Life insurance

Life insurance ensures that you will be there to protect your loved ones when you physically can’t. Life insurance replaces your income in the event of serious illness, disability, or death. In your absence, you can help the family with daily expenses and debts. It also allows you to enjoy the benefits of life and have an emergency fund for uncontrollable situations. If you have a mortgage or are considering paying for your child’s education, life insurance is the best option for owning a cushion of future possibilities.

At El Padrino of los Seguros we ensure that you can plan the future without fear of debts or unwanted expenses, always providing you with attention and stability so that you can meet your goals.

Understanding how life insurance works helps you plan for your family’s future. Life always presents us with different risky situations that can affect our tranquility and financial resources at any time. Illness, disability, and even death can destroy the legacy we have built and put our loved ones in trouble. Life insurance is cheaper than you might think. It is what provides financial protection to those who depend on you financially. It allows you to cover all costs associated with departure, hospital stay, funerals, mortgages, and daily expenses. When purchasing a life insurance policy, beneficiaries will receive death benefits in their name.

 

WHAT IS LIFE INSURANCE?

Life insurance is a contract between an insurance company and the insured (policyholder). The insurance company is obliged to pay a sum of money to the beneficiary in the event of the death of the insured. For this policy to work, the insured must pay the agreed monthly premiums.

BENEFITS OF LIFE INSURANCE

The benefits of buying life insurance are numerous, here are some of them:

  • Protection in case of disability or illness.
  • It ensures the economic stability of the family.
  • The death benefit is exempt from taxes and debts.
  • It can function as a savings account under certain circumstances, such as a temporary account with premium reimbursement or a permanent capitalized account.

 

TEMPORARY OR PERMANENT LIFE INSURANCE

  • The term life insurance, as the name suggests, offers you protection for a period of time that usually varies between 10 and 30 years. In case of death during this period, your beneficiaries will receive the death bonus.
  • Permanent life insurance lasts a lifetime as long as you pay your insurance premiums. In addition to the premium in case of death, life insurance has resale value, that is, there will be an amount of money that you can withdraw when necessary.

Join us at El Padrino de los Seguros! We will be in charge of freeing you from doubts so you can choose which insurance is the one you need.

 

WHAT DOES LIFE INSURANCE COVER?

When the policy owner dies from natural death, illness, or accident. The life insurance company pays the beneficiaries of the policy the death benefit amount. Depending on the type of insurance contracted, it is possible to charge in advance part or all of the benefit for chronic, critical, or terminal diseases. This is the case with life insurance with life benefits.

If a portion of the policy’s benefits are collected in life by the insured, beneficiaries only receive the remaining portion when the insured dies.

COSTS

The most economical life insurance is the one you buy when you are young and healthy. Generally, the older the person, the more likely they are to get sick, so the life policy will be more expensive.

The price of life insurance depends on your age, health, and risk factors. A company can charge you more if you smoke or have dangerous habits or hobbies such as skydiving, hiking, etc. In addition, the type of life insurance (fixed or permanent term) and the benefits of the policy (redemption premium, lifetime benefits, etc.). For example, if you’re a healthy adult between the ages of 18 and 70, you can pay an average of $67.88 per month for a life insurance premium of $250,000. If you insure $500,000, the premium would be about $122.96. Permanent insurance is more expensive than term insurance. Whole life policies are more expensive because the insurance company assumes 100% of the risk.

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