engleski

The perception of life insurance and pension products possibilities in the Republic of Croatia

Demographic trends and issues of the pension system emphasize individual responsibility for the need for private savings with the aim of financing long-term care and ensuring an adequate standard of living in the third age. The negative natural growth and aging of the population in terms of increasingly longer life expectancy results in a decrease in the working population and an increase in the share of people over 65 years of age in the total population. Such demographic trends represent a major challenge for the sustainability of the pension system, primarily the first pension pillar, which is based on inter-generational solidarity. Awareness in additional savings largely depends on the level of financial literacy, but also on the objective possibilities of additional savings. The low standard of living of part of the total population due to low incomes during working life, in addition to the problem of insufficient financial literacy, as well as the financial exclusion of part of the population emphasize and deepen the problem of interest in savings and investment products as a whole, and especially those intended for saving for old age. The aim of the paper is therefore to show the possibilities and experiences of life insurance and other alternative forms of private savings and financing care for the third age as instruments for managing the risk of third age and old age dependency in the Republic of Croatia. For this purpose, research will be conducted on the public's perception of life insurance products as one of the forms of private savings for retirement and providing the necessary protection and care in the older years of life. The paper will analyze the types of life insurance products suitable for the third age on the insurance market in the Republic of Croatia, as well as other alternative financing options for long-term care. Also, based on the analysis of foreign markets, a proposal will be made for the development of new products that do not currently exist on the Croatian market, as well as possibilities for improving products that already exist on our market. Also, the perspective and limitations of the development of new products in the Republic of Croatia will be analyzed, considering the regulatory framework and the public's perception of life insurance products as a form of private savings for retirement and providing the necessary protection and care in the third age. The results of a comprehensive literature review, data analysis, regulation and research on this topic showed that life insurance is a desirable form of additional savings for retirement and that clients need a product that includes coverage for long-term care in the third age.

financial inclusion, older people, pension, savings, long-term care

nije evidentirano