Why is it important to have life insurance?
Life insurance is highly recommended when you have a family that depends on the insured, if you have some property under mortgage, if you have minor children or who are studying at university, or if you simply want to protect your family.
Life insurance with a mortgage, as a general rule, is usually risk insurance. The contracting of these policies is associated with the pending amount of the subscribed mortgage and, in the event of the death of the holder; it will cover the insured capital. It can be a part or completely, depending on the contracted conditions. On some occasions, it may also cover permanent or temporary disability.
Global or whole life insurance
This is an insurance policy that always guarantees your compensation, that is, that you will always be charged, since it has lifetime coverage. So there is no maximum age for the policy.
Within this type of insurance you can combine two different policies; these are the following:
This type of policy compensates the insured when he reaches a certain age without dying. The saved capital is formed based on the premiums paid by the client monthly or annually. In fact, it can also be the case that a single payment is delivered to achieve a fixed return.
Risk life insurance
These are governed in the same way as the others, under special clauses, and compensation is guaranteed to the insured in the event of death, only when it is before the expiration of their annual policy. In other words, life insurance is guaranteed by the payment of the corresponding premiums and its validity. So yes, the insured dies and has overdue premiums, the insurance has as a clause not to grant the amount of compensation for non-compliance with payment and non-compliance with the policy according to the previously established contract.
Having a life insurance, health policy or both, will always is necessary and essential when you want to be calm without worrying about your family's future at the time of an accident, eventuality or illness.