Life insurance is undoubtedly a good investment that will allow your family to be in the most beneficial situation possible if you are left with a disability, total and absolute inability to do your job or in the event of your death.
Thus, life insurance is emerging as a great guarantee for the beneficiaries of the same - normally the family - in the event of the death of the owner. It is not surprising that life insurance is one of the most common and contracted policies by the Spanish. In fact, more than 30 million people in Spain have a life insurance policy, especially those over 35 and with family responsibilities.
In this article we will explain what life insurance is and how it works. and if it is possible or not to make several life insurance compatible.
In any case, it is best to contact professionals in the sector such as Euroteide Seguros, that they offer us the Life insurance that best suits our needs and those of our family.
What is a insurance of life?
El Life insurance is a type of Insurance that protects the beneficiaries of the Insurance policy - normally, the insured's family - upon the death of the insured, although also in other situations such as your, disability or incapacity for work. Thus, the Life insurance guarantees the economic well-being of the insured's family in the event of any of the above events.
In this way, the insurer, in the event that the insured dies or becomes disabled, will pay a specific amount of money - the insured capital - to his family. In exchange, the insured will pay a premium.
How does life insurance work?
Life insurance is a contract between the insurer and the insured.
Under said contract, the insurer and the insured agree on a sum of money that the Insurance company will pay to the beneficiaries of the Insurance, the insured capital. In this way, in the event that the insured person dies, has a disability or becomes incapacitated to perform their work, your family or those who were beneficiaries of your life insurance policy will receive that insured capital.
However, the insured must give a consideration, payment of the insurance premium, whose disbursement can be annual, semi-annual, quarterly, monthly.
Is it possible to have underwritten or make several life insurance compatible?
The Life insurances entail the payment of compensation to the beneficiaries of the insurance in case of death, disability or incapacity of its owner.
Like we have already said, The compensation that the beneficiaries of the Insurance will receive will depend on the capital insured by the client. However, how many policies can be contracted? Can you have more than one life insurance policy subscribed?
As a rule, it is compatible to have contracted several Insurances simultaneously with the same insurance company or with different insurers. It is not a problem and it is possible and absolutely legal to have two or more Life Insurance if you want.
Without a doubt, having more than one Life Insurance will allow us to better protect the beneficiaries of it and to cover all the events that may occur, leaving life insurance beneficiaries in a better financial situation.
However, Law 50/1980 of the Insurance Contract establishes that a person cannot be unjustly enriched through Insurance. This is why a person you may not charge two or more times for the same claim or accident.
In accordance with the Insurance Contract Law, you can hire a Home insurance with two different insurance companies. However, if the house were damaged after a fire, the holder of the Insurance may only collect the compensation once, since, otherwise, this could receive an amount of money higher than the value of the house- The total damages of the accident would be compensated in equal parts by the two insurers.
In any case, this provision of the Contract Law insurance it does not apply in the event of death, disability or incapacity of a person, since the life of a person is not susceptible of being valued economically.
Therefore, in the case of life insurance, not only we can contract as many life insurance as we wantIn addition, our family or the beneficiaries of the Insurances will receive the insured capital of each and every one of the Insurances contracted. Let's put a example:
Let's imagine that, having a child, Maria decides to take out Life Insurance with an insured capital of 300 euros, which her family will receive in the event of her death. However, years later and after the birth of two other children, María decides to take out another Life Insurance with an insured capital of 000 euros. If Maria passed away or will be incapacitated for work, your family will receive the insured capital of both Life Insurance, that is, 700 euros.
What must be taken into account when contracting two or more Life Insurance
When hiring two or more Life insurances Some doubts or questions may arise that must be taken into account. They are as follows:
- The beneficiaries of the different life insurance contracts may be different, who, in the event of death, each beneficiary will receive the capital insured by each policy of Insurance.
- Life insurance can be subscribed in the same or in different insurance companies.
- All Life insurances Subscribed in Spain are registered in the Registry of Death Coverage Insurance Contracts. So, We will be able to verify if a relative who has died had contracted more than one Life Insurance, so that none of the policies remain uncollected. However, it is necessary to request this information within a maximum period of 15 days after death in person or via the Internet.
In the market, and especially in Tenerife, there are insurance professionals who can offer us those life insurance policies that best suit us and the needs of our family and, if necessary, complement them with optional guarantees.
From Euroteide Seguros we can help you choose and advise you Of the options that exist and their variables, offer you the one that best suits you financially to ensure that your family can have the option of hiring it. So that in case of death or having to use the other guarantees, it remains in a favorable economic situation.