Dependency insurance is a state in which a person can not do their activities independently so you have to help people constantly. The laws of the countries are incorporating methods to provide public benefits which are aid to protect and care for people who can not fend for themselves. Insurers in response to these people are organizing products that are appropriate to the needs they have.
Dependency insurance gives benefits such as covering income, money or a service provided that the insured does not have independence by itself.
The conditions for a person to be considered dependent are:
1- Have physical, mental or intellectual problems.
2- Not being able to comply with daily tasks due to some disability.
3- Having to rely on the constant help of a third person.
The types of Dependency insurance
Not all people with dependency need the same degree of help so they are organized in different types. Grade 1 is a not very moderate dependency, that is to say moderate, then it is followed by grade 2, which is more dependent, and degree 3, in which the person is totally dependent on another person. The policies know these degrees legally, but usually only take into account grade 2 and grade 3 which are more advanced levels of dependency.
Moderate Dependency insurance
This dependence is grade 1. In this line fall people who at least need to ask for help, at least 1 time a day to do their homework.
Severe Dependency insurance
This is an intermediate dependency or also called grade 2. People with a severe disability in which they are in a situation that need 2 to 3 times a day help. But they do not need a person to give you continuous help from a caregiver.
It is the most recorded dependence of grade 3. This dependence includes people who have the total loss of their physical, mental, intellectual or sensory autonomy. In this degree the affected person has to receive continuous help from a helper.
Dependency insurance coverage
The main coverage of this type of insurance is compensation in the form of income or capital. However, some insurers complement this insurance with other types of coverage aimed at assistance.
Dependence insurance coverage
This Dependency insurance has as main coverage income or capital benefits to its insured. Although some of this type of insurance is focused on giving mainly assistance to its insured.
The compensation is only granted to people who are in grade 2 or grade 3. The amount that is awarded will depend on the conditions in which the insured is, that is, the more recorded the situation, the greater the indemnity will be since it will have more expenses. The insured will have the option to choose the form of payment he wants, whether it is a single bonus or to receive it monthly, quarterly, quarterly, etc.