One of the best ways to protect your family is to take out life insurance, the goal is to prevent them from suffering an economic imbalance when you die or if you suffer from an illness that prevents you from working, however there are different types of importance. to know them.
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) specifies that there are mainly three: ordinary or lifelong life, endowment (savings) and temporary.
The purpose of life or life insurance is to provide protection to the policyholder in the event of the death of the policyholder, while the endowment or savings, the insurer will pay the insured amount of this coverage upon expiry of the contract, but it can also be earlier if the policyholder dies.
During the term of the life insurance, the insurer will pay the insured amount only if the insured dies during the term stipulated in the title page of the policy.
Financial institutions such as BBVA add mixed insurance, which combines risk and savings, in this case “the policyholder is covered in the event of death, the beneficiaries will receive compensation; but if at the end of the specified period the insured is still alive, then he has access to a certain sum stipulated in the contract ”, he details on his portal.
Before choosing insurance, however, it is also necessary to ask yourself a few questions, which will help to specify what type of coverage is required.
Among the questions are: does your whole family depend on you? How long do you need to cover your basic needs for at least three years? Do you want the insurance to include funeral expenses? And what do you want to be covered in the event of disability or terminal illness?
In addition, the Condusef advises not to opt for the first option, it is necessary to compare, rely on simulators and online calculators and simulate large medical expenses.
The beneficiary of the policy must go to the affiliated insurance company to make the claim for insurance compensation. The maximum term to apply for it is five years in life insurance.
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