Wed. May 22nd, 2024

Have you ever thought about securing a good payment for medical care for you and your family after having an accident? If so, you should consider purchasing family life insurance .

Unfortunately, you won’t be able to help your family forever. Therefore, many understood that it is necessary to always be one step ahead of problems and always be protected. In this sense, family life insurance becomes the ideal choice for those who want to be always on the safe side.

Therefore, in this article, we will go into detail about how family life insurance works . So that you can understand a little better, we will explain the following topics:

  • What is family life insurance?
  • Who is the Insured Holder in life insurance?
  • But after all, what is a policy
  • What is a claim?
  • And what is the prize?
  • And what about compensation?
  • Who is entitled to receive the deceased’s life insurance?
  • How long does it take to receive life insurance?
  • Where to buy family life insurance

Keep reading to find out more details! Come on?

What is family life insurance?

Family life insurance is a contract between an insurance company and a natural or legal person.

Now let’s understand how this works.

When you invest in a life insurance plan, you pay premiums to the insurer on a monthly basis and, upon the death of the insured person, the beneficiary receives the full amount provided for in the policy .

Family life insurance is a plan to protect your family while you are away. In case of death or accident causing disability. Insurance will ensure that your dependents such as parents, spouse and children are well taken care of . In this way, they will not experience financial difficulties.

But after all, what is a policy?

An insurance policy is a contract between an insurer and an insured.

The insurer is the one who agrees to pay the claims . Insurance policies describe what type of claims the policyholder agrees to pay and the various responsibilities of both parties.

What is a claim?

That name may seem strange, but we call it “sinister” when one of the events for which life insurance was contracted happens .

And what is the prize?

This term causes a lot of confusion. The life insurance premium is the amount provided for in the policy that the insured pays to the insurer , in order to have insurance coverage. The premium payment can be monthly, annual or one-off.

And what about compensation?

The indemnity of family life insurance is the benefit that the insurer pays to the insured person. Compensation is made when the claim is triggered .

What are the benefits of Family Life Insurance?

Family life insurance is an important element of your overall financial well-being. There are a number of advantages that we can highlight:

  • Providing financial well-being: If your family depends on your income to pay the daily cost of living, insurance can help replace your income loss if an accident occurs.
  • Funeral allowance: in the event of the death of the insured person, beneficiaries will receive an allowance to cover funeral costs.
  • Coverage for accidental disability: Many mistakenly think that life insurance is only useful after the death of the insured person. But there are some policies that have benefits that help pay for certain expenses, such as disability care.
  • Free Cancellation:  You are allowed to cancel the contract without losing anything other than premiums already paid.

Who is the Insured Holder in life insurance?

The insured is the natural or legal person covered by an insurance policy . Therefore, the main insured is the one to whom the insurance risk applies.

In addition, family life insurance policies extend coverage to people other than the primary policyholders. Generally, they cover the insured’s family members.

Who is entitled to receive the deceased’s life insurance?

The person who is entitled to receive the deceased’s life insurance is called a “beneficiary”.

Anyone can be the beneficiary . One or several persons, or even an institution, such as a charitable NGO , who will receive the benefit provided for by the life insurance policy when the insured person dies.

The insured person can nominate more than one beneficiary, who will receive benefits, such as money or a basic food basket. For example, let’s say you named your spouse and children as the beneficiaries. In this context, both will have the right to receive compensation in the event of disability or death of the insured .

How long does it take to receive family life insurance?

According to the Civil Code art. 189 and art. 206, § 3, item IX, in the event of the death of the insured person, the beneficiaries will have up to 3 years to contact the insurer and request payment of the life insurance.

However, in specific cases, such as disability coverage , the deadline for applying for the benefit is up to 1 year . Therefore, contact the insurer as soon as possible so that there is no inconvenience of any kind.

After communicating the claim, the insurer will ask the beneficiaries for the necessary documents to be analyzed before sending the benefit.

It is important to say that even after the application and the deadline expires without the insurer paying the compensation, there will be no damage . After all, the claim was correctly made and it is the insurer’s responsibility to file a response.

For this reason, it is essential that the beneficiary records all conversations with the insurer , in order to always have proof of what was done.

After sending all the documentation to the insurer, it will have 30 days to analyze and make the compensation. However, this time may be paralyzed if there is a lack of documents or any reasonable and justifiable doubt.

Where to buy family life insurance?

Family life insurance is  an important element of your overall financial well-being . Expenses for your family can add up quickly, from the daily cost of living, the average care payment, or even a possible funeral payment. With life insurance, you can rest easy knowing that your family will be protected .

With so many options available, choosing the right insurance policy can be a little confusing. When examining your options, look for Buy Security Insurance !

Buy Security Seguros is an insurance company with extensive experience in the market, offering not only insurance to its customers, but also discounts for physical and virtual stores throughout Brazil!

Get in touch  with us and chat with our brokers! We will be happy to help you.