Calculation of insurance, nomination of beneficiaries and the difference between life and personal accident insurance are among the most common consumer questions. / How life insurance works. Principal questions regarding this contracts of life securance.
Before purchasing a life insurance policy, consumers should watch for how this contract works and evaluate what their real needs not to run the risk of paying for coverage that will not be used. The user should also pay attention to the risks excluded from compensation and the specific conditions of the contract. Thinking about any questions that may arise in consumers' minds, Idec prepared a series with answers to frequently asked questions in relation to this type of service.
What is life insurance?
Life insurance is a contract you make with an insurance company to ensure financial protection for their families and / or people who rely on you in the event of his absence. You can also use it in case of permanent disability or serious illness.
Pay attention when hiring a life insurance policy because of the price and the fees charged will vary according to the selected toppings. Therefore, consider what your needs are not out on the injury.
How safe is it calculated?
According to age. Most insurers is restricted to people over 65, some of which impose limitations from 60 years for the procurement of the first policy. In the case of renovation, there is a slight tolerance for advancing age of the insured.
Who can I choose to be in favor?
You can freely choose the people you want to name as beneficiaries. The replacement of them by others can also be taken as often as you want.
What happens if there is no indication?
In the absence of nomination of beneficiaries, half of the insured amount will be paid to the spouse not legally separated and the remainder to the heirs of the insured, in the following order of heredity. An exception is life insurance contract as security for payment of debts, such as a mortgage or a personal loan.
What is the difference between life insurance and personal accident insurance?
Term life insurance provides coverage for natural or accidental death, while the personal accident cover, as the name implies, is valid only for the case of death by accident. This makes both also differ in relation to price. As the former has wider coverage, its cost is higher compared to the injury. Both also differ from the calculation of the premium (price paid by the consumer to be eligible for insurance), since in the personal accident insurance usually does not distinguish between young and old - the prize is not changed by advancing age the insured.
Whenever you make a financial contract I purchase life insurance?
Often, banks impose this acquisition, but this is wrong. Life insurance can not be linked to another product, nor should it serve as a condition for doing business, because this practice configures "tying" practice prohibited by the Consumer Protection Code.
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