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Life insurance is a policy that guarantees beneficiaries a capital in the event of the insured's death. It is a form of prevention that offers financial support to a family in the event that the main source of income is lost.
Specifically, a life insurance policy consists of a contract that is signed between an individual and an insurance company, in which all the necessary information for activating and fulfilling the insurance coverage is specified:
The insurance market offers various models of life insurance policies, which are mainly characterized by the coverage they can offer.
A popular solution, due to the advantages it offers for a relatively low economic commitment, is the term life insurance, a solution that covers the so-called death risk. Specifically, this policy provides for the payment of the capital by the insurance company to the beneficiary, in the event of the premature death of the insured within a time limit determined in the contract phase.
Companies also offer a series of additional guarantees to integrate into the basic prevention formula:
An insurance tool like term life insurance is recommended for those who need to
protect their loved ones.
For this reason, life insurance that covers death risk is mainly indicated for
families with children or elderly parents to support or who have taken out a mortgage to
buy a house.
Protecting your loved ones from a negative event can be a necessary choice for families that rely on only one source of income or that, despite having multiple incomes, need to provide financial support for young children or elderly parents.
In these situations, insuring the head of the family or both spouses with a term life insurance policy could be a wise choice that, in the event of the premature death of the insured, can provide economic protection for loved ones.
Life insurance is particularly recommended for people who have contracted a large debt to be resolved over a very long period.
For example, for a family that has taken out a mortgage to buy a house, the ideal coverage is term life insurance, where the capital to be insured and the duration of the contract are calculated based on the amount to be repaid to the credit institution.
In many cases, employees already have a life insurance policy arranged with their employer. However, these are often insurance policies included in company benefits that do not guarantee high capital amounts, as they generally involve sums equal to double or triple the salary received.
Besides not representing adequate financial support, these arranged insurances do
not follow the worker if they change jobs.
For these reasons, it is advisable to consider an alternative solution and
opt for an additional life insurance policy that offers higher returns and guarantees.
Protecting yourself with life insurance is always a good idea, it is easy
and inexpensive.
Often, it is not considered that if a family member who performs a series of unpaid but
essential tasks for the family's well-being were to pass away, it could be costly to
constantly rely on external help to take care of the children, ensure house cleaning, and
manage daily domestic life.
Insuring both adults in a family unit is certainly the safest choice, regardless of the economic contribution made by each.
Insurance companies present their clients with life insurance proposals whose price is based on many factors such as age, gender, current health status, and any medical, physiological, and pathological history.
Unfortunately, in some cases, even in the presence of full recovery,
previous health problems can lead to the impossibility of accessing insurance
coverage.
In general, however, being subject to possible illnesses does not prevent
the consumer from discovering how little the protection they need can cost and from
requesting a specific evaluation.