THE life insurance They offer a variety of benefits. The most common is to give a sum of money to the insured’s relatives. to help them maintain financial stability in the event of the insured’s deathcovering associated expenses and settling outstanding debts. In addition, these insurances also act as financial support for policyholders in the event of disability that prevents them from generating income, and allow them to plan for the future, including a comfortable retirement by generating returns; particularly in the case of life savings insurance.
Usually linked to mortgage credit, these products are becoming popular outside of mortgage credit, because they allow not only to save but also to ensure the well-being of loved ones in case the worst happens. As with any insurance product, it is essential to compare and find out about the characteristics and coverage of each benefit to make the right decision and avoid unpleasant surprises in such delicate moments. So that you can do this, below we give you all the keys and show you some of the most attractive products on the market, available on Kelisto.es.
| INSURANCE | ANNUAL PRICE (€) | Maximum age | Capital advance | Optional Covers | |
|---|---|---|---|---|---|
| Nut insurance | 53.90 € | GO TO OFFER | 80 years old | Yeah | Absolute permanent disability – Serious illnesses – Death of both spouses by accident |
| AXA | 55.10 € | GO TO OFFER | 80 years old | Yeah | Absolute permanent disability – Serious illnesses |
| Zurich | 72.10 € | GO TO OFFER | 80 years old | Yeah | Absolute permanent disability – Serious illnesses – Death of both spouses by accident |
| Mutua Madrid | 77.40 € | GO TO OFFER | 75 years old | Yeah | Absolute permanent disability – Serious illnesses |
| Asisa | 84.70 € | GO TO OFFER | 75 years old | No | Absolute permanent disability – Coverage of gynecological cancer in women |
What types of life insurance are there?
Generally speaking, life insurance is divided into two types: risk life insurance and savings life insurance. The first will grant the beneficiaries of the insurance (parents, children, partner of the insured, etc.) compensation corresponding to the insured capital in the event of death, and to the insured in the event of disability. With the latter, it is the person who takes out the contract who receives the insured capital (plus the return it has generated) when they decide, in order to be able to benefit from this more generally during retirement.
Risk life insurance, on the other hand, can be taken out with death cover only or with death and disability cover, be able to receive compensation if you suffer an accident that requires assistance or prevents you from returning to work.
The most important life insurance coverages
Life insurance is based on death and disability benefits, but it also includes some additional services such as the following:
- Advance payment of funeral expenses. With this coverage, the beneficiaries of the contract will be able to have a small part of the capital to cover funeral expenses and procedures related to the death, operating in a similar way to life insurance.
- Double and triple capital in the event of accidental death. If death occurs unexpectedly as a result of an accident, beneficiaries can count on additional compensation. This coverage is usually taken out optionally and increases the cost of the annual premium.
- Management procedures. Insured persons will receive assistance with all the administrative procedures usually entailed by the death of a loved one (request for assistance, change of owner, etc.).
- Medical discussion. For minor doubts about health issues, some life insurance companies offer online consultations with professionals to avoid having to go to a consultation.
Why take out life insurance?
Choosing the right life insurance is a smart strategy to ensurer peace of mind and financial protection in the event of unforeseen events such as death or serious disability affecting the insured or their family. By paying an annual premium, the insurer guarantees the designated beneficiaries financial compensation, the amount of which will be determined based on the insured capital and the specificities of the death.
Taking out this type of insurance also offers solid protection against possible unpaid debts, such as mortgagesthat the insured can leave, thus providing financial relief in such difficult times and preventing economic difficulties from worsening an already difficult situation.
When to change life insurance linked to a mortgage?
Taking out life insurance with your mortgage is convenient for you in the first years of the loan: thanks to the operation of the French amortization system (the most used in Spain), during the first years you return more interest to the bank than capital. Since banks usually reduce the interest on their loans in exchange for taking out this type of policy – and other complementary products and services – it will reward you for getting one, even if its price is not the most competitive on the market.
As the years go by and you start to amortize more capital than interest, it is better to change your insurance and take it out independently.by taking stock of the price and conditions of the best policies of this type using a comparator like the one offered by Kelisto.
