Protection is never too much. Those who value security and peace of mind know that taking out insurance is certainly a fundamental support for people. It may be the protection of an important asset, such as a house or car , it may be for an event, such as a trip , but we cannot forget what is most valuable: our life .
The contracting and all coverages of Life Insurance are essential for those who are concerned about themselves and the most important people around them.
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More than peace of mind for those who choose to hire this product, Life Insurance is a support for the policyholder and their family members in the most difficult times. For those who don’t know it yet, this product guarantees compensation to the insured or beneficiaries in the event of an event provided for in the policy, such as death or some type of disability, for example. It is a way of supporting family members and the person himself.
When talking about Life Insurance, as with any product in the insurance industry, there are several coverages from which customers can choose. Understanding each one of them is important to define the best plan to hire. At Minuto Seguros , you have specialists who can help you choose Life Insurance coverage and define a plan suited to your profile and needs.
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- What are the Life Insurance coverages?
- Get Life Insurance with Minuto Seguros
What are the Life Insurance coverages?
There are several types of Life Insurance coverage that aim, as mentioned above, to help both the insured and his family and other beneficiaries in cases of death, disability, hospitalizations and other unforeseen circumstances.
Compulsory Life Insurance coverage
According to what is established by SUSEP , Life Insurance, as well as other insurance, has certain protections without which the insurer cannot market a plan. That is, each and every policy must contain, at least, the mandatory protections.
In the case of Life Insurance, the coverage that needs to be in any plan sold is death from any cause or accidental death. This means that from the moment the insurance is contracted, one of them will necessarily have to be part of the policy.
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Death coverage guarantees compensation to the beneficiaries that the person has included in their policy, according to the insured amount, in the event of their death. It is a security for the family, especially if the deceased was their main provider, to have stability and be able to plan after the difficult loss.
To exemplify, deaths due to illness, such as cancer, pneumonia and the coronavirus are part of the types of deaths that are covered by compensation for natural death. In the case of accidental, deaths are considered to be due to single, violent and involuntary events, such as car accidents, air accidents, among other situations.
Additional Life Insurance coverage
Additional coverage is purchased separately according to the needs of each insured person. Their importance is due to the fact that they are specific and can meet some kind of special need.
The insured person can hire each one of them based on his day to day life and possible risks that may be more common to him than to other people, for example. Discover some of the main ones below.
Total permanent disability due to accident
One of the most sought-after additional coverages in Life Insurance is that of permanent and total disability due to an accident (IPTA). It covers accidents that invalidate the insured from damage to vital parts of his body, such as his two arms or legs, causing paraplegia or tetraplegia without reversal. This is considered total permanent disability.
Remembering that permanent disability due to an accident must be proven with a medical statement, obligatorily, when the insured person is discharged. Only in this way will the insurer pay the compensation. It is also worth noting that the amount of compensation is proportional to the injury and may reach the limit provided for in the policy.
The premium cover is an important complement to the basic protection against total permanent disability due to an accident. It serves for the insured to receive 100% compensation if there is an accident that prevents him from carrying out his professional activity.
In total permanent disability coverage due to an accident, there is a table that provides the percentage of compensation to the insured person according to the type of function of his body that was lost due to the accident. With the increase, the insured indicates his profession, which defines the members for which he must be indemnified if he can no longer use them.
This coverage will guarantee reimbursement of costs related to the insured person’s funeral if he/she dies during the insurance period. It enters the policy as additional coverage and the insurer will reimburse what was spent on the ceremony and burial as provided for in the policy.
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In the contract it will be defined to whom the amount of the funeral must be paid. If a third party has paid for the service costs, the family can indicate their name to the insurer, for example.
Anticipation for terminal illness
If it is proven that the insured person has an irreversible illness, in the terminal phase for certain illnesses, there is the possibility of anticipating the death indemnity.
In the clauses of a Life Insurance policy, terminal patients are considered those who have diseases for which all available therapeutic resources have already been exhausted, but, even so, still present a serious clinical condition, with no prospect of recovery. In addition, there must be an expectation of death within a maximum period of six months from the date of diagnosis.
Per diems for temporary disability
This is a very suitable coverage for liberal professionals, for example. If this type of worker suffers an accident or is affected by a disease, the insurer will reimburse the per diem that the professional was unable to perform, according to his earnings.
Medical, hospital and dental expenses
Medical, hospital and dental expenses (DMHO) is another additional coverage that may be included in your policy. It covers expenses with medical or dental treatments resulting from accidents that are covered and whose reimbursement is provided for in the policy.
In order for the reimbursement of dental and medical-hospital expenses to be made, it is necessary to present invoices that prove the amount spent. The insured can choose the professional he wants within the estimated value.
Get Life Insurance
If you are looking for Life Insurance to protect you and your family, contact Minuto Seguros. We are the largest online insurance broker in the country and we have the best insurers on the market by our side. Our team is made up of insurance specialists who will assist you and give you all the support so that you have the best Life Insurance contracted.