LIFE INSURANCE: SERIOUS ILLNESS

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One of the main reasons why Spaniards take out life insurance

 is to guarantee the economic sustainability of their loved ones. For this reason, in addition to death coverage, it is common for life insurance to include complementary coverage that also compensates with the insured capital in case of permanent and absolute disability, which has a decisive impact on our earning capacity.

In addition, it is common that there are also additional coverages such as death or disability due to an accident and/or traffic accident. However, many people wonder: what happens in the case of a serious illness ?

After all, a serious illness has a great impact on the family at all levels, including the financial one. Therefore, an injection of capital is always good in these circumstances.

Article Index

• 1 WHAT IS A SERIOUS ILLNESS?
• 2 SERIOUS ILLNESS COVERAGE: IS IT NECESSARY?
• 3 DO I HAVE TO DECLARE A SERIOUS ILLNESS ON MY LIFE INSURANCE?
• 4 LIFE AND SERIOUS ILLNESS INSURANCE: BEST COMPANIES
• 4.1 ZURICHMay
• 4.2
   SANTALUCIA
• 4.3 ASISA

• WHAT IS A SERIOUS ILLNESS?

  The first thing to be clear about is what a serious illness is for an insurance company. Well, it depends on the insurer . Most companies include under this term diseases that pose a serious risk to the life of the insured but have the possibility of treatment and cure . Typically, the following are considered serious diseases: cardiovascular and cerebral diseases (heart attacks, strokes, strokes...), kidney diseases, cancer, transplants, as well as degenerative diseases.

  However, we must keep in mind that several insurers only consider serious illness a terminal illness ; others limit them to specific diseases such as cancer . There are even companies, such as Asisa, that only take into account a specific case of cancer, gynecological, in their Asisa Mujer life insurance coverage .

  The way coverage support is provided also varies. In some cases the policy specifies that ???

="box-sizing: border-box; vertical-align: inherit;">additional capital will be given once the serious illness is diagnosed. It is also common that, instead, a certain percentage (usually 50%) of the insured capital in the main coverage is compensated. Sometimes specific medical services are simply provided such as a second medical opinion, which does not entail compensation to the insured.

In addition, the absence of a serious illness in life insurance can vary: from a few days to three months, which is common.

SERIOUS ILLNESS COVERAGE: IS IT NECESSARY?

In the case of a serious illness that has a treatment or cure, it is advisable to have liquidity to cover all medical expenses - including diagnostic tests, drugs, etc. -, in addition to all the therapies applied to the patient.

But what if it is a terminal illness ? In this situation, with death already imminent, we are interested in ensuring that the family can overcome the financial blow that will follow the death or even finance palliative treatments.

DO I HAVE TO DECLARE A SERIOUS ILLNESS ON MY LIFE INSURANCE?

It is mandatory to declare the existence of a serious illness before proceeding to take out the insurance. From here, the insurer can reject the underwriting of the policy or, instead, establish an extra premium.

However, there are a couple of exceptions that are worth explaining. Firstly, if the illness arises after taking out life insurance, it is not necessary to communicate this situation to the insurer. This is reflected in Law 20/2015 of July 14 in its article 11. Therefore, this change in health status is in no case considered an aggravation of the risk.

If the serious illness already existed prior to signing the contract but there was no awareness of it, or of its magnitude, the policy coverage would not be considered cancelled. That is, if we die from an illness that we had, without knowing it, before taking out the insurance, the company would be obliged to compensate the beneficiaries.

LIFE AND SERIOUS ILLNESS INSURANCE: BEST COMPANIES

As we have mentioned previously, the conditions of coverage for serious illnesses vary greatly depending on the companies. At Seguratis we have carefully analyzed all the insurance companies in the industry and below we offer you the companies that offer the best conditions.

ZURICH

In its form of Zurich Complet life insurance , the capital advance for serious illness is very notable. The payment can be up to 150,000 euros , although the amount would be deducted from the total capital for the rest of the guarantees. The application of this coverage applies to the following diseases: myocardial infarction, cancer and transplants.

ST. LUCIA

Santalucía Vida 's Annual Renewable Temporary Insurance guarantees an advance payment of 50% of the insured capital in the main guarantee if there is a diagnosis of a serious illness. Furthermore, in the medical-care guarantee, hospitals and doctors from a wide range are offered for a second medical opinion in order to provide the most appropriate treatment.

ASISA

With your Asisa Mujer insurance, a payment of €30,000 is guaranteed in the event of gynecological cancer , which is very notable given the extent of this disease.