Life Insurance provides security and stability for your family, protecting it from any contingency.
In Spain, widow's pensions are at less than 621 euros a month, and orphans allowances in less than 371.
Why do I need to take out life Insurance?
How much do I need to take out?
Each family has different economic needs. Therefore, it is important to keep in mind:
Generically, an amount equal to three times the current salary could be determined.
What is a life-risk insurance?
Life insurance is a contract between an insured and an insurer where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") in exchange for a premium, upon the death or disability of the insured person. The policy holder pays a premium, either regularly or as one lump sum.
The Premium will depend on the actuarial age of the insured, their profession and the contracted amount.
Health questionnaire and medical examination
Insurance Companies usually require a health questionnaire and, if necessary, a medical examination to know the maximum detail of the health status of their future insured. Thus, they can determine the kind of risk added to their insurance portfolio.
The health questionnaire is mandatory and can be more or less strict depending on the age of the insured and the capital to be insured.
Some companies carry out medical examinations telematically.
Whole Life Insurance
Life insurance’s most obvious and significant benefit is the lump sum payment it provides when the insured person dies. This lump sum is paid directly to the beneficiary designated in the life insurance policy, and it can be:
The lump sum is paid after the insurer death if it happens before the end of the insurance’s contracted period. If the insurer is living after the contracted period, the insurance is canceled.
What is the meaning of actuarial age?
The actuarial age corresponds to the age of a person taken as a reference to take out Life Insurance.
The actuarial age taken as a reference is that closest to the policyholder’s next birthday. Example. A person born on February 14, 1972 who wants to take out Life Insurance Policy on November 11, 2014. His / her corresponding actuarial age will be 43.