We clarify the differences between life insurance and death insurance. We also talk about the newest option to have both for the same price of one. FamilyLife is the first life insurance with funeral insurance services.
Keep reading and discover how to save and live calmly and protected at a time when the CPI continues to rise while salaries remain stagnant. Without a doubt, a very attractive alternative.
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How is life insurance different from death insurance?
If you are one of those Spaniards who claims to have life insurance with their parents, you will understand what we are talking about. It is quite common to take out this type of policy for the whole family. The only problem is that the parents choose it thinking that with this they are protecting their entire family, and this is not the case. Actually, what they have contracted is death insurance, which is very often confused with life insurance. Let’s see the differences.
- Life insurance consists of the payment of a fee so that in the event of death the beneficiaries of the policy holder can receive financial compensation. It also covers the holder if he takes out life insurance with extra coverage that covers total or absolute permanent disability, with an amount that makes up for the insured’s lack of income. You can calculate the different options here .
- Funeral insurance, however, takes care of the funeral and burial expenses of the policy holder in exchange for the payment of a fee, but does not involve any cash for the heirs.
What is different about FamilyLife insurance?
This is life insurance with the same price, but with the added bonus that when contracting it, the policyholder has the benefits of life and death insurance.
Enter our life insurance comparator and you will see its cost. You can choose a fee from €30/month, to which you can add complementary coverage for absolute or total permanent disability, death by accident or serious illness.
Let’s take an example to better understand this life insurance. FamilyLife insurance delivers the insured amount of money to the policyholder’s heirs in the event of death, for example €100,000. But, in addition, he is in charge of the procedures and payment of the burial and funeral, anticipating money on account of the total. The same as if you have contracted traditional death insurance. In the event of the death of the holder, an assistance agent will be in charge of organizing everything that a funeral implies, at no additional cost from minute zero.
This agent will be with the family throughout the process, to support them in such a difficult time and will check that the service is provided with all the established guarantees. Among the services included:
- psychological assistance
- Telephone legal assistance
- Organization of the ceremony
- document management
- Management in different languages
- Reminders
- Ark and/or urn
- Flores
- Transfer
- And more…
Afterwards, the amount of the burial expenses, up to a maximum of €5,000, is deducted from the compensation. Thus, the heirs will receive €95,000.
Why is it better than other life insurance policies that have a capital advance in the event of death?
It is true that this type of life insurance also advances you money until the policy is resolved, but it is not immediate as in the case of FamilyLife. If unfortunately you have already had to take care of the expenses involved in a funeral, you will know how important it is to have the money to pay all the high expenses involved from the beginning.
But it is not only the economic issue. In FamilyLife there is a 24-hour assistance telephone number, 365 days a year: 913 578 941. You only have to call in the event of the death of a relative and they take care of all the procedures involved in this hard process at no cost, just like when only other death insurance is contracted. Because remember that FamilyLife, the first life insurance with funeral insurance services. See for yourself its advantages at www.elmejorsegurodevida.com
Who is this insurance for?
As it is not a savings product, it is very suitable for young, middle-aged people. It must be taken into account that, in case of exceeding the maximum age established in the contract, the policy is canceled by itself, so the relatives will not receive any amount when the holder dies and they will not have the money that is advanced from the compensation for burial expenses. This implies that at the time of death there would be no insurance to cover the expenses and the companies no longer insure at such high ages, so the heirs would be left unprotected at the time of the funeral.
These are the maximum ages to contract FamilyLife, depending on the option you choose:
- Life insurance with death: 70 years
- Life insurance with disability: 64 years
- Critically ill life insurance: age 59
- Life insurance with double and triple capital (that is, charging double or triple the compensation if the time comes): 64 years
These are the age limits in which the policy resolves itself:
- Life insurance with death: 80 years
- Life insurance with disability: 67 years. With Total Permanent Disability 65 years.
- Life insurance with serious illness: 60 years
- Life insurance with double and triple capital (that is, charging double or triple the compensation if the time comes): 67 years