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What you should know about insurance

You can insurance the asset that cost you the most work or that you appreciate the most, that represents a great value for you and that you could hardly return with your own resources. If you have the idea that insurance is a drain on your budget because you may pay for it for many years and still never collect it, perhaps you should analyze whether in the event of an illness, a vehicular accident or a sudden death, you will have the means enough money to cope. If the answer is no, this may change your perspective and see in insurance not an expense but an action of anticipation and savings that becomes effective in the event of an unwanted incident, for the future of your children, for the protection of your assets, etc.

Depending on the objectives you have in life, what you plan to spend, your own needs, health, etc., you can take out life, car, personal accident, major medical, home and dental expenses, among others. There is currently a wide variety of insurance on the market, so prioritize and focus on the one or those that you really need. Here are the most common insurance policy .

LIFE INSURANCES

In this insurance, the insurance company pays the beneficiaries an insured amount in case of disability, survival or death of the insured, in accordance with the contracted conditions, being a fundamental requirement that the policy be in force. Among the main insurances are the following:

Temporary. This is 100% for death and its validity is for the specific time for which it was contracted. If you were to die, the beneficiary (which can be one or more people) will receive the insured sum, but if you survive, the insurer will not return your money.

The terms to hire him range from one, five, ten or 25 years or at an advanced age (60 or 65 years). Your payments are the same during the validity term. When that term ends, the insurer recalculates the value of the premium depending on your age and your state of health. If you are going to hire it, ask if it renews automatically, because not all of them are renewable.

Ordinary of life or life. This insurance lasts for the life of the insured. If he reaches the age of 99 and is still alive, he receives the entire sum insured.

Endowment insurance. It is made up of a risk insurance and a savings insurance, by virtue of which, if the insured dies before the established term, the stipulated compensation will be delivered to his beneficiaries, and if he survives said term, the established insured sum will be delivered to the insured himself for the contract.

You can mainly hire them in terms of 10, 15, 18, 20 and 25 years. The costs may vary with age, gender, health status, whether or not you are a smoker, sum insured, savings plan, additional coverage that the insurance has (for example, disability).

VEHICLE INSURANCE

Driving a car involves risks and responsibilities that can affect your assets, your health or that of third parties.

Car insurance protects you against damage or total or partial loss of your vehicle in the event of an accident or theft, as well as medical expenses generated by the accident.

The most common forms of this type of insurance are limited coverage or comprehensive coverage. The first covers:

  • Total theft of the car. Covers the total loss of the vehicle due to theft or assault, as well as material damage and losses as a result of said event.
  • Civil liability for damages to third parties. Covers the liability that the owner may incur for material damage caused to third parties in their property, bodily injury or death.
  • Medical expenses. It covers the payment of medical expenses for bodily injuries to the insured or the other occupants of the vehicle, as a direct consequence of accidents that occur when they travel in it.
  • Legal defense and advice, in which the company offers you professional legal services in the event of an accident or total theft of the car.

INSURANCE OF MAJOR MEDICAL EXPENSES

They cover the injury or disability that affects the personal integrity or health of the insured, caused by an accident or illness.

In this type of insurance, the insurer, by paying the corresponding premium, covers hospital expenses, medical care, surgical interventions, food, medicines, clinical tests, X-rays, etc., for the insured and, where appropriate, for dependents financial when so agreed in the insurance policy.

For each insurance plan there is specific coverage (basic and non-basic), so it is convenient that you review the content of your policy and verify that the coverage of the plan you contracted covers your needs.

To determine the amount of the premium, the insurer considers factors such as age, insured sums, contracted coverage and health status, for which it will apply a medical questionnaire. It is important that when you answer it you do so truthfully, since not doing so empowers the insurer to terminate the contract without any benefit for the insured.

If in the future you plan to change your company and even your plan, it is very important that the insurer gives you an endorsement, so that they recognize your seniority, that is, the time you had been covered by the previous insurance. Otherwise, it is likely that the new company will not agree to cover pre-existing illnesses (any medically diagnosed illness before signing the contract) and you will have to go through the waiting time again for those situations or illnesses that the insurer requires. (pregnancies, cancer, HIV, among others).

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