Have you made the decision to buy life insurance, but you don’t know what type of policy to choose? Don’t worry, because in this complete guide you will find everything you need to know to subscribe to the coverage that best suits your needs.
To know which is the most appropriate life insurance and what type of coverage you should buy, it is very important to take into account certain criteria such as the number of members of your family group, the age of your children, the needs of the family, possible expenses in education, debts, mortgage payment, etc.
All these factors will determine your needs and your user profile. Therefore, it is necessary that you take the time to analyze them in detail.
So, Risk, Savings, or Mixed Life insurance? Review this guide and find out what type of coverage to choose according to your own needs.
Opt for Risk Life Insurance
Among the three types of life insurance that exist, Risk Life insurance is the most widely contracted in Spain.
This type of policy acts in the event of death by providing the amount set in the contract to the beneficiary or beneficiaries.
When to buy it?
If you identify with any of the following situations, this is most likely the type of insurance you need:
Your family depends on you
If you are the head of the family and most of your household income comes from your work source, this type of coverage is perfect for you.
In this case, the insurance coverage will guarantee the future of your family in the event of death, thus reducing the economic impact that this event may cause to your loved ones.
Do not forget that you can change the beneficiaries of your Life insurance at any time you want.
You are concerned about your children’s education
If you have children, one of your main concerns will be their future and the possibilities that they have to emerge in life.
Giving them a good education and offering them the possibility of continuing a university career is part of your duties and you know that you cannot fail.
But who will take care of these expenses if you are not there?
Risk Life insurance will provide you with the peace of mind you need, as there are numerous policies that guarantee the continuity of your children’s studies after your death.
Your house is mortgaged
Do you have your house mortgaged? Are you afraid to leave the responsibility of the payment to your family in case something happens to you?
One of the most important reasons why we resort to life insurance is to ensure the payment of the mortgage in the event of death. That’s right because if you die, the policy will cover the balance of the mortgage loan.
Choosing Life Insurance Savings
Savings Life Insurance is a type of policy where it is the same policyholder who will benefit from its coverage.
In other words, if you have opted for this type of insurance, upon the expiration date stipulated in the contract, you will be able to receive the fixed capital.
It is important that you know that this type of insurance is aimed at those who want to obtain a return on their savings and enjoy them in life.
For this reason, if you feel identified with any of the following situations, this type of insurance is for you.
You want to make your savings profitable
Although the profitability that you will obtain from insurance like this is not the best, subscribing to a policy of this type will allow you to save without tax obligations until the stipulated time to collect the money.
You want to supplement your retirement
Currently, insurers propose to their clients who wish to complement their retirement in the future, various forms of policies specially designed for this purpose.
Among these options, you can resort to an Insured Pension Plan or an Individual Systematic Savings Plan.
Whatever your decision, it is important that you know that this type of coverage is designed so that once you retire, your income will be higher.
Choosing a Mixed Life Insurance
Finally, if you feel identified with more than one of these situations, it is because perhaps you need a Mixed Life Insurance.
Coverage in case of death and an economic supplement in life can be the real solution to your needs.