LifeInsurance
Lifeinsurance site

Today we will talk about lifeinsurance. This type of insurance are quite common among us, because it is used as indemnity coverage for beneficiaries in the event of death of the beneficiary or to guarantee payment in some cases.

This type of insurance are regulated and covered by Law 50/1980 of contracts of insurance, application to be victims of the same or else the commercial legislation. It defines a lifeinsurance contract to the different types of policies covering all risks that may affect the life, physical integrity or health of the insured.

The intrinsic feature of this contract for damages because the insurer undertakes, by charging the premium stipulated and within the limits established by law and the contract to satisfy the beneficiary a capital, income or other benefits agreed, in the case of death or survival of the insured, or both events together.

This type of insurance can be done individually or collectively, as long as you select a group of people who are affected by the same risk. A collective title, worth such as group lifeinsurance of a unit of firefighters.

Contractual structure

The insurance contract contains the same elements as any other insurance contract. These are:

Insurer: as a company that will offer compensation in return for the premium.
Policyholder: The person who hires the policy and will be paying the premium.
Insured: Person covered by the policy risks.
Beneficiary: a person who will be compensated with the compensation of insurance.

Premium: Amount payable by the policyholder to the insurer in return for the hedge.

Current legislation in our country requires the express consent of the insured in the policy if the policyholder and insured are not the same person.

Another important detail to the beneficiaries is that they can be changed subsequent to the execution of the policy by the policyholder. This communication may be a certified notice of the policyholder to the insurer, or by inclusion in a will change lifeinsurance beneficiaries.

However, it has articulated a register of beneficiaries of lifeinsurance that there was lack knowledge of policy benefits for policyholders and policyholders, giving the case of deaths that have left unclaimed policies.

Terms resolution

lifeinsurance can be fixed or indefinite period based on the hedged risk and payment of health care insurance. In the case of lifeinsurance with regular contributions, whether from the second year suspended payment of premiums, the insurance contract can not be revoked, you can only reduce the amount of the premium and the same redemption terms .

With respect to certain death, are excluded only in well-being covered by insurance. In the case of willful death of the policyholder insurance beneficiary thereof, the assets of the insurance is integrated into the insurer’s assets.

In the case of suicide, as most controversial case we know that the policy does cover this death unless otherwise agreed in the insurance policy. It is understood the death caused by suicide voluntarily and knowingly by the insured.

The amount of the premiums is a very variable value, since the amount will be determined by the type of benefit we will receive along with the characteristics of the payment thereof. In this case, there are multiple combinations of both raw settings and receiving capital.

A couple of typical examples to finish. Death insurance premium payment only given for one year. We pay a premium of 200 euros to cover one year’s death of the insured amount of 100,000 euros. If at the end of the year, the insured is deceased, the policy ceases on arrival at maturity.

Insurance capitalization. We can establish a system of regular premium payments so that when the policy expires, or death of the beneficiary receives a capital along with the capitalization of the same or the guarantees established in the policy.

As we see, there are many variants of insurance as we can imagine múltimples configurations, so it is essential to read very well the scope of the policy and understand each of its points.

Lifeinsurance is a convention held between the a person and the lifeinsurance company, where the lifeinsurance company agrees to pay a designated lifeinsurance beneficiary a agreed amont after the death of the life insured person.

Depending on the lifeinsurance contract, other events may also acelerate payment. In return, the lifeinsurance company agrees to pay to the beneficiary person. In some countries, death expenses are expected in the lifeinsurance payment. In US the lifeinsurance company only pays a stipulated amount.

The important thing about a lifeinsucance is the knowledge that the insured’s death will not assume family financial turmoil.

Lifeinsucance are legals conventions and the terms of the liveinsurance´s contract has the limitations of the insured situations. For example: suicide, fraud, war, riot and civil commotion.