We all know, more or less, the basics; but it is convenient not to remain on the surface. Life insurance covers the risk of death of the insured or, at least, that is the general belief. However, there is much more.
The main objective of those who take out life insurance is to give peace of mind, protect the family in the event of the death of the person in charge of the family support. But it is not necessary to go so far, since life insurance covers the death of the insured, but this policy may also include additional guarantees that increase our degree of protection.
When hiring life insurance, we must bear in mind all the guarantees or additional risks that it covers , but also that the more you have, the higher the premium we have to pay. We must carry out the insurance according to our circumstances, both personal (our work, for example, if it is risky) and those of our pocket.
Among these coverages offered by life insurance, the most common are disability and serious illness. In any case, when contracting life insurance, we must always take more than one eye on the additional coverage that they offer us and the agreed conditions because these will be the ones that govern in each case. Among the additional risks that are normally contracted with life insurance will be some of those that we indicate here.
In the event of disability, whether it is permanent or absolute disability , and regardless of whether it was caused by an accident or illness, the capital contracted will be advanced to the insured (each policy will specifically describe the actual coverage of the insurance). In this case, it is also possible that the contracted life insurance covers an income for the insured while the coverage lasts if there is an inability to develop a professional activity.
It is common for policies to offer double capital coverage in the event that the contingency of death or disability occurs as a result of an accident . If this is the case, the insured receives double the capital. There is also the possibility of increasing, for example, three times the capital if the disability occurs due to a traffic accident.
Of course, life insurance does not protect a partial disability caused by an accident, which would have to be covered by a different type of insurance (such as accident insurance), nor the expenses derived from its cure, among other coverages.
Additional coverage in case of serious illness advances the insured capital . If the insured person suffers a serious illness, such as cancer or a myocardial infarction, he can request that the capital he has insured be advanced. In these cases it is very important to verify the description of the guarantee, what is considered “serious illness” and the exclusions that are described in the policy.
There are many other guarantees that can be included in life insurance, such as, for example, coverage of the risk of widowhood, an additional guarantee that offers the payment of compensation in the event that the insured’s partner dies. There are also other guarantees such as the possibility of obtaining a second medical opinion in the event of serious illness or payment protection in the event of temporary disability.
As we see, the coverage of life insurance are not limited to permanent disability or death of an insured, and there is a wide range of possibilities, even for those who think they will never need life insurance .