Having any of these examples of life insurance is having a solution at hand for health incidents that cause death or disability.
Life Insurance Definition
They are programs that financially protect the owner and the family of the insured, making payments to the person that the first authorizes in his policy.
The beneficiaries (as) will have the power to use the money paid by the insurance company, in fact, there are some that offer savings programs.
This option is for anyone who foresees future problems in case of falling into bed, for example, with this option the patient can be operated on immediately.
We list the most useful life insurance examples by scope
1. Temporary
Temporary life insurance is one in which the client can subscribe the policy for a determined time, that is, it is not a permanent period.
The main function of this option is to cover specific needs for as long as the client considers it so, for example, taking a two-month vacation.
In the event that the insured does not present any inconvenience and has not used the policy, the company will not receive any compensation.
These policies are very cheap compared to the others.
2. Retirement
These companies also provide savings plans to those who want to secure their old age financially.
In this sense, the insurer works as a savings fund and becomes effective in the event that the owner dies or the time established in the contract expires.
If the time established by both parties expires and the holder is still alive, he will receive the full coverage of the policy.
In case of not being in this world, the policy will give compensation to the beneficiaries authorized in the contract.
3. Funeral expenses
What does life insurance cover? One of the main aspects is funeral expenses.
Here, the policy is activated in order to cover funeral expenses in the event that the owner dies, as established in the contract.
Although it sounds a bit dreary, this is one of the main reasons to have one of these.
4. In case of an accident
In life there are unforeseen events and people do not escape accidents with their health.
For this, life policies offer the holder to reimburse all medical expenses up to the maximum contracted amount.
Among other options, some insurers guarantee to indemnify the client in the event that he becomes disabled or is declared disabled.
5. Medical expenses
It is one of the best-known examples of life insurance worldwide because it guarantees the holder coverage of emergency medical expenses.
For example, when going to the pharmacy and buying medicines: If you have an insurance policy, this money will be reimbursed by the insurer.
For that, the owner must present their respective supports (invoices) that specify that the medicines are to control the disease.
6. Lifelong or permanent
Among the types of life insurance we have whole life, expensive for the benefits it offers to relatives in the event that the owner dies.
It works by indemnifying the beneficiaries that appear in the policy for life, on the other hand, it covers for life the loss of income after the death of the holder.
7. Of income
The best life insurance are those that provide protection not only in health, but also in the home, as in this case.
We are talking about rental insurance, which offers the insured to pay rent for life, after paying an amount or premium for a certain time.
They appear in two cases
lifetime
The client pays a certain amount and begins to enjoy after the policy expires and he continues to live.
Temporal
The insurer pays a fixed income for a certain time.
8. Mixed
If you still wonder what life insurance is for , you will find the best explanation in the mixed ones.
These are few known but very useful because it includes risk insurance and savings insurance within the same contract.
This protects the insured in the event that he dies, but if the opposite happens and he is in good health, he will receive the benefits agreed in the contract.
9. On credit
The insurer legally agrees to cancel the loan acquired by the owner in case he dies before finishing his debt.
In general, it is a requirement of banks and lenders as a condition before giving the loan to the beneficiary of the insurance.
10. Risky
We conclude the life insurance examples with risk insurance, which financially protects the beneficiaries determined by the policy holder in case of death.
In general, the company pays an annual premium, taking into account factors such as: capital to be covered, age of the insured at the time of death, and medical history.
