Euromaidan – Will Life Insurance Rates Be Affected?
Tensions in Ukraine have degenerated in the past weeks in a civil revolution and many people were killed during the clashes between protesters and armed riot police. The whole central are of Kiev, known as Euromaidan was transformed into a battleground.
After weeks of violence, peace was restored, once the opposition took over the power and the former president fled to Russia. But now, the specter of war is ever constant and this pressure. This political situation influences everything; even life insurance rates will be affected. We will tell you how life insurance, even no medical exam life insurance, is influenced.
In our modern world everything is connected and what happens in a country can influence certain aspects in another country. In most cases these are political aspects. But even economy can be influenced by the decisions of another country. Let us focus back to Ukraine and that whole geopolitical- geostrategic area.
The whole Ukraine-Crimea-Russia border is like a powder barrel, ready to explode in any moment. E.U. and U.S. have imposed heavy economic sanctions to some Russian and Ukrainian dignitaries. But the economic consequences can become far greater. If everything gets out of control, we may soon enter in a war with a bitter enemy.
And we all know that during times of war, prices have a tendency to rise, including prices for basic services. Life insurance prices will be affected if we enter war, but for now, we do not observe major changes related to Ukrainian crisis.
Life must be guarded by all means necessary, but in many cases death comes suddenly and when least expected. Those people that came for protests certainly did not have in mind getting fired upon by armed forces. Besides sufferance, their families will be faced with certain long term economic problems.
Paying a funeral is never cheap and if the deceased person is a breadwinner, the budget will be affected for a long term. Having a life insurance will help alleviate all these unpleasant matters and will offer supplemental income.
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