Life insurance

This Life insurance is responsible for covering the risk of dying. It basically covers the risks that can cause a person to cease to exist, the integrity or the state of health of an individual.

Life insurance contract


The life insurance contract is made between the insurance company and the customer ie the insured. This contract must have a person who benefits when the insured dies. This person is called the beneficiary.

The contract is a pure sum type, which sets a specific amount of money that will be delivered to the beneficiary when the insured that will come from the insurer dies.


In some countries if a person wishes to take life insurance from another person, this other person must give written consent to the insured to confirm that the person who will be insured is fully prepared to have life insurance.



Types of life insurance


Insurance in case of death: It is safe to grant the amount already proposed to the beneficiary if the insured dies.

Insurance in case of life: In this case the insurer provides the insured with the insurance amount, provided that he lives up to a certain time.


Insurance Payment

In contrast to the other insurances that take into account the damages of an object determined in this Insurance, the amount that is agreed by means of a contract is the one that will be given to the beneficiary. This is the most relevant difference of the other insurance with life insurance.


The life insurance exerts an obligation on the insurer to comply with the contract either to give economic benefit to the beneficiary or to an income or other benefits treated. This insurance can cover more than one person depending on the payment and the insurer.

 related to Mortgages


Mortgage settlement 

In the life insurance there is a modality which allows the insured to secure the debt of the mortgage loan that is subscribed in what is a purchase of a house in which in case of death or disability of the person who appears as the insurance holder.


Classifications of mortgage 

Mortgage life insurance is classified by the time the premium is given. For example:

Annual premium: This is the most used modality. This modality consists of the payments being made one year in advance each year.

Unique premium: This is characterized by having a duration of all or most of the credit.

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