Life Insurance, 7 Important Points When Buying One
Life insurance guarantees the economic and financial stability of the family, should the death of the parents occur, a disability or premature illness.
In our country there is no habit of prevention and for this reason it is very common to see homeless families when the parents or the father who supports that home dies.
If this is your case and you have the stability of your family on your shoulders we wanted to share a series of tips so you can have the best Life Insurance.
The 7 most important points when hiring a Life Insurance are:
The company that you choose.
The conditions vary from one to the other in the way they sign the policies and pay the beneficiaries. Advise yourself very well on which company you can trust and always check your contracts before signing them.
Type of work you do.
It is not the same to issue a Life policy for a Civil Engineer as a Surgeon. If both are affected in an accident and are injured from their hands to the surgeon would be the end of his career but for the engineer or another type of profession as a lawyer would not mean the end of his working life.
Our life insurance covers in case of life, accidental death, disability and illness. Depending on your profession you will choose which of these lines is important to you.
Types of Life Insurance.
There are several types of Life Insurance: Temporary or Term, Life with Savings and Collective Life Insurance.
-Temporary Life Insurance: Covers the person the time the risk is contracted, the most common is 20 years. It is also ideal to be used as a loan guarantee.
The premium in this plan is annual and renewable.
-Savings Life Insurance: It is a life plan that allows the insured to combine protection and save at the same time. For me it is the best option because we can protect our loved ones for the time of greatest risk but if the death of the member does not occur, they can rescue the amount invested with their interests.
-The Collective Life Insurance: They are the most common because they are the companies who hire them to provide this additional benefit to their employees. They do not have high limits like the individual ones but they protect the employer and the employee in case of any eventuality that may occur. Their costs are also quite moderate and can be between RD $ 66 to RD $ 500 per month, everything depends on the contracted limit. For more details you can see examples on our Life Insurance page.
If a suicide occurs before the 2 years of validity of the policy is fulfilled, the company will not pay the compensation to the beneficiaries. The reason is that this death would not be involuntary and the company would take the opening of the contract as bad faith on the part of the affiliate.