It is an insurance that guarantees, as main coverage, the risk of death or survival (or both) of one or more insured persons. It may also include, as supplementary coverage, the risk of disability, accident or unemployment.
At the risk of death of the insured person (insurance in the event of death), the insurer pays the beneficiary the agreed capital if the insured person dies during the period specified in the contract. In the case of the insured person’s survival risk (life insurance), the insurer pays the beneficiary the agreed capital, if the insured person is alive at the end of the contract. These insurances are usually used to create savings. In this case, the beneficiary can be the insured person.
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Why is it important to have a life insurance?
There are risks that have serious consequences and have a great economic impact on citizens’ lives. A premature death can seriously affect family resources, leading to reduced income. On the other hand, greater longevity can lead to increased costs for the elderly and their families. These are risks that can be shared or transferred to an insurer through life insurance.
Thus, life insurance emerges as a way of preventing, at an economic level, the consequences of death or survival at a certain age. Prevention is the basis and raison d’être of insurance.