Life Insurance: What Risks It Covers and Additional Guarantees

On the insurance market, there are various types of life insurance policies, which mainly differ in the type of coverage they offer.
One of the most common types of policy is life insurance a formula in which the insurance protects the beneficiary from possible financial issues in the event of the policyholder's death, guaranteeing the payment of the capital defined in the contract.

The life insurance policy falls under the category of temporary insurance, as the insurance coverage has a well-defined expiration date established when the contract is signed, which can last from one year to a maximum of 30 years.
During this period, the policyholder commits to paying the insurance company a premium either as a lump sum or at regular intervals, usually on a monthly, semi-annual, or annual basis.

With life insurance in the case of death, two scenarios can occur:

• If the insured person dies during the coverage period, the beneficiary will receive the insured sum from the insurance company;
• If the insured person survives beyond the predetermined term, the contract ends. The beneficiary receives no sum, and the premiums paid to the insurance company are not refunded.

The goal of temporary life insurance is to safeguard the financial situation of the family in case the main source of income is lost. This type of policy is particularly recommended for young families who have taken out large loans or mortgages.

Additional and Complementary Guarantees to the Basic temporary life insurance Policy

Insurance companies, to offer their clients more effective and comprehensive coverage, propose additional insurance modules to integrate into standard life insurance policies.

For example, with GenialLife, you can choose from the following complementary guarantees:

• Terminal Illness Guarantee: GenialLife guarantees the advance payment of a percentage of the insured capital in case the insured person is diagnosed with a serious illness (life expectancy under 12 months);
• Accident Death: The insurance provides the payment of additional capital if the premature death of the insured is due to an accident (at home, during leisure time, or a car accident) and occurs within 12 months of the incident;
• Pink & Blue Guarantee: A percentage of the insured capital is advanced in case of diagnosis of a reproductive system tumor, whether male or female, even if there is a high probability of recovery.