Before acquiring life insurance, certain factors must be taken into account for a good choice. It is an important step that should be evaluated.
Something to know about life insurance
To be prepared and not get a scare, you have to be clear about some very clear ideas on the subject. It is thought that there are certain covers already covered, the incident occurs and then the surprises arrive. It happens all the time.
Some coverages come from common sense and others are taken from the General Directorate of Insurance and Pension Funds.
Why do you want to take out life insurance?
The age range is between 30 and 50, but it depends on the circumstances of each one.
As a general rule, when having obligations, such as debts, children, women, etc., the requirement of having life insurance must be met. It is not always possible because of economic circumstances, but at least one must be aware and put solutions.
Now, what capital should life insurance cover? At least the amount of the mortgage loan and other loans. Life insurance is an economic coverage. Somehow, that capital has to supply the source of income that, for whatever reason, is reduced or eliminated.
It is recommended to cover the salary of sixty monthly payments (five years) and the future education expenses of your children (if any).
When filling out the health questionnaires, do not say that one is the healthiest person on the planet. If you smoke or drink, or suffer from any disease, you must refer it. This is because if something happens, and the insurer finds out, it is a reason not to grant compensation for breach of contract. It is best that any habit or condition be recorded in writing to have reliable life insurance.
If you already have a mortgage loan, consider endorsing life insurance to reduce your mortgage monthly payment.