Although it is voluntary, life insurance is key to guaranteeing financial peace of mind in times of difficulty.
The purpose of life insurance is to give up on worries about the future of loved ones in the face of an eventual adverse economic situation. In the most difficult times, this type of safeguard yield can become one of the main aids for many homes.
The life insurance “offers peace of mind knowing that no matter what happens, a family will be able to maintain their accustomed standard of living for the time necessary to readapt to the new situation (continuing with the children’s studies, maintaining their habitual residence, etc.). This point is especially important when there are debts or a mortgage loan.
Having an insurance policy that provides peace of mind and protection is of vital importance, and goes beyond financial coverage for accidents. It implies a solid monetary source to solve unexpected events, both for the insured and for their families.
The quality of care in hospitals and outpatient clinics in the public sector has decreased, which is why people have been forced to have a quality insurance policy, capable of providing financial security in the face of any unexpected situation.
Beyond the instability of the health service in our country, another situation arise: the high cost of clinics and medical consultations in the private sector, with amounts that increase day by day.
Acquiring an insurance policy allows you to save money in the short, medium and long term that guarantees the security of a quality medical service that protects the well-being of the insured and affiliated family members. However there are many types of life insurance for various situations even when a person is in prison.
We’re talking about life insurance for inmates. Yes! In our country, as the demand for life insurance increases, some companies try to accommodate it by offering variations that we were not familiar with in the past.
Unlike other insurance, such as car insurance, life insurance is a voluntary product, so some doubts arise when hiring it. One of the usual questions that usually arises is if it is really necessary. In addition, on the one hand, there are those who mistakenly consider that it is a complex product, associated with many clauses and fine print, and, on the other, those who believe that nothing bad will ever happen to it.
However, it is an insurance that takes on special relevance at times when financial support may be most needed, especially if a loved one has been lost, you can protect them against any monetary incident. What’s more, this product not only covers the possible death of the policyholder, but also absolute permanent disability.
Life insurance not only covers death and absolute permanent disability for any reason, but also other very interesting complementary guarantees according to the needs of each person.
Before purchasing life insurance, you should ask your insurance company in detail, for example, “How much does 250 k life insurance cost?” This will give you an outline of how much you should prepare. In addition, there is another series of coverage’s that allow you to request an advance of the capital in the event of suffering from serious illnesses, such as breast cancer.
There is, in fact, a whole series of complementary guarantees that can be optionally contracted in some of these insurances, such as serious illness, death or absolute permanent disability due to an accident, among others.
And it is that, in addition to death, it is equally important to have absolute permanent disability coverage. In this situation, the insured will not be able to carry out any paid work and may also involve certain expenses such as medical expenses or adaptation of day-to-day items such as the home or the car.
The main mission of life insurance is to financially protect the insured’s family in the event of his death, or the insured himself who has been declared an absolute permanent disability. For example, it can be done against the payment of a mortgage or a loan, or it is possible to guarantee the future of the children with adequate protection in the face of these complicated situations.
Tax Situation
It is currently not possible to benefit from a reduction in the tax base of personal income tax for the payment of life insurance premiums. Despite this, if the policy is linked to a mortgage, it is commonly allowed to deduct up to 15% of what is destined for the purchase of a home.
On the other hand, the self-employed can include the payment of the premiums in their Income Tax return up to a maximum of 500 dollars in average if the policyholder and the beneficiary are the same person.
The tax deduction of insurance premiums should be promoted. In addition, death and disability benefits should be more discounted at the tax level for inheritance tax and personal income tax, respectively.
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