable forecast in 2016. Below I will briefly talk about the most interesting programs of these insurers. By the way, neither Rosgosstrakh Life nor VTB Insurance have an A++ rating.

"PPF Life Insurance" offers six endowment life insurance programs. Let's consider those that can be used for long-term savings.

• Product "Comfort"

Insures against almost all risks associated with life and health. For example: from death as a result of an accident on public transport, from bodily injuries and from deadly diseases (cancer, heart attack, stroke). Insurance coverage is valid in all countries of the world.

You can insure for a period of 10 to 25 years in the amount of 400 thousand to 1 million rubles. You can pay insurance premiums once a year, once every six months or once a quarter. The money in the account is indexed, and part of it is invested in reliable assets.

• Product "Sun"

Forms “children’s” capital by a certain date. Advantages: insurance protection for an adult (from death, disability and fatal diseases) and a child (from injuries) for the entire period, plus additional income and indexation. The program is designed for a period from 5 to 24 years. There is a grace period of 60 days for making the insurance premium.

• Premium product

For a period of 5 to 30 years, it combines long-term savings, investment income and financial protection. A good option for forming “pension” capital or planned large purchases (an apartment for children or a country house for yourself).

• Product "Optim"

The validity period from 5 to 30 years is designed for young and energetic people who do not want to insure “against everything in the world.” And they plan to use most of the money for savings. Under the terms of the program, the client is insured only against death. But the “OPTIM” package is issued as quickly as possible and without a health assessment. Additionally, you can add insurance against disability, hospitalization and bodily injury. At the client's request, insurance premiums are indexed.

Alliance Life

IC "Alliance Life" has only two endowment life insurance programs: children's and adult.

The “Gift for a Child” product (for 5-30 years) provides insurance protection for the parent and creates savings for the child. Insurance premiums are indexed, additional income is possible. You can open the program not only in rubles, but also in US dollars (protection against currency risks).

The Lifestyle program is a variation of the previous product, but for an adult. Combines long-term financial protection for the whole family, savings and... In addition, “Lifestyle” guarantees the repayment of a bank loan if the client is a borrower.

IC "Sberbank life insurance"

Sberbank Life Insurance offers four savings products.

The program is designed for 10, 15 or 20 years. At the end of the term, MetLife pays the guaranteed sum insured plus investment income, if any. The basic package includes survival, natural or accidental death, total or partial disability. The cost of “Prestige+” starts from 60 rubles per day.

Raiffeisen Life

For savings purposes, the Raiffeisen Optimum program is more suitable than others. Includes financial protection against accidents and the creation of long-term savings.

The insurance period starts at five years. The client can choose the size and frequency of contributions, as well as the option. The insurance contract can be drawn up in Russian rubles, euros or US dollars. Program tariff: from 2.2193% to 21.3255% of the insured amount.

IC "Ingosstrakh - Life"

Ingosstrakh-Life has six NSZ programs. I found two the most interesting.

The Axiom product (from 5 to 35 years) is issued according to a simplified procedure and with minimal restrictions on the client’s health and profession. The policy guarantees payment of the sum insured upon survival plus investment income. Payment can be a lump sum or in installments. In other words, at the time of retirement, savings can be received in one amount or in the form of monthly accruals.

At the client's choice, insurance can be issued in rubles, US dollars or euros.

The Capital product is life insurance. From the first day of the policy, the client’s life is insured for an amount greater than the total amount of premiums for the entire term of the contract. The client chooses the period for making contributions (for example, “up to 75 years” or “until retirement”).

The insurance money is calculated (in rubles, dollars or euros). Additionally, you can connect the “Accumulation+” program. At any time, the client can close the policy and receive the redemption amount in his hands. In this regard, the “Capital” product resembles a “flexible” bank deposit with the ability to replenish and partially withdraw funds.

Why don't I like NSJ

Modern NSW programs offered by domestic companies seem completely useless to me. Well, think for yourself: you are freezing your own money for a very long time. And in the end, in the worst case, you will receive the amount of your savings, and in the best, a small percentage on it. Why small? Because according to the law, insurance companies do not have the right to invest money in risky assets (for example, stocks) and must form a portfolio of highly reliable securities.

Moreover, the best of them have only a tiny chance of slightly outpacing inflation. Add to this the “legendary” reliability of Russian companies and you will understand why I am against such insurance. Why then in the West, in the image of which our companies are trying to create their products, are so popular?

If you have ever been interested in living abroad, you know that developed countries have very high taxes. And investments under the guise of insurance (and this is exactly what insurance programs like NSJ are) are not subject to tax by law and, in the same Generalli, Hansard or Investor Trust, you can freely form an investment portfolio yourself. Moreover, from such instruments that are often not available through a regular broker.

Yes, the cost of service in an insurance company is noticeably more expensive than just working with a broker, but many are ready to voluntarily do this just to be forced to regularly set aside money to pay for insurance. That's the whole secret!

In Russian reality, I give preference to risk insurance and independent management. What kind of endowment life insurance policy do you have? Subscribe to updates and share links to fresh posts with your friends on social networks!

When providing loans, banks often resort to the services of insurance companies to protect themselves from associated risks. For example, in mortgage lending. Most banks cooperate only with certain insurers that have been accredited. Such financial institutions include Sberbank of Russia, which accredits insurance companies depending on the type of insurance product.

General information

Domestic banks, to ensure their break-even, release some of their credit products, subject to insurance of their risks: in case of destruction of the collateral property, illness or death of the debtor.

Banks are required to resort to insurance only when providing mortgage lending. Sometimes insurance is also found when issuing long-term cash loans without collateral.

The domestic legislator does not establish exclusive requirements for an insurer that can provide services to banks. But banks want to cooperate only with trusted partners, so they accredit insurance companies. Sberbank of Russia accredits insurance companies separately for each type of insurance product.

Mortgage insurance

Within the framework of mortgage agreements banks require the borrower to insure the risks of the mortgagee, that is, the owner of the property, related to its integrity and the preservation of the value fixed in the mortgage agreement. And also with the loss of health or even life by the mortgager himself.

The recipient of benefits under such insurance contracts is the creditor bank, and the payer of insurance services is the debtor.

Sberbank of Russia has affiliated insurance companies. But the borrower is free to insure property, life and health, as part of mortgage lending.

The borrower even has the right to choose an insurance company that is not accredited by Sberbank, but such insurers are checked by the bank within 30 days for compliance with its accreditation requirements, and only if they comply, Sberbank gives its consent.

The borrower has the right to pay the insurance premium with his own funds. Otherwise, it will be included in the body of the loan, which, taking into account the accrued interest and commissions, will significantly increase its size. The procedure for paying the insurance premium is described in the contract.

About accreditation of insurers

Sberbank of Russia wants to work only with time-tested sharks of the insurance business. Only an insurance company that:

• Provides insurance services for more than three years on the domestic market.
• Comply with legal requirements to insurers.
• No litigation between shareholders.
• Beneficiaries do not have an insurer, whose share exceeds a quarter of the authorized capital, financial debts to Sberbank or budgetary institutions.
• Is financially sustainable according to international ratings.
• Regularly discloses financial statements and other documentation in accordance with current legislation.

Sberbank of Russia also imposes requirements on the text of the insurance contract with the borrower, which must provide for clear deadlines for considering the application for the occurrence of an insured event, making a positive or negative decision on this issue, and making payments.

Sberbank's requirements for insurers are much broader than the mandatory requirements for carrying out insurance activities. In addition, the bank has many partner insurance companies, from which you can choose a suitable insurance product. By choosing an unaccredited insurer, the borrower runs the risk of not receiving a loan within the required time frame.

Another mandatory condition for cooperation with insurance banks is the voluntary waiver of recourse claims against the beneficiary in the event that the amount of compensation paid is greater than the actual cost of the damage.

Insurance companies are Sberbank's partners

Sberbank of Russia has insurance partners throughout Russia. Most of them entered the market back in the 90s, and some have a pre-revolutionary history. The assets of most of them are measured in billions of rubles. Nevertheless, for life and health Sberbank has accredited only some insurers, accredited for property insurance. For each type of insurance, the bank regulates its own conditions.

Life and health insurance cannot be mandatory by law. Moreover, if it was imposed on the borrower by the bank, he has the right to demand compensation. Another thing is that a loan agreement that is not secured by insurance may be concluded at a higher interest rate. And this is not always more profitable.

For life and health insurance (with table of companies)

In the interests of the bank, insurance companies insure the borrower in case of:

1. disability groups 1 and 2;
2. death of the borrower.

In this case, the insured amount will be equal to the amount of loan funds received. And the annual insurance premium at a related insurance company of Sberbank will be from 1% of the loan amount. Some factors are taken into account:

• the borrower has incurable and chronic diseases.
• age.
• nature of the work.

As well as other factors that help determine the likelihood of an insured event occurring.

As in the case of voluntary insurance in one’s own interests, insurance payment will not be made to an insured who intentionally injures himself.

When insuring subsidized mortgages, Sberbank of Russia often persuades the borrower to use the services of its related insurers. Although their services are not always affordable. In this case, request a written refusal from the bank representative. In such cases, the bank usually agrees with the borrower because it understands the illegality of its actions.

List of accredited insurers of Sberbank for life and health insurance

For property insurance (with table of companies)

Under a mortgage, real estate is insured against all possible risks associated with load-bearing structures and other structural elements of the building. An insured event is understood as the usual for this type of insurance, fire, explosions, the action of water, falling aircraft, unlawful actions of intruders, etc., but also the risk of loss of property due to the invalidation of a transaction for the acquisition of this property. It is impossible to insure against such a risk through voluntary insurance not related to a mortgage.

Sberbank of Russia specifies in its standard loan agreements the risks against which it requires property to be insured. In this case, the Insurer is obliged to indicate all the risks that are defined in the loan agreement.

The amount of the insurance payment corresponds to the value of the collateral assessed for the purposes of the mortgage agreement. Moreover, if the borrower, with the consent of the bank, makes improvements to the mortgaged property, the amount of the insurance payment may be revised, as well as the amount of the annual insurance premium.

The amount of the insurance payment directly depends on the risks specified in the contract. Banks like to write down risks that are actually covered by others as a guarantee. The borrower has the right to demand that duplicate risks be excluded from the contract. For example, insurance against the effects of water due to the use of fire extinguishing agents. After all, if a fire occurs, the insured amount will be paid in any case.

List of accredited insurers of Sberbank for property insurance

This article was written to help those people who choose a life insurance policy. The presented overview of solutions will help you find the right life and health insurance company - where it is more profitable to open a policy. And first, let's answer the key question - what is life insurance?

1. What is life insurance

The present and future of our families depends on whether we can earn enough money. Feeding and clothing children, paying bills, creating funds to achieve the most important goals in life - these goals require money.

Unfortunately, there may be events in life that we cannot control, but which can harm our lives and ability to work. For example, a person may suddenly get injured or contract a dangerous disease. Finally, a person can die suddenly.

If this happens to the breadwinner, the family will lose its income. This means that our loved ones will suddenly find themselves in a very difficult financial situation.

2. What problem do we solve with life insurance?

The main task that we strive to solve with the help of life insurance is to provide money for the family in the event of death or loss of the breadwinner's ability to work. It is clear that if a person is injured, then time will pass - he will recover and will be able to work and earn money again.

But if the breadwinner passes away, the family loses his income forever. From a financial point of view, this is a very difficult risk for the family. And therefore, the breadwinner first of all needs protection in case of death.

Why does this need to be understood?

This formulation of the problem gives us a criterion for choosing the best policy. If we seek to protect a family from the loss of a breadwinner, then the best solution is a life insurance policy that will pay the family the maximum sum insured for a given premium.

And if the selection criterion is clear, it’s time to move on to choosing the optimal policy.

3. Review of life insurance solutions

First, let's take a look at the list of possible life insurance solutions and categorize them. The table below presents the full range of possible life insurance solutions currently available in Russia:

And here we need to explain the term “foreign insurance companies”. According to Russian legislation, citizens of the Russian Federation have the right to open a life insurance policy in any country, in any company of their choice. And each of us can exercise this right - if only the selected foreign company is ready to open a policy to a Russian citizen.

Thus, within the framework of this article, the term “foreign insurance company” means a company located outside the Russian Federation, which has neither offices in Russia nor a license for life insurance in the Russian Federation - but at the same time is ready to accept citizens of the Russian Federation for insurance. And by Russian insurance company we mean a company that has offices in the Russian Federation and a license to provide life insurance services.

Unfortunately, at present, an extremely small number of foreign companies are ready to issue life insurance policies to citizens of the Russian Federation. For example, in the table above, foreign life insurance contracts that are capable of both protecting a person’s life and accumulating monetary value are highlighted in red - because currently no foreign company offers such contracts to Russians.

The service is also marked with a red marker, since in the mass segment it is also currently unavailable to citizens of the Russian Federation. Currently, universal life insurance can only be used by those Russians who:

• want to insure their life for an amount of at least a million dollars;
• are ready to undergo a mandatory medical examination abroad;
• can pay insurance premiums by transfer from their account in a foreign bank.

A very small number of Russians satisfy all three of these conditions, so for most Russians universal life insurance is currently unavailable.

So, from the many remaining options, let's choose the best life insurance solution. Step by step from the table above, we'll weed out underperforming policies to find the best contract for you.

And first of all, we will remove investment contracts from consideration.

3.1 Unit-linked and ILI - savings plans in a life insurance shell

All life insurance contracts can be divided into two large classes. The first group is policies that, with a small premium, provide a large payment in a critical situation. These are contracts that provide insurance in the usual sense of the word.

But there is a second group - savings plans in the legal shell of life insurance. The fact is that life insurance contracts provide important benefits to their owners:

• preferential taxation of capital that accumulates in the policy,
• protection of these assets from foreclosure,
• targeted inheritance of capital.

In an effort to use these advantages for investment purposes, the British came up with special insurance contracts in the 60s of the last century. Legally being life insurance, these policies allow you to flexibly invest the funds received in the contract. This means they provide their owners with all the benefits listed above.

These foreign contracts are called , and the synonym “English way of investing” is also used to designate them. Russian insurance companies offer contracts that are only very vaguely reminiscent of these foreign analogues - called .

The main objective of both unit-linked policies and investment life insurance contracts is to invest funds to create capital. Some of these contracts allow the inclusion of human insurance protection as an additional option.

However, since insurance protection of a person is a secondary task for investment contracts, it is not solved effectively in these policies. The cost of insurance protection, where it is available, will be high, and the maximum possible level of protection will be very small.

Therefore, both unit-linked contracts and investment life insurance policies are not suitable for life insurance, and we are removing this group of policies from consideration:

3.2 Endowment life insurance

Therefore, we also exclude cumulative life insurance from further consideration:

3.3 Term life insurance

So, for the final choice we are left with either Russian companies or.

The idea of ​​term life insurance is simple: a person opens a policy for the desired period, from 1 year to tens of years, and if during this period the person dies, then the family receives a very large amount. It is the ability of the policy to make a large payment in the event of fatal events that ensures the financial security of the family.

And if we are faced with a choice between Russian and foreign life insurance, then for the final choice we need to compare the main parameters and the cost of these contracts.

3.3.1 Comparison of the functionality of Russian and foreign term insurance

The main parameters of Russian and foreign contracts are presented in the table below:

We see that foreign term insurance contracts are much more functional than Russian term insurance policies. This is the ability of the policy to protect a person for life, and the ability to simultaneously protect the lives of two people under one contract, and the accelerated payment of premiums, as well as the creation and transfer of inheritance using life insurance policies.

However, in Russian policies a wider range of additional options is possible - and a much more meager set of them in foreign contracts. Is this a serious advantage of Russian policies?

No - and here's why.

For the sake of their own financial security, each family needs to have its own cash reserve. Many different events can cause an urgent need for money, and the family needs to have the right amount.

These events may include injury and hospitalization. Yes, it is unpleasant, and it temporarily unsettles a person - it is not fatal. The injury will heal, and the illness will pass - and the person will be able to continue to work fully and earn money.

And these non-dangerous risks can be left on oneself, if necessary, paying off possible losses from one’s liquid reserves - and only insure fatal risks that will cause catastrophic financial damage to the family: death, disability, fatal disease.

And therefore, a wide list of additional options in Russian contracts is only an apparent advantage that is not decisive when choosing the final solution.

3.3.2 Comparison of the cost of Russian and foreign term insurance

The cost of the policy is the most important parameter that any person will analyze when choosing life insurance. Let's compare possible solutions based on this criterion.

But first, a few words about how much a person needs to defend his life. There is a completely scientific approach to calculating the amount of insurance protection - please read about this in the article “”.

If you do a similar calculation for yourself, you will find that to keep your family safe, you need life insurance worth hundreds of thousands, or even millions, of dollars. Therefore, I took a rather small amount of insurance protection of 500,000 USD - in order to compare the cost of this protection in Russian and foreign contracts.

The table below shows the cost of a life insurance policy for a 35-year-old non-smoker:

You can download the draft policies presented in the table.

4. Life and health insurance - where is it more profitable?

So, we see that for the same level of insurance protection, policies of foreign companies have an annual premium that is several times (and in fact, an order of magnitude!) less than their Russian counterparts. Let's remember what problem we are solving - we strive to find a solution that provides maximum protection for a given contribution.

Therefore, from the comparison above, we conclude that the optimal solution to the life insurance problem for a Russian would be to use foreign life insurance policies:

You can get acquainted with these contracts in my articles:

These policies will provide you with maximum insurance protection with a minimum premium, they can protect both one and two people for life, and provide the possibility of accelerated payment of premiums.

These contracts are both effective risk protection tools and a means of long-term financial planning - allowing families to create an inheritance that can be passed on to subsequent generations. This is the optimal life insurance solution among those currently available in Russia.

If you need advice on a topic, please send a request to:

Sincerely,

,
Financial Consultant