What is the ideal capital for a life policy?

Life insurance policies are a type of insurance that, although it is not mandatory like the vehicle policy, is of great help; since you can protect the members of the family nucleus. Thanks to this, more and more people buy a policy for this purpose.

Insured capital

It is understood as capital or insured amount, the monetary sum that is delivered to the beneficiaries indicated by the insured in case he dies; and of course if the conditions and clauses stipulated by the insurer are met. In many countries, insurers offer the insured a capital between 4 to 5 times their annual salaries; however, others have certain established amounts and the insured chooses which policy to choose according to their needs. It should be noted that the greater the amount of compensation, the greater the amount to be paid either monthly or annually.

Similarly, when signing a policy, companies carry out a questionnaire about the health status of the future client; age and other data that, in addition to capital, greatly influence the price of the premium.

What amount to choose for policy indemnity?

The capital that we must insure will depend on many factors. The situation in which we are, our economic capacity or what we believe is sufficient to cover our needs will mark the figure that we must establish in the contract. Of course, it must be taken into account that the higher this amount, the higher the compensation received by the beneficiaries of the insurance, but also the premium will be higher.

The main thing is to know what we needs seek to cover. For example, if you have a mortgage and you want your loved ones not to have to bear the commitment of that loan in the event of your death or permanent disability; Therefore, it is essential to subscribe an amount that is equivalent to or greater than the mortgage to ensure that the relatives keep a part of the compensation.

When choosing the insured capital, you must remember that “the higher the capital, the higher the compensation amount to be received by the beneficiaries; however, the higher the insurance fees or premiums will be.”

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