Types of life insurance
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Many times insurance companies send us information about different kinds of insurance (disease and health care insurance, insurance automobile, best home insurance, civil liability insurance…) and we confuse or forget them among such a variety of insurance and not entiendemos good of what kind of insurance we are talking about.
So we will start to remember the different types of life insurance that exist.
This method has as main purpose the protection of the family or loved ones of the insured in case of death from any cause (illness or accident).
Therefore, once produced the death, the insurer pays beneficiaries previously specified by the insured, a certain sum in Exchange for the premium which has been paid.
Through the life insurance, beneficiaries, usually dependent of the insured members can prevent the loss of revenues that this provided for them. Life insurance becomes part of the inheritance.
Life risk insurance types:
The insurer is obligated by the insurance contract to pay a specified amount if the insured dies within a specified period of time, from a few days (a trip), various years (between 10 and 20) or to a certain age (65 or 75 years, according to the insurance company) .diccionario of insurance.
But if the insured person does not suffer no harm during the period, the insurance company won’t have to pay compensation.
This life insurance has the advantage of being very affordable for people of young age, but the downside is that it is very expensive for the elderly.
In addition, premiums, or disbursement to be carried out by the insured, may be:
-To growing, renewable raw materials: each annuity insurance varies according to the age that is reaching the insured, in accordance with the evolution of their mortality rate.
-For premium level or constant: in which the amount has been determined that the policyholder paid in the early years a premium above that would correspond because of his age and pay less that correspond you when by the time the insurance is fundamentally.
-To decreasing bonus: in those cases where the main object is to cover the repayment of loans, the beneficiary will be the Bank and insurer covers a pending amortisation by the insured capital.
–Whole life insurance:
Here the insurer undertakes to pay to the death of the insured capital regardless of the time of death. The compensation can be in the form of income or capital. Life insurance guarantees life hired secured capital. It has a high component of risk, but to be certain the provision also has a savings component.
The purpose of this type of life is to provide to the family or the person designated as beneficiary a capital that can offset the loss of income due to the death of the insured, assist the heirs a capital that allows them to meet the costs of transmission of goods or guarantee the payment of debts or mortgages without having to resort to the rest of the herencia.preguntas safe home.
Premiums, or disbursement to be carried out by the insured, may be:
-For lifetime premium: are paid up to the time of death
-A temporary premium: the payment of premiums is carried out for a period determined (20 or 30 years) but the insurance coverage extends until the death.