All You Need To Know About Life Insurance
covers the risk of death or the risk of survival of the insured person(s), and may also have supplementary coverage, such as the risk of disability, accident or unemployment – as provided in article 183 of Dl No. 72/2008 of 16 April.
We can share life insurance in the following modalities: life insurance, death insurance and mixed insurance. Then, in insurance in the event of death, the insurer pays the beneficiary the agreed capital if the insured person dies before the deadline set out in the contract; in life insurance, that agreed capital will be paid if the person is alive at the end of the contract, a modality which is usually used as a means to constitute savings, so that here the beneficiary may be the insured person; in mixed arrangements, the insurer usually pays different amounts, in case of life and in the event of death of the insured person, in accordance with the agreed terms.
The first question to ask perhaps is "why take out life insurance?"
On the one hand, death can affect the economic livelihood of a household, because it will lead to a reduction in income from that household – in a household of four (couple and two children), if the father dies and the father dies and the family is at risk of a serious economic crisis. In another perspective, long life may also correspond to increased expenses for the old person and their household.
Having said that, the insurance will serve to transfer or share with the insurer the economic risk brought by the described situations, being a weapon of prevention of the economic need for such cases.
Before concluding the insurance contract, the person concerned should seek the general information to contract insurance as well as what coverage can be contracted, what the premiums of each, how they share in the results is calculated and paid (where any), what the guaranteed minimum income (where any), what the amount of the redemption is, reduction and penalties, what charges it entails and when they are charged, what is the tax regime; whether it is possible to access the medical data of examinations carried out (Art. 185(1).
In addition, if you wish to take out variable capital insurance, you should also ask for information on the reference values for the calculation of capital, the number of units and the nature of the representative assets (i.e. whether they are shares, debt securities, etc.).
The life insurance policy shall include, in addition to the terms and conditions agreed between the parties and the general information for any insurance policy, how premiums will be paid to the insurer (the conditions, periodicity and term); whether or not there is the right to participate in the results and, if so, how is that calculated and paid; how long the contract may be renewed under the same conditions; what are the conditions for maintaining the contract in the case of the insured's north and, finally, what are the rules for the formation of the investment portfolio – Art. 187.
Unless otherwise agreed, coverage of death in the event of suicide occurring up to 1 year after the conclusion of the insurance contract, as provided for in Article 191, is excluded. Also in the case of intentional homicide of the insured person, the perpetrator, accomplice, instigator or cover-up of that crime (art. 192) loses the right to the benefit.
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