These are Basics of a life insurance policy

To keep you informed in this case the concepts and most obvious questions that you may have on the life insurance policy , although its concept and types we have already discussed in previous articles. Know that a credit institution can never force you to hire a life insurance policy , even in relation to mortgage your house, as the law is not mandatory, but often force customers to hire the amortization of loan insurance that are associated with some mortgages, being the beneficiary of the insurance policy the lender, but its binding is not legal.


The figure of the beneficiary on a life insurance policy is important to be the ultimate goal of the incident, can you name a beneficiary or as many as you want and in the event that is not designated, it is considered beneficial to the legal heirs . We specify that the beneficiary in case of disability or serious illness is always assured. Never forget that you can change beneficiaries at any time.

Age Limits

There are limits imposed by insurance companies that set a minimum age of contracting this in 14 years and a maximum of 64 years, although there are other cases in which changes to 18 the minimum age and maximum age 55 years, depending on model insurance, although the limit would be in the life insurance policy loan amortization reaches 70, the same time you have to repay the mortgage. Although it is also possible to change the insured amount upwards or downwards, to certain limits that mark the various insurance companies, but like to increase the premium increases the cost guaranteed annual life insurance policy , lower secured coverage of the policy also will reduce the cost of the insurance policy.

Serious and notifications

In the unlikely event that the user of the policy contrajese a serious illness, already holds a life insurance policy , is obliged to notify the insurance company. If this incident happens during the first 12 months when you hold the life insurance policy , the company is on the right to cancel or in the case showing that there has been concealment or deception at the time of hire, otherwise your policy is in force and all rules, covering your claim for serious illness.

After the accident occurred must have the premiums paid correctly and notify the insurance company the claim within seven days, by the Law or if the life insurance policy dictates that we have hired another date more If we decide not to notify within that period, the company may refuse payment of any damages that may be caused by the incident.


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