Global reinsurer Swiss Re have added to their impressive international microinsurance platform this month with the announcement of a new three-year partnership with USAID to provide customizable, market-based insurance products for vulnerable communities throughout the Americas, Africa and Asia.
Microinsurance refers to insurance products designed to provide basic, inexpensive cover for low-income individuals and families who require protection for typical risks including the affects of severe weather conditions, healthcare, crop, life and non-life products. Microinsurance offers vital security options for populations that need insurance protection but until now have been unable, or even aware of, the ability to afford the relatively high cost of coverage. The premiums and coverage are kept at a low level in order to make the products affordable and attractive to these first time policyholders. For the insurers meanwhile, microinsurance presents a key commercial opportunity due to the high volume of available policyholders combined with low cost margins.
Many people consider purchasing life insurance policies as a means of taking care of their families should they pass away suddenly. However, when they begin to research permanent or whole life insurance policies, they often find that they are too expensive and may decide against buying insurance at all. However, term life insurance is a smart alternative to permanent life insurance and comes with many benefits.
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