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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. 

5 Things to Consider Before Buying Health Insurance

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5 Things to Consider Before Buying Health Insurance

The life insurance policy, as in many other contracts, must also be analyzed in detail, to avoid future annoyances to the insured person. Get to know in this article the 5 things you should analyze before hiring health insurance.

There are several issues that must be considered before hiring health insurance. Such as:

1. Assess the coverage 

Most insurance companies offer plans with predefined packages of capital and coverage. Hospitalization, outpatient, and childbirth coverage are usually the most important and are included in most offers.

However, insurers have other plans that may be of interest to the insured, taking into account their personal or even family history, such as stomatology, prostheses, medications, and daily allowance in case of hospitalization.

Apart from basic coverage, and depending on the case, it may be necessary to add complementary coverage, varying the total amount payable for health insurance, thus depending on the financial availability and the needs of the insured.

The evaluation of the coverage also results in the opposite, that is if it is necessary to make cuts in it. Check all those coverages that are no longer needed, to get a plan with a better quality/price ratio.

Whether to remove or add coverage, always pay close attention to the health insurance that the insurer is offering you, as this may not be the one that best suits your needs.

2. Grace periods 

doctor listening to a patient at a health check up

It is transversal to (almost) all health insurances to have in their policy an item that refers to the grace period.

However, this period is not uniform among insurances, and even within the same insurance, there may be different grace periods for each type of coverage.

For example, in most cases, health insurance with childbirth coverage will have a minimum grace period of 9 months. Therefore, always pay attention to the duration of the grace period for the health insurance you want to hire, thus avoiding future surprises.

3. Pay attention to exclusions 

This is a very important factor that you must analyze in your insurance policy. This is because, when taking out health insurance, you are given a clinical questionnaire that aims to understand the state of your health, your medical history, as well as the diseases you are prone to. Depending on your responses to that questionnaire, the insurer may apply some particular exclusions, that is, your health plan may stop covering certain treatments.

In addition to private exclusions, you should also pay attention to general exclusions.

These conditions are automatically excluded from your health insurance, regardless of your clinical questionnaire. That is, according to information from the Consumer Portal, the Insurance and Pension Funds Supervisory Authority, health insurance, as a rule, does not cover psychological illnesses, check-ups, weight loss treatments, accidents, or illnesses resulting from sports practice, fertilization treatments, among others.

Prevent yourself through a detailed analysis of the health insurance exclusions you want to take out. This check can save you a lot of headaches in the future.

4. Review the clinical questionnaire 

Often, clinical questionnaires are filled out by someone over the phone. And, in most cases, the future insurer signs without reviewing his answers, so he may be surprised at a stage after signing the contract. To avoid any future problems, we advise that before signing any insurance policy, read your clinical questionnaire, so that you can confirm, one by one, all your answers.

5. Find an expert

If you turn to a specialist, who is not associated with an insurance company, you can save a lot of time and money on your family budget

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