Types of insurance policies and which one to choose

When you decide or plan to choose to take out an insurance policy, it is vital to investigate everything related to it in order to choose the one that best suits your needs. So knowing how to choose between the different policies is something that will be of great help to you when doing so. That is why we will indicate the types of insurance policy, and the one that is best for you to choose…

Types of insurance policies

The coverage, the number of policyholders or the duration of the policy are aspects that make the difference between the types of life insurance policies.

Types of insurance policies – Risk policy

This could be said to be the most extensive type of life insurance policy, and in general terms, like the classic policy that every insurer has. It entails compensation to the beneficiary in the event of death or permanent disability. It is generally the most sought after or thought of when wanting to take out an insurance policy.

This type of policy is intended to keep the insured’s loved ones protected in the event of death or some irreversible physical disability. That is why it is among one of the preferred and most requested by clients in Spain.

This type of policy has two modalities, these are:

  • Term life insurance
  • Indefinite insurance policy.

Temporary life insurance is based on the contracting by the future insured of a limited time policy; this can be based on days, years or even a specific age of the insured. It is usually contracted for certain specific activities, such as a trip.

While the indefinite life insurance is based on the contracting of a policy to obtain compensation to the relatives, in case of death of the insured regardless of the date that happens.

Savings insurance policy

 It is intended to complement the retirement pension to have a higher consumption capacity. It is an ideal product for people who seek financial peace of mind after retiring.

Mixed insurance policy

This modality combines the advantages of the previous two. It allows ensuring the payment of an indemnity to the beneficiaries in the event that the insured person dies and works as a savings plan for when the moment of retirement arrives.

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