life-insurance

The main objective of life insurance is to guarantee the economic well-being of loved ones and the insured himself, being able to sustain himself in the event of a serious eventuality, such as absolute and permanent disability, serious illness or, in the worst case, death by any cause. It is essential that life insurance adjusts to the real needs of each family, taking into account various factors such as the number of members, the age and health status of each one of them, as well as economic solvency.

Why take out life insurance?

It is common for many people before taking out life insurance to ask themselves if it is a good decision or if it is just another expense to add to those they already have. As explained by José Manuel Veiga, director of Protection Insurance at BanSabadell Seguros, life insurance “offers the peace of mind of knowing that no matter what happens, a family will be able to maintain their standard of living for the time necessary to readapt to the new situation”. “We must bear in mind that, on average, it takes about five years for a family to recover economically after the loss of one of its members, and in this type of thing we must all think about protecting our own and oneself” Veiga adds.

What does life insurance cover?

“The main coverage of any life insurance is death. But it is just as important to have coverage for absolute permanent disability, since this makes it impossible for the person affected to continue carrying out their professional and personal activity normally and may even require additional expenses for their treatment”, affirms the director of Protection Insurance at BanSabadell Insurance. Currently, there are products on the market that try to adapt as best as possible to the real needs of each family, as is the case with BanSabadell Vida’s Life Care insurance.

“Life Care life insurance, in addition to death, covers absolute permanent disability, either due to accident or illness,” Veiga details. In addition, among the additional services that it has, it is worth mentioning those of telephone medical advice 24 hours without limit, requesting a second medical opinion in case of serious illness from the best medical professionals in the world whenever it is needed, and obtaining personalized attention from a team of psychologists or advice on nutrition, allergies and infant feeding.

There are also coverages that anticipate capital in the event of serious illnesses, such as cancer. It is at times like these when life insurance proves its importance, helping the insured to pay for medical treatments that they could not otherwise afford. In addition, it represents an important help for the family economy, since it is probable that in this type of situation the insured person will not be able to carry out his professional activity.

Other advantages of life insurance

In addition to financially protecting the insured’s family after death, being able to meet the payment of a mortgage or a loan, guaranteeing the future of children, covering the potential risk of suffering absolute permanent disability, or being Protected against serious illness or an unexpected accident, such as a traffic accident, life insurance offers other important benefits for clients. For example, when someone dies, in addition to pending payments, it must be taken into account that both burial and cremation usually involve a high cost. Thanks to this product, some services could be covered, even without having contracted death insurance.

In this line, and depending on the autonomous community in which you reside, after death you have to pay the tax on donations and inheritance to be able to enjoy the inheritance, and the money from the life policy can help solve this procedure, which it can certainly become burdensome in some regions. If you have any doubts about taking out life insurance, the most appropriate thing to do is to have the support of a professional, who will solve any question that may arise and will provide information on the product that best meets the needs of each family.

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