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What types of life insurance are there and what does it cover?

Life insurance

Life insurance is one of the services that gives people peace of mind. This type of policy protects the family and any other person who depends on the insured's income. With life insurance, a series of payments are made, upon the death of the policyholder, to the person named in the policy.

Life insurance

While this type of coverage is primarily death insurance, coverage can also be extended for additional risks, such as partial, absolute, temporary, or permanent disability. Or death from specific causes, serious illness or accidents... Insurance companies offer different formulas so that the insured can choose the formula that best suits him according to the lifestyle of the insured. An offer that includes the possibility of taking out online life insurance for the convenience of the client, without the need for travel and the possibility of consulting all the details of the policy easily from home. In any case, each option can offer different properties that allow certain modifications to the client. Let's take a look at the types of life insurance that exist.

1. Term life insurance This type of insurance is created so that the client can comfortably take out a policy for a certain time. The objective is to facilitate the coverage of a punctual and punctual need, such as a holiday trip, the protection of a commercial operation or the duration of your activity in a high-risk occupation. In these cases, if no accident occurs during the life of the policy, the insurance company will not have to pay any money. This type of life insurance has several formulas for premiums and how the insured will pay the agreed amount; Incremental or revolving premiums (annual payments may change as the insured ages), the premium rate stays the same or the premium rate stays the same (they will pay more in the first few years) to offset the overall account) and the amortization premium (to cover bank loans).

2. Lifetime insurance The main advantage of whole life insurance is that the insurance company will contract compensation regardless of the time of death, and life insurance has the ability to provide policy beneficiaries with sums to reduce the risk of death and loss of income. The bonus can be for life or temporary. 

3. Survive or retire They will offer the insured a certain economic amount at the end of the agreed term. It is complementary to retirement. 

4. Mixed insurance Mixed insurance includes savings and coverage in the same policy. Thus, the insured person enjoys the agreed benefits if he reaches the indicated age, and also enjoys his family and relatives in case of death.

5. Income Insurance With this type of insurance, the annuity will be covered when a lump sum or premium is paid for a certain period of time.

6. Life insurance against risks This insurance model is defined as a benefits policy that protects beneficiaries selected by the insured from the death of the insured. Premiums can be annual, calculated by age, medical history, and the amount of capital covered. In the event of the death of the insured, the beneficiary or beneficiaries receive the contracted capital. If it expires before the death of the insured, the document will be null and void.

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