The insurance is a contract through which the insurer is obliged, through the collection of a premium, to compensate, within the agreed limits, the damage produced to the insured when a loss occurs on the risks covered by said insurance. If we think of all the material things that today require insurance, we will see that we insure almost everything: the car, the motorcycle, our home and even some goods like the mobile. However, on many occasions we forget to ensure the most valuable: to ourselves.
What is an insurance of life?
A life insurance is an economic guarantee that covers your needs and those of your family in case of death or permanent disability of the insured. Therefore, the hiring of a policy with the coverage of life insurance becomes a way to guarantee the security of income for us and our closest friends.
The benefit granted by the life insurance to the beneficiaries consists of a sum of money, called Insured Capital, which can be paid at one time or in the form of an income. The recipients of this amount of money are the beneficiaries designated in the policy or, failing that, the legal heirs of the insured. There could also be, eventually, designated beneficiaries who are usually relatives of the insured, their partners, their creditors, etc.
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Tips for hiring life insurance
When embarking on the arduous task of hiring life insurance, it is worth bearing in mind these 4 tips that will facilitate success and profitability in your hiring:
The age range from 30 to 50 years is usually the most appropriate to subscribe to a life insurance policy. You must bear in mind that from the age of 65 it is very difficult to renew or contract life insurance.
Values that the amount insured is, at least, equal to the average of the monthly expenses of the family for a period of five years. Remember to take into account in your calculations the fact that the compensation received will be subject to taxes.
Type of coverage
The coverage that life insurance can offer are:
i) Absolute and permanent disability to work in any profession.
ii) Absolute and permanent disability for the usual profession.
iii) Serious diseases. Some life insurance, in case of diagnosis of a serious illness (they are classified, for example, cancer) allow the hiring of a capital that allows covering the expenses derived from this disease.
iv) There are other coverages that are optional, but also very beneficial for the insured, such as double capital due to accident or triple capital due to traffic accidents, or coverage of a Monthly Absolute Permanent Disability Income.
Young, single and without debts
If you are young, single and without any significant obligation, it may not be the right time to consider life insurance yet. However, that does not mean that young people should overlook life insurance completely. In fact, the younger you get life insurance, the more likely you are to pay less for the premiums during the duration of the policy, since the premiums are related to the individual’s health together with the life expectancy which It is greater the younger.