Dowry insurance, popular in the inter-war period

The segment of marriage insurance accounts for less than 1% of the current Romanian insurance market. This type of policy used to be common during the inter-war period, when people used to lay more emphasis on dowries offered in the marriage of their children. “This is a type of life insurance with capital accumulation, which offers protection by insuring the person that provides for the child and the child. At the same time it allows the accumulation of capital, with the sum ultimately being paid upon the child’s marriage. If this does not take place by the time the beneficiary turns 25, the insured sum will be paid when this age is reached,” explains Vasile Man, manager of the Life Insurance division within Cluj-based Ardaf. The Cluj-based insurer and Omniasig Life are the only companies on the local market to offer this type of insurance. The policy is set appeal to parents who want to build financial capital for their children, which they may need when marrying.