How to choose the best life insurance?

Learn in CompareOnline to hire the best life insurance according to your needs.

To determine what life insurance you should hire, you must first establish what your needs are and what you are looking for with insurance. Are you looking to maintain the standard of living of your beneficiaries when you are no longer there? Do you want it as an inheritance or gift for your beneficiaries? Do you see it as an investment tool? Do you want to protect your heritage? Depending on your answer to these questions, you can determine the type of life insurance you will hire (See «Types of Life Insurance»)

If you are looking to maintain the standard of living of your beneficiaries: In this case, it is very important that you decide what the amount of the insured capital will be. It is not the same as the capital that a family that is a tenant requires from one who owns their home, since in the case of the death of the family’s financial support, they must have a backing to continue paying the rent. Likewise, a family with a monthly income of $ 3,000,000 will need to hire a much higher insured capital than that with a monthly income of $ 800,000.

If you want it as an inheritance: If nobody is financially dependent on you, you might want to take out life insurance to leave an amount of money to your loved ones in the event that you die. In this case, it is not necessary that the insured capital is so high, since it will not be used to maintain the standard of living, so you should pay more attention to the value of the premium.

If you see it as an investment tool: In this case, it is advisable to take out a life insurance with flexible savings, since you can generate profitability with your savings account and you will also have the freedom to make partial withdrawals. You should note in this case what part of the premium goes to savings and what part goes to your savings account.

If you want to protect your assets: An insurance with savings will be the option to protect your money, since being in the insurer is unattachable. In addition, it is free of income taxes, so you should not pay at the time of withdrawal. Again, you must consider what part of the premium is destined for your savings.

Angélica Córdova
COMPARAONLINE EXPERTS
Created: June 6, 2018 Updated: June 21, 2018
Other tips and advice
What is a insurance of life?
How does Life Insurance work?
What you should know: premium, insured capital, policy and other concepts
Types of life insurance: how many are there?
Benefits of hiring life insurance and how to do it
Life insurance coverage: what do they cover and what does not?
Recommendations and obligations of the life insurance client

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