1- Personal
In this case the protected object is the person. The insurance company protects the beneficiary against any event that directly affects him, for example, death, accidents or health alterations.
Among them are:
- Life insurance: It can be death, survival (or savings) and mixed. In the first case, compensation is paid to the beneficiaries in the event of death. In the second, compensation is paid if the contract is fulfilled and the person is alive.
- Health insurance (or illness): Offers health, care or economic coverage, in the event of suffering from any illness or disease. For example, it reimburses medical expenses or provides an amount of money in case of certain illnesses.
- Personal accidents: Compensates the insured in case of accidents that cause death or disability.
- Dependency: The person is compensated in case he cannot fend for himself and requires a consideration.
2 – Property or damage
They seek to protect a person’s assets against a loss, accident or catastrophe.
Among them are auto insurance, engineering, multi-risk, credit and surety, various pecuniary losses, theft, transportation, earthquake, fire and civil liability. The latter refers to the damage (property, material or bodily) that the insured may have caused to third parties. That is, it covers the payment of monetary compensation when the person is civilly liable for an accident. Even -if it is agree in the policy- it can cover the legal costs or bonds that are require of the insured.
3 – Provision of services
The insurance for the provision of services commits the company to cover the expenses incurred by the beneficiary when using a service.
If you had to incur unforeseen expenses due to a legal problem or the death of a family member, this type of insurance is the solution so that you do not go through the same thing.
Among them are travel assistance, death and legal defense insurance.
However, there are different categories of each of these insurances. Everything will depend on what is stipulate in the insurance policy and its clauses. Here it will be determine how much it will cover, before what event, in what term, etc.
Now that you know how to choose insurance, make sure you read the policy carefully, so you don’t get any surprises when you make use of your insurance.
Why do you need to take out life insurance?
A person’s financial life goes through ups and downs, including unforeseen events such as illnesses and accidents.
Therefore, anticipating these events is essential and crucial for future financial planning.
Hiring it is a good way to protect you against these events, because it offers peace of mind and certainty that there will be money available even in a disadvantaged situation.
What is insurance of life?
It is a personal financial stability protection instrument, delivered by an accredited management company, in this case.
In Chile, these are supervise by the Financial Market Commission (CMF).
Why take out life insurance?
Life insurance was designed to meet the following objectives, in the event of death or disability of the insured:
- Financially cover the insured against the risk of personal and/or health accidents.
- Protect loved ones and family assets.
- Pay credits in case the insured has contracted a financial debt.
- Pay partners or creditors of the insured (in the case of a commercial company, for example).
- Guarantee an income for the insured or their beneficiaries.
Who can take out life insurance?
Any person over 18 years of age can contract insurance, either individually or collectively (in the latter case, it is contract by a company for the benefit of its collaborators).
It is voluntary, except for the type of Credit Relief Insurance associated with mortgage loans, which is mandatory.
Who is the beneficiary of such insurance?
Any person can be a beneficiary as indicated by the insured when contracting the policy. No family or marital relationship is require.
