Lifelong income protection for parents

In some cultures parents are financially dependent on their children - especially in older ages. Those parents are exposed to financial shortfalls should they outlive their children. Products providing an affordable coverage for parents in such a life situation can mitigate this shortfall. Hannover Re’s parents protection plan allows insurers to provide an easy-to-understand and affordable longevity cover that pays an income to parents if they outlive their children.

Concept

  • Lifelong income protection for parents
  • Paid as an annuity as long as at least one parent is alive
  • Combinable with an indexation option

Target group

  • Customers with the cultural obligation to support their parents financially in older ages

Origin

  • Asia

Hannover Re’s contribution

  • Longevity assessment & reinsurance
  • Expertise for product administration
  • Innovative product design
  • Simplified underwriting & claims handling

Flyer

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Parents protection plan (2019)