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Serious illness insurance: Why you should buy one as an extra protection measure?

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Serious illness insurance

Unforeseen events happen at any time. Because of this, it is important to have serious illness insurance to be financially prepared.

Unforeseen events can happen to anyone, at any time – especially concerning health problems. Because of this, it is important to have serious illness insurance to be financially prepared in case you face any of them.

This modality has even won more and more fans.

What does serious illness insurance cover?

This coverage is not a basic item in insurance, but additional protection.

To be entitled to benefit from the indemnity, you must be diagnosed with a serious illness after the grace period of the plan.

See below which situations are part of the policy.

Cancer

Several different types of cancer are covered by this insurance modality, such as leukemia and malignant diseases in the lymphatic system.

On the other hand, there are some exceptions in non-invasive diagnoses, among them tumors described as premalignant, prostate cancer in primary stages, malignant melanoma with a low degree of tissue invasion, and malignant tumor in the presence of any human immunodeficiency virus.

Stroke

Also known as a stroke, this is another type of disease covered by disease insurance.

It is worth mentioning, however, that the neurological symptoms cannot have been caused by migraines or the hemorrhage caused by accidents, brain tumors, obstruction of the ophthalmic artery, or brain surgery.

Acute myocardial infarction

If you suffer a heart attack, you will be entitled to receive the insurance claim.

Only in the diagnoses of angina pectoris (caused by the low supply of oxygen and nutrients to the muscle), decubitus angina (usually considered as a heart failure process), and other acute coronary syndromes that this benefit is not granted.

Bypass surgery

This is a procedure used in bariatric surgery, in which gastric stapling is performed to restrict food intake.

It is covered by insurance, as long as it is not caused by surgery with closed-trunk surgical catheters, angioplasty, and other intra-arterial procedures or non-surgical techniques.

Other diseases

The insurance also guarantees the payment of compensation in other serious cases, such as:

  • Alzheimer’s disease ;
  • limb paralysis;
  • organ transplant (heart, marrow, liver, kidneys, pancreas or lung);
  • partial or temporary disability;
  • special anticipation for incurable disease;
  • personal accidents and medical, hospital, and dental expenses.

Why you should buy serious illness insurance?

This is the first type of insurance you can count on to help pay for treatments, transportation, and medications that not even health plans cover.

It is interesting because it has a low monthly fee and guarantees financial protection in several complicated situations.

Why worry about unforeseen events if you can prevent them? Take a good look at the coverage offered by serious illness insurance and choose your policy.

Impact of Life Insurance on Income Tax

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Impact of Life Insurance on Income Tax

Because it is a thorough process, many people are in doubt as to whether income tax is impacted by the purchase of life insurance.

In summary, we can say that life insurance does not influence on the income tax return. But some products represent an exception

Impact of Life Insurance on Income Tax

As we said, in most situations, the contracting of life insurance does not impact the Income Tax. This is because it is not necessary to inform you about insurance in the tax declaration.

There is not even space available to fill this information in the field “Goods and Rights” – which would be the appropriate place to inform the IRS regarding the existence of insurance.

Therefore, the insurance payment is not an expense that can be deducted from the income tax calculation basis. In addition, the purchase of the product generally does not generate an abatement in the amount to be paid.

Whoever receives the benefit should also not pay income tax on the amount. However, it is necessary to declare the receipt of capital.

The only exception in this context are products that have survival coverage clauses that generate income. Next, we will better address this modality.

Insurance with survival coverage clause 

The insurances that have this clause are the only exceptions because they are considered a financial investment and, like a private pension plan, they must be declared to the tax authorities. One example is redeemable life insurance.

In this situation, the income tax will only be charged on income. The rate can be fixed at 15% of insurance gains or it can follow a regressive table, with the fluctuation of rates according to the asset accumulation terms, as indicated below:

  • 35%: term less than or equal to 2 years;
  • 30%: between 2 and 4 years;
  • 25%: between 4 and 6 years;
  • 20%: between 6 and 8 years;
  • 15%: between 8 and 10 years;
  • 10%: term over 10 years.

It is also worth noting that the choice between the fixed and variable rates is made when contracting life insurance. Therefore, if you are interested in making redemptions in the short term (less than 10 years), prefer the fixed rate. Otherwise, choose the variable alternative. If you do not make any choice, the collection of the fixed 15% will automatically be valid.

Declaration of insurance premium in Income Tax

There are not many secrets regarding this topic. The capital value of the product as compensation must be made within “Exempt and Non-Taxable Income”. This is because the amounts received as indemnity do not cause an increase in equity, but rather an asset recovery.

As we have seen, life insurance does not impact the income tax return, except in one situation. It is important to know these issues so that you are not surprised at the time of filing and do good tax planning – which will help you pay fewer taxes legally.

Learn how to identify the best life insurance for your family

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identify the best life insurance for your family

Check out some tips that will help you identify the ideal life insurance for your family.

The best life insurance is one that meets your family’s real protection needs and offers payment terms that fit your budget. Therefore, to find the most suitable option, it is necessary to conduct market research.

In this sense, knowing the main plans offered by insurers and evaluating the coverage provided by them is the first step towards successful contracting. Here are some tips that will help you identify the ideal life insurance for your family.

Why is life insurance so important to your family?

Life insurance is one of the most important ways to guarantee security for your family. Especially because nothing compares to the tranquility of knowing that your loved ones will be supported in cases of an unexpected absence.

In addition, insurance also provides solutions that can be used in life by the contractor. In all plans, an indemnity is allocated to beneficiaries whose value is defined in the contract.

Among the coverage possibilities, we highlight:

  • death from natural causes;
  • accidental death;
  • partial disability due to accident;
  • total disability due to accident;
  • permanent disability due to increased accident;
  • serious diseases ;
  • daily due to temporary disability;
  • funeral assistance.

How to choose the best life insurance for your family?

Before taking out insurance, several factors must be considered. Check out some of them below.

Evaluate the coverage offered

As seen above, there are several coverage possibilities that can be included in life insurance. To define them, take into account your demands and risk factors – such as age, predisposition to disease, exposure to dangerous environments, etc.

Then, search for a plan that includes all defined coverages. Then, research the insurers that make these policies available and identify which one offers the best value for the money.

Choose the monthly fee that best fits your budget

Life insurance is a protection that is contracted with the intention of continuing. Thus, it is necessary to choose a value of installment that fits the family’s monthly budget.

The idea is that the decision falls on the product that will meet everything you need, but with an investment that can be maintained over the long term. For this reason, it is important to do simulations.

Do simulations to find the best option

Being able to have the facility to do virtual simulations is essential for choosing the most suitable life insurance for you. The main advantage of a simulation tool is the speed with which results can be obtained based on the data provided.

See how simple it is? With these tips, you are ready to move on in search of the best life insurance to protect those you love.

And now that you understand the factors that you should be aware of when defining the plan, how about simulating life insurance to keep you and your family safe?

How does life insurance work? Check out 5 common questions

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How does life insurance work

Check out some tips for those who want to buy life insurance.

How does life insurance work? How much? What guarantees does it offer? Is it the same as personal accident insurance? These and other questions are very common for those who want to buy this type of service. Check it out below.

1. What is life insurance and how does it work?

Life insurance is a contract made with an insurer to guarantee your financial security, as well as that of your dependents, at unexpected times.

You can choose the coverages that meet your demands, and also indicate who will be your beneficiaries – it can be more than one person.

But, after all, what is the amount paid to have these services available? The cost of life insurance may vary according to the coverage selected, depending on your goals and aspects such as age group, profession, sex, and habits of the insured.

Once the contract is made, the insurer is responsible for paying a previously established amount (indemnity) in case any of the accidents contracted in the policy happen.

In these situations, you or your beneficiary must contact the insurer and report what happened. The company will request the submission of the necessary documentation, which must go through an analysis and approval to then release the amount in question.

We remind you that it is very important to notify your loved ones where insurance documents, such as the policy, will be kept to facilitate the process.

2. What is the difference between life insurance and personal accident insurance?

Contrary to what many people think, life insurance is not the same as personal accident insurance. While the former gives the right to compensation in the case of natural death or illness, the latter, although it is more affordable, covers only cases of death or disability caused by accidents.

Some people see life insurance as something they will pay dearly for, but they will never be able to enjoy it, however, these are erroneous thoughts. This is because it can be used in life in specific cases, which we will discuss later.

What’s more, the cost can be much less than we usually pay to protect our car or apartment, for example – and maintaining the family’s quality of life should be a priority.

3. Why you should take out life insurance?

Many people do not include life insurance in their planning, as they do not find themselves facing any fatality. However, unforeseen events happen all the time and, therefore, prevention is always the best solution.

Buying life insurance aims to promote financial protection precisely in the event of some misfortune happening. Therefore, if you have a good quality of life and want to cherish the continuity of this standard, you should consider this option.

Therefore, taking out life insurance shows concern and appreciation for the family, as it guarantees the necessary resources for dependents in times of difficulty. Also, you can enjoy the benefits of life depending on the situation.

4. What are the guarantees for life insurance?

Life insurance guarantees vary according to the contracted plan. However, policies cover accidental or natural death and, in some cases, ensure protection for total or partial permanent disability due to an accident or serious illness.

In detail, when contracting insurance, the contractor and his dependents can have protection against:

  • death;
  • total or partial permanent disability by accident (IPA);
  • total permanent disability by accident (IPTA);
  • increased permanent disability due to accident (IPAM);
  • total permanent functional disability due to disease (IFPD);
  • total permanent disability due to illness (ILPD);
  • medical, hospital, and dental expenses (DMHO);
  • temporary disability benefits (DIT);
  • daily rates for hospitalization (IHL);
  • serious diseases (DG).

In cases of serious illness, a health plan covers only consultations, basic exams, and hospitalization. He does not pay for the patient’s transportation, special care, and necessary daily remedies.

These values ​​are high and can compromise the family’s financial situation. Thus, it is essential to have life insurance to ensure greater support in relation to these costs.

When buying this service, you receive financial aid for expenses in diagnosing Alzheimer’s, Stroke, cancer, acute myocardial infarction, chronic renal failure, and loss of hearing, speech, or vision.

Other coverages are for limb paralysis, bypass surgery, and heart, liver, marrow, pancreas, lung, or kidney transplants. In this way, moments of family insecurity are taken more easily.

One of the benefits for the insured is the additional indemnity in need of ICU admission. The daily rates are paid for clinical or surgical treatments caused by illness or accident, and which cannot be done at home, office, or clinic. With that, you can do the proper treatment without compromising your income.

5. How to take out life insurance?

To buy life insurance in line with your goals and needs, you must first look for a company that specializes in insurance that offers quality plans and affordable prices.

Having chosen the insurance company, one should understand the coverage available and assess which one is best suited to your family. Next, calculate the insured capital, and, before signing the contract, evaluate factors such as:

lack of the policy;
geographical coverage of coverage;
excluded risks;
The maximum amount of insured capital;
Prize amount;
product availability under specific policies.

Take advantage and do a simulation to set up the ideal plan thinking about your financial security and that of your dependents.

Life insurance rules you need to understand before purchasing

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life insurance rules

Do you understand how life insurance works? It is an excellent way to protect your family in the event of an incident.

By taking out insurance, you guarantee the well-being of those you love and prevent unforeseen circumstances from compromising the safety of everything you have achieved.

How does life insurance work? 

This service offers different policies according to the desired coverage. When buying, the greater the risks assessed, the higher the monthly fee will be. That is why it is important to evaluate the available plans well in order to be able to choose an offer that meets your demand with the price you can afford.

One aspect that few people know is that life insurance does not only indemnify in cases of death, but it can also help in circumstances of accidents that lead to disability and serious illness, which can compromise the source of family income.

Thus, when one of the situations provided for in the policy occurs, the insurer pays the indemnity to the indicated beneficiary.

What are the rules of life insurance? 

Insured health status

At the time of buying, an analysis of the health and lifestyle of the insured is made to determine the value of the insurance. The main items considered are histories of diseases, alcoholism, smoking, and physical inactivity.

It is important to make only true statements in the assessment so as not to compromise the payment of compensation if you need to. If the insurer identifies any false or missing information, the premium may not be paid.

Age limit

In most cases, insurers do not accept that people over 65 take out life insurance. In some plans this age is even lower, dropping to 60 years. This is because the older we get, the greater the risk of death. However, if the policyholder has already purchased a policy before reaching the age limit, the contract can be renewed without hindrance, depending on the insurance rules.

Age is also used to establish the amount to be paid in monthly fees, as is done in health plans – again because people with a longer life are more likely to acquire diseases and die. It is worth mentioning here that the personal accident plan does not make this type of distinction between young and old.

Indication of beneficiaries

The life insurance indemnity is not part of the inheritance. In this way, the insured can choose anyone to be the beneficiary – even those who have no socio-affective relationship and inbreeding. In addition, it is possible to link the policy to more than one beneficiary, as long as the contracted plan allows this option.

What is a life insurance claim and how does it work

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What is a life insurance claim and how does it work

A word that always comes up when we talk about insurance is “sinister”. But, after all, do you know what is the life insurance claim?

Knowing the main terms used in this universe is essential for you to make the best decisions. Being able to have the tranquility offered by life insurance is priceless, but your choice must be based.

Read on and learn more about a life insurance claim and how it works!

What is a life insurance claim?

When life insurance is taken out, the policy issued details the coverages that are part of the plan. The occurrence of the event that this policy provides for is known, in insurance jargon, as an accident.

Thus, the claim can be conceptualized as the occurrence of an event whose coverage was contracted in the insurance. Thus, if an accident death victim has a policy with that scope, the claim will be configured.

The same is true for other types of life insurance coverage, some of which can even be used in life. Here are some cases:

  • death from natural causes;
  • partial disability due to accident;
  • total disability due to an accident;
  • permanent disability due to increased accident;
  • serious illness ;
  • daily due to temporary disability;
  • medical, hospital, and dental expenses;
  • funeral assistance.

In this general way, life insurance has possible claims for death, an accident with disability or illness. The occurrence of these cases leads to situations for which the policy of the insured person guarantees the payment of the indemnity.

How does the life insurance claim work?

The procedure for calling the insurer in the event of a claim is simple. After the initial contact with the company, you must formalize the communication on a form and submit some copies of documents.

The first measure, therefore, is to report the claim to the insurer by telephone. With this, the company will be able to give the necessary guidelines for the next steps to be followed.

The claim form that the insurer submits next must have its fields fully filled in carefully, avoiding subsequent returns due to errors or missing data.

Along with the complete form, documents such as:

  • certified copy of the death certificate (if applicable);
  • simple copy of the police report (if applicable);
  • simple copy of the insured person’s RG;
  • simple copy of the insured person’s CPF;
  • simple copy of the marriage certificate (if the insured is married).

It is important to note that the copy of the death certificate is the only document that needs to be notarized. The rest can be ordinary copies.

Also, it is worth noting that, in the case of collective insurance, there may be some differences in the process, which must be investigated directly with the contracted company.

After carrying out these procedures, the rest is left to the insurer. It will offer the assistance items provided for in the insurance policy without obstacles or bureaucratic difficulties. The respective indemnity is paid in a few days, also without other requirements.

The best tips for making a successful home insurance claim

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The best tips for making a successful home insurance claim

Insurance is a financial product increasingly used by us and this is a good indication of the maturity of our Financial Education. In this context, one of the types of insurance that are becoming popular is Home Insurance.

We’ve talked about other types of insurance, such as insurance cars, life insurance, and insurance for mobile phones, giving some tips and suggestions on how to purchase these products. In general, the recommendations are the same, but there are always some differences.

The first recommendation is common for any type of insurance: search, search, and search. It takes work, but it is worth it, the price differences between the different home insurance can reach up to 40%!

Remember that when doing research, you need to pay close attention to the terms of the contract. For example, check the deductible of each insurance and also the amount of indemnity in the event of a claim. In addition, carefully analyze the coverage of the home insurance contract, that is, which claims will be covered: flooding, theft, assault, etc.

That is, home insurance can be really cheaper just because it offers limited coverage and very low indemnity amounts. This is not necessarily a bad thing, but you should analyze and decide which is the best “service package” for you.

As a reference, we list below some of the most frequently asked questions about home insurance.

1- What are the home insurance coverage?

The main coverage covers damage caused by fires, lightning strikes, and an explosion caused by the gas used in domestic use (when not generated in insured locations) and its consequences, such as collapse, the impossibility of protection or removal of salvage, expenses with fire fighting, rescue and debris from the site.

However, there may be other coverages, such as, for example, that indemnify damages resulting from fires caused by an explosion of appliances or substances of any nature (not included in the main cover), or due to other causes such as earthquake, burned in the countryside, windstorm, vehicle impact, aircraft crash, electrical damage, among others.

2- What are covered risks and excluded risks?

Covered risks are those foreseen and described in each of the coverages, which will have eventual losses resulting from their occurrence covered by the insurance.
Excluded risks are those whose resulting losses will not be indemnified by insurance unless specific coverage is contracted. As an example, we have:
1. Volcanic eruption, flood or another upheaval in nature;
2. Internal or external war, civil unrest, rebellion, insurrection, etc .;
3. Loss of profits and emerging damages;
4. Fires in rural areas;
5. Theft or theft.

3- What are assets not covered by insurance?

They are those assets, specified in the policy, for which the insurer will not indemnify the losses, even if they come from covered risks. In general, they are the following:

  • Stones, precious metals, works and objects of art in general, goods of great value that are easily destroyed or damaged by fire, jewelry, rarities, etc .;
  • Manuscripts, plans, projects, paper money, stamps, checks, credit papers, minted coins, accounting books, etc .;
  • Third-party goods, except when such goods are under the responsibility of the insured for repairs or maintenance and provided that there are records (documents) proving, through invoices or service order, their entry and existence at the insured location.

4- What is a franchise?

It is the amount or percentage, expressed in the policy, that represents the part of the loss that must be borne by the insured person per claim. Thus, if the amount of the loss for a particular claim does not exceed the deductible, the insurer will not indemnify the insured.

10 things that good home insurance covers

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10 things that good home insurance covers

Whenever home insurance is contracted, it is sought that the home is protected against the most common situations, such as a fire, a gas leak, water damage, civil liability, etc. But despite this, in recent years, insurance companies are expanding home insurance coverage to meet the new needs of policyholders.

It is quite common that those who subscribe to a home policy are largely unaware of the services and/or elements that it covers. This can lead users to bear the costs of certain incidents when in fact the insurer should.

The same happens at the other extreme: we may be convinced that our home insurance covers a certain claim and when the time comes, they tell us that it is not. For this reason, when hiring insurance for your home, it is advisable to find out about the scope of all the coverages, not only the exclusions but also the accidents and situations that are covered.

What your home insurance covers and what maybe you didn’t know 

  1. As a general rule, good home insurance offers you a DIY service to perform all those tasks that require someone who is a handyman, such as replacing a tap, mounting a shelf, hanging a lamp, or putting up some curtains. 
  2. The irruption of new technologies has brought many benefits, but on the other hand, it also endangers minors. Therefore, another thing that your home insurance covers and that you probably do not know is the protection against digital violence against minors. 
  3. Along the same lines, if we want all our information to disappear from the Internet because it is causing us economic or reputational damage, home insurance can take care of the erasure of the fingerprint.
  4. If your refrigerator breaks down or there is an electrical failure that causes food to spoil, another complementary guarantee of the policies that protect homes is to cover the loss of food that was refrigerated.  
  5. If we move outside the home to take a trip, our belongings will be insured even when they move with us as well, whether we are in a hotel, apartment, etc. 
  6. Comprehensive home insurance also includes travel assistance, through which the expenses that have to be assumed due to illness or accident abroad are covered, along with the shipment of medicines or the costs of location and rescue if necessary, between other services. 
  7. Another thing that your home insurance covers in all probability is theft or theft that you suffer outside the home, as well as the fraudulent use of credit cards. 
  8. To protect your family, among the different coverages of a policy of this type you can find assistance to any member through health, domestic, and educational personnel. The telephone medical guidance service is also included in many home insurance. 
  9. A good policy includes certain guarantees focused on companion animals, such as compensation for damages they may suffer, veterinary expenses, etc.
  10. Finally, another aspect that your home insurance covers and that you may have never considered is a legal defense: The insurance company assumes the expenses that the insured person has to incur to intervene in a judicial, administrative, or arbitration process. 

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