Life insurance coverage can ensure the peace of mind you need for the most difficult times. By the way, if you think that this type of investment is only for cases of death, it is because they have not yet been able to really explain the entire universe of benefits to you. After all, budgeting for life insurance requires honest financial planning to ensure real benefits for your family.
Thus, after reading this text, you will know what life insurance is, what it covers and what it does not cover. Plus, you’ll understand what to consider when shopping for life insurance. With this information in mind, it will be easier to choose the best type of investment. Read on now and check it out!
What is a insurance of life?
If you haven’t taken a few minutes out of your day to research what life insurance is, you’ve probably heard of some misconceptions. For example, that this type of solution would only be for those who think about what will happen to the family in the event of death.
It is evident that there are insurances designed only for this scenario. In fact, the origin of insurance began, effectively, as an alternative for cases of death. After all, the guarantee of an inheritance, in many contexts, generated a dispute that could last for years, resulting in the need to make the best of it in the meantime.
Thus, a much lower amount is paid than what could be received, and the investment is good for both parties. Therefore, the contractor follows some rules, receiving advantages and responsibilities, just like the insurance company. And here is a very important fact: life insurance covers many other things besides the issue of death. After all, having life assured means living with unexpected situations that, even so, do not lead to death.
What does life insurance cover and what does it not cover?
There is an interesting example taken from everyday life that is suitable for understanding how life insurance coverage works and the reasons for hiring it. Life insurance coverage is like remembering or not remembering to pre-fill ice molds with water. If you don’t remember, you’ll run out of ice and the result is either having to spend a lot of time waiting for the water to freeze or giving up on the task.
Thus, whoever takes out life insurance is like someone who has been aware of a future scenario of need and, therefore, has previously filled the molds with water. In the case of life insurance coverage, it is as if you filled a few or many ice buckets. The more molds, the greater the chance of not running out of ice, regardless of the scenario.
As mentioned, life insurance classically covers cases of death. However, you should keep in mind, because some situations, such as death from alcohol and drugs, suicide, accidental death and natural disasters, are not covered by insurance. That is why it is necessary to carefully read the plans and the contract. After all, knowing exactly what the “fine print” says can make all the difference.
Preferably, write down on a piece of paper what your top priorities are when buying life insurance. If you don’t have much of an idea, it’s worth talking to the insurance company. Thus, the main packages will be presented. Currently, the variety of solutions even allows choosing specific profiles, such as people who already have chronic conditions. In this case, if the deal is being followed to the letter, you can get facilities and discounts.
If you have any member of your body that has become unable to perform your work activities, the insurance will cover these cases. There are four types of disability, take a look at them.
Total Permanent Disability due to Accident (IPTA)
The one that you acquired as a result of an accident that resulted in the permanent loss of the functioning of any member or organ.
Total Permanent Functional Disability due to Illness (IFPD)
In this case, the insured will receive the economic amount to solve a situation in which an illness is the cause of total and permanent functional loss.
Total Permanent Functional Disability Due to Anticipated Illness (IFPDA)
As the name suggests, in this situation you will receive compensation if you are prevented from carrying out your basic activities without the help of other people, due to illness.
Total or Partial Permanent Disability due to Accident with Increase (IPAM)
This situation occurs with those who have suffered an accident in which there has been a loss, reduction or inability to perform the normal functions of a limb or organ, permanently or partially. Then, up to 100% of the compensation can be received, depending on the forms and percentages established in the contract regarding the level of damage caused by the accident.
What to take into account when taking out life insurance?
In addition to what we’ve already said, you should consider how much money you’re able and willing to spend when buying life insurance. Fortunately, today there are many insurance companies that offer attractive plans for all budgets and thus guarantee excellent coverage for those who really care about the future.
Also keep in mind the reliability of the insurance companies in the market. After all, at such an important moment, it is necessary to make the decision together with a company that values the life of each client and is respected.
After reviewing all the information that really makes it easier to understand life insurance coverage, it is important to remember that each insurance has its specific forms. However, there are issues like alcohol, drugs, suicide, accidental death, natural disasters, and temporary disability that many insurance policies don’t cover. It is also important to opt for insurance that enhances and offers discounts for those who maintain a good quality of life, as is the case with WinSocial.
Prioritizing the effort to maintain healthy habits and good treatment control for those with chronic health conditions is something that can bring benefits when taking out WinSocial life insurance. If you really want to find a space of advantages and acceptance for those who believe in you, get to know our solutions now! Simply do the insurance simulation by clicking below: