Mini insurance policies gain popularity in Japan

Insurance Business America | April 23, 2019

Mini insurance policies gain popularity in Japan
So-called ‘mini’ insurance policies are becoming more popular in Japan, due to their affordability. While these insurance products have shorter coverage durations and smaller amounts insured than regular policies, more people are buying mini insurance due to their low premium levels, a report by Jiji Press said. The increasing demand of this type of insurance has also lead to an increase in companies selling it. As of March, there are 100 companies officially registered with the Small Amount & Short Term Insurance Association of Japan, up from 64 in 2008. The association said that as of the end of March, there were 7.53 million mini insurance contracts in force, or 10% higher than the same time last year. Mini insurance policies are subject to certain restrictions, such as a ¥3 million (US$26,800) cap on life insurance benefits. Household article insurance is the most popular type of policy, followed by life and medical insurance.

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There’s no shortage of excuses to put this off. Buying life insurance at work is one of the most important things you can do. Whether you’re married or single and no matter what your age life insurance allows you and your loved ones to live forward with peace of mind.

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Spotlight

There’s no shortage of excuses to put this off. Buying life insurance at work is one of the most important things you can do. Whether you’re married or single and no matter what your age life insurance allows you and your loved ones to live forward with peace of mind.