Life insurance is an insurance product that offers economic protection in the event of a serious health incident or an accident, since it covers the risk of death and absolute permanent disability of the policyholder. Therefore, its objective is to grant the family members and the insured person financial support when any of these events occurs.
Life insurance “offers the peace of mind of knowing that no matter what happens, a family will be able to maintain their standard of living for the time necessary to readapt to the new situation, something that is especially important when there are debts or a mortgage loan”. These are the words of José Manuel Veiga, director of Protection Insurance at BanSabadell Seguros, in which the expert summarizes where the importance of this type of product.
“On average, it takes about five years for a family to recover financially after the loss of one of its membersand in this type of thing we should all think about protecting our loved ones and ourselves”, adds Veiga. It is estimated that half of the Spanish population has contracted this type of insurance.
It may interest you: Still don’t have life insurance? Find out and take out the life insurance that best suits your needs
What does life insurance cover?
It is essential that life insurance is tailored to the needs of each familytaking into account various factors such as the number of members, age and health status of each of them, as well as economic solvency.
In the market there are life policies that offer a wide range of coverage. “The main coverage of any life insurance is death.. But it is just as important to have coverage for absolute permanent disability, since this makes it impossible for the person affected to continue carrying out their professional and personal activity normally and may even require additional expenses for the new situation, such as adapting the home”, affirms the director BanSabadell Seguros Protection Insurance This is the case of BanSabadell Vida’s Life Care insurance, which in addition to death, covers absolute permanent disability, either due to accident or illness.
Some of these insurances anticipate capital in the event of serious illnesses, such as cancer. This money helps the insured to pay for medical treatments, as well as necessary services for the day to day, which otherwise could not be afforded. It is also an important help for the family economy, since it is likely that in this type of situation the insured will not be able to carry out their professional activity. In addition, medical guidance services are included 24 hours a day, the option of requesting a second international medical opinion whenever necessary through contrasted diagnoses, care by a team of psychologists or personalized advice on nutrition, allergies and infant feeding.
Other life insurance benefits
In addition to financially protecting the insured’s family after death, being able to meet the payment of a mortgage or a loan, guaranteeing the future of children, covering the potential risk of suffering absolute permanent disability, or be protected against serious illness or an accident unexpected, such as traffic, life insurance offers other important benefits for customers.
For example, when someone dies, in addition to the possible pending payments, it must be taken into account that both burial and associated services This usually involves a high cost. Thanks to this product, some services could be covered, even without having contracted death insurance. In this line, and depending on the autonomous community in which you reside, after death you have to pay the tax on donations and inheritance to be able to enjoy the inheritance, and the money from the life policy can help solve this procedure, which it can certainly become burdensome in some regions.
However, when taking out life insurance, it is advisable to have the support of the manager of the bank, as they will provide information on the product that best suits the needs of each person and will answer any questions that may arise.
It may interest you: The importance of taking out life insurance
PERFORMED BY ECOBRANDS
This content has been produced by EcoBrands, Branded Content unit of elEconomista.es.
Twitter
Linkedin