What is safe?
It is a financial instrument which grants a sum insured in case of death, disability or survivors. The insurer will pay the beneficiary the sum insured in case of disability, survival or death of the insured, according to the contracted conditions, being essential requirement that the policy is in force.
Elements of a safe
Life insurance can be purchased or contracted through agents or brokers and banks.
In an individual life insurance, the insured can choose the coverage according to their needs for protection and savings.
If you want to purchase insurance, start by making an application, a document that collects information from the applicant and if accepted will be part of the insurance contract.
The Sum insured
It is the amount you agree to pay the insurance, provided that the coverage has been contracted.
Recipients must have a relationship with the insured and total or partial economic dependence on it. These relationships are evident in the case of wife, children, and younger siblings in non-productive age, parents, etc.
Cost of insurance
The cost of insurance is the premium stipulated in the face of the policy, subject to variables such as age, health status, occupation, habits, among others.
All payments under the contract of insurance, either by the insured or the insurer shall be expressed in national currency. When the plan is contracted in another currency the current exchange rate will be taken at the time of payment.
The traditional method of payment is annual, but forms of monthly, quarterly or semi – annual payment installment payment charges are also offered; many companies have automatic access to credit card and checking account charge.
In general terms the total insured sum can be up to 10 times the annual perception of the insured.
Additional benefits of insurance
Some of the additional benefits offered by insurance companies are paying the sum insured for accidental death, payment of the sum insured for disability and exemption from payment of premiums for disability, among others, which may or may not have an additional cost and They must be clearly specified on the cover page of the policy.
How to request payment of insurance
Claims for payment, the beneficiary must fill out the claim form provided by the insurer.
Insurers may request and other documents which are mentioned below:
- Birth of the insured and beneficiaries.
- Death certificates.
- Marriage records if the beneficiary is a spouse.
- Official identification.
- Minutes of the Public Prosecutor in case of accidental death.
- Disability Opinion.
Types of insurance
The main types of insurance are: Ordinary Life Insurance or Life
In this type, the insurer will pay the insured amount of coverage to the death of the insured occurs, your goal is to provide protection for death throughout life.
In this case, the insurer will only pay the insured amount of this coverage if the insured dies during the term stipulated in the face of the policy. It aims to provide protection during this period.
The insurer will pay the insured amount of this coverage at the end of the contracted period or earlier if the insured dies. Its aim is to provide protection for death and survival.
From these types can be combinations that generate products to meet protection needs (for death, disability and survival), retirement and education savings.