Article Index
- 1 How much life insurance can you have?
- 2 What life insurance is there?
- 3 Take out several life insurance policies
- 4 Combine life insurance
How much life insurance can you have?
Life insurance acts in such a way that it covers the
However, remember that a beneficiary of life insurance does not necessarily have to be a relative of the owner. In addition, the policyholder can modify the conditions of the life insurance and the designated beneficiaries, without any time limit; He only has to notify the insurance company in writing and the life policy will be updated to adjust to the owner's requirements.
What life insurance is there?
You can have several types of life insurance . There are a multitude of modalities in the industry, and the choice of one or the other is up to the consumer according to their needs. There are two main blocks of life insurance: risk life insurance and savings life insurance . The first is what we have defined previously and consists of compensation to third parties, the beneficiaries.
Savings life insurance, also called survival insurance, consists of the opposite; That is, the insured receives an economic capital if he arrives alive at the expiration of the term established in the policy. This type of life insurance serves as an investment and a way to make savings profitable , and allows the holder to have an excellent complement to add to their retirement pension, resulting in a higher quality of life for the client.
There is also a mixed modality, in which the beneficiaries obtain compensation if the insured dies while the policy is in force, but in which the insured receives compensation if he or she arrives alive. This format is very interesting for those who are interested in the benefits of risk insurance and savings insurance .
All of these life insurance policies can be purchased individually or combined; That is, the subscription of one policy does not exclude the contracting of another. Below we see what the life insurance limit is.
Take out various life insurance policies
There is no problem in having several life policies taken out at the same time . In fact, it is even advantageous, since the holder can diversify the coverage and the insured capital , in addition to the applicable guarantees and the beneficiaries in each case, so that they obtain specific protection for each situation. Keep in mind that the benefits of life insurance are many and varied, and even deduct from personal income tax.
In this way, many clients choose to take out the best death insurance such as to compensate the beneficiaries in the event of the death of the owner, but at the same time they combine it with life insurance that offers more specific coverage such as permanent disability or the appearance of a serious illness.
Having several life insurance policies is something to consider also depending on your family situation. If you are the only financial supporter for your family, you probably want to have several fronts covered in case you die: your children's studies, the capital necessary to survive and even the outstanding mortgage.
In fact, many life insurance policies are linked to the mortgage and cover the amount owed to the bank in the event of the death of the owner; However, life involves more expenses than simply paying the mortgage, so in these cases it is necessary to have additional life insurance that can guarantee an economic cushion for the family unit.
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A highly recommended idea is also to take out risk life insurance along with savings life insurance , or, where appropriate, to take out mixed life insurance . This way we manage to cover the beneficiaries and provide them with capital in the event of the death of the insured, but at the same time we guarantee a payment after the expiration of the term of the savings policy, which will allow us to have extra income to face retirement with dignity. .
As you can see, the combinations of life insurance are almost unlimited, and as varied as there are clients. Of course, at Seguratis we urge you to use a life insurance comparator in case you want to take out several policies, so that each one complements each other and you do not have overlapping coverage, which means paying twice for the same service.
Finally, keep in mind that it is very important to inform your closest circle if you have life insurance, and if so, how much and what coverage it offers. It is estimated that 1 in 10 life insurance policies are not collected by the beneficiaries because they are unaware of the existence of the policy. The best way to ensure insurance collection is to report all the details in a will opened before a notary that is publicly recorded and allows any doubts in this regard to be clarified. You can also go to the insurance registration registry if a family member has died and you do not know if they had death or life insurance.
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