Life insurance serves to financially protect the people who depend on the person who is insured in the event that something happens to them, but they also offer coverage in the event of disability or serious illness. To do this, the insured must have insurance before the onset of the disease.
This fact, together with the fact that for young people thinking about paying for life insurance throughout their lives is perhaps a very long term, makes them the ones with the least contracted life insurance in Spain, according to the Insurance Business Association, UNESPA.
It must be taken into account, however, that life insurance becomes more expensive as the age of the insured increases, and the age group over 65 is the one with the highest premiumswhile those under 25 enjoy low premiums for high coverage.
For this reason, Getlife has created temporary coverage systems that offers life insurance that protects the insured’s family during the period of time that they need or decide and that are renewed annually. As long as the premium is paid, the coverage will be valid. Likewise, they allow changes to be made to the coverage included whenever the insured needs it. This flexibility makes it more useful and easier for younger people to have life insurance.
Illnesses or professions at risk
There are many insurers that do not cover clients with certain diseases or risky professions. Nowadays Getlife offers life insurance that allow you to take out a policy without medical check-ups or tests, with coverage for up to 700 diseases just by answering a short questionnaire and without medical reports, thanks to its own dynamic risk underwriting technology.
In this way, thanks to their own risk analysis system, they are able to offer products with a inclusive coverage for discarded profiles by traditional insurers such as, for example, for the age group of the elderly, special insurance for people with diabetes, asthma, hypertension and hypercholesterolemia or insurance for risky professions with the best prices and coverage on the market.
A contracting and risk analysis system that also allows analyzing and insuring people with professions considered high risk, such as firefighters and professionals from the State Security Corps, miners, or even flight attendants.
This contracting system therefore takes into account many more variables to calculate the risk of the insured, either due to their profession or their health. It should be noted that there are diseases that, if properly monitored and treated, allow users to have a very long life.
Mortgage life insurance
According to the latest Report on Insurance and Pension Funds 2020 prepared by the General Directorate of Insurance and Pension Funds, currently 44% of life insurance is linked to loans and banking entities.
The reality is that linking life insurance to a mortgage can be expensive in the medium and long term, because the bonuses from banks may not be profitable. The life insurance premiums offered by banks change according to the age group analyzed and the type of mortgage to which they are linked. While some Insurtechs offer insurance with practically the same conditions for clients aged 35, 40, 45 and 50, the market shows striking differences between banking entities with products of this type according to the age of the clients.
Getlife mortgage life insurance can help Spaniards save, on average, up to 10,700 euros in total, and reduce the annual premium by around 120% in mortgages of between 30,000 and 120,000 euros over 30 years. Carrying out insurance portability can be an arduous task for the consumer, which is why companies like Getlife offer the client a complete service to also save time on paperwork.
Hassle-free insurance
Getlife proposes modern life insuranceflexible, 100% onlinewithout permanence and whose policies are paid monthly, a differential model compared to that of traditional insurers and banking entities.
It was born with the aim of renewing and simplifying the life insurance sector in Europe and its objective is offer life insurance in a more accessible way adapted to the needs of customers; with a simpler contracting, transfer and cancellation system for users, with fast and transparent processes, and without the need for prior medical examinations.
It has also developed a dynamic risk underwriting system, which uses the analysis of data and connections through the Application Programming Interface —API, for its acronym in English— to offer life insurance tailored to customer profiles.
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