Life Insurance

A life insurance policy is one that covers a contingency in case of death of the policy holder so that his relatives or beneficiaries of his policy receive an economic indemnity, which may cover funeral expenses, mortgages to be paid, debts or that this money may be destined to the protection of a minor in his care. There are several conditions that must be met in order to qualify for life insurnace, but don’t worry, we will go over these with you to be sure that this is the best options for you.

Types of life insurance.

There are three types of Life insurance:

  • Insurance in the event of the death of the policyholder, or risk life insurance, which includes whole life insurance and term life insurance.
  • Life insurance, or life savings insurance.
  • Mixed life insurance, which combines the two previous types.

The choice between savings life insurance and risk life insurance depends on your needs. The former is taken out to obtain a return on the premiums paid, while with the latter the beneficiary receives the stipulated capital when the policyholder dies.

1. Term or whole life.
2. Level or risk premium, the premium varies according to age or the premium payment is constant over time.
3. Individual insurance.
4. Group insurance.

Remember that if you are over 63 years old, unfortunately you are no longer a candidate for this type of policy. You should also be very thorough when reviewing your contract, so that you can determine the contribution time you are going to establish, the amount you want your beneficiary to obtain and other important aspects that you should be clear about when taking out a life insurance policy.

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