MICROINSURANCE – Meeting the Insurance Needs of Low-Income Migrants and their Families
— MICROINSURANCE INNOVATION FACILITY —
About 250 million people currently live outside of their home country, and they send approximately 0 billion home every year. As a result, their families have a higher expendable income allowing them to purchase microinsurance products. Many migrants want to cover the risks of their family members in their home countries in addition to their own risks living abroad and often being the primary income earner for their families.
Barbara Magnoni of EA Consultants discusses the potential market for insurance products targeting migrants and their families as well as some of the challenges of the niche. Currently three models serves the market depending on where the risk carrier is based (home and host country models and a hybrid model combining insurers’ capacity). There are many legal and regulatory challenges in meeting the insurance needs of low-income migrants and their families including licensing in multiple countries, limited marketing and sales, and high costs associated with using traditional distribution models.
Life Insurance Should Be Something You Consider Getting
It’s really tough to think about your own mortality because you’ll realize that in the end, you’re going to pass away. You may not think about getting life insurance, because that seems so far off that it’s not something you should have to worry about. The fact is, you don’t really know when you’re going to die because a freak accident could happen and that will be it for you. There are a few other reasons why you should get life insurance, and that’s what you’ll read about here. Read this to see why this is important.
If you’re the person in your home that makes a lot of money, then your family will need you to have life insurance. The reason for this is that if you die, then they probably won’t be able to afford everything on their own. You have to think, if things happen and you pass away, then they may be stuck with paying the funeral costs and even some of your old bills. If this were to happen, you could do a lot of damage to your family. So, it’s always good to have life insurance from one of the best life insurance companies, if you want to take care of your family. You can get quotes from TermLifeGo.com to see all the best life insurance policies in your area.
Some people aren’t making the most money in a household, but that still doesn’t mean that the other people can afford funeral costs and unpaid bills. Without your help then they may get behind and have to live well below their means. You probably don’t want people to have the burden of taking care of everything, especially right after you pass because they’ll already be having enough problems with grief. Even if you live alone, you don’t want someone like your mother or grandfather to have to pay the bills for whatever you need done after death since that wouldn’t be very fair to them if you could have gotten life insurance before this happened.