About half of the Czech population has life insurance, primarily motivated by the desire to protect their loved ones in case of long-term injury, illness, or death. However, according to annual surveys by the Czech Insurance Association, personal protection against serious illnesses ranks only second in importance for most policyholders.
The typical life insurance customers are adults under 49 with at least a secondary education, with over 60% of this demographic having coverage. However, experts warn that people often misunderstand the primary purpose of life insurance. According to Petr Procházka from Kooperativa insurance company, life insurance should primarily serve to overcome long-term and serious health problems rather than just providing compensation for short-term injuries.
The study reveals concerning statistics about risk awareness. While 60% of Czechs know someone who has suffered a heart attack, only 24% are aware that they can insure against this risk. Recovery from a complicated heart attack can take several months, significantly impacting one’s income.
Disability remains a critical risk that nearly half of Czechs are unprepared for. According to Renata Čapková from the Czech Business Insurance Company, disease rather than injury is the leading cause of disability, accounting for about 80% of cases. She emphasizes that even office workers can end up on disability pension, for instance, after a tick bite.
To encourage better insurance coverage, Kooperativa is offering double payouts for newly insured critical illness policies from May through July, with additional benefits of up to one million crowns for heart attack diagnosis.