
What are the advantages of hiring life insurance?
Hiring a life insurance policy tailored to your needs and budget is easier when you are well-informed. Learn how life insurance works in Portugal and all the advantages of taking out a policy.
How does life insurance work in Portugal?
Before listing the advantages, it is important to remember what life insurance is and how it works in Portugal.
Life insurance is essentially a contract between an insured person and an insurer, having to pay a periodic premium that can be monthly, quarterly, or annually.
The value of this award may vary depending on age, health status, profession, and the coverage contracted. Additionally, it can be fixed or adjusted over the years.
It can be hired on its own initiative or associated with a home loan, as banks require its hiring to apply for the loan.
In this insurance, you can access the following coverages:
- Death: This is a basic coverage that provides payment of a capital to the insurance beneficiary in the event of the insured's death (the beneficiaries who receive the capital are designated by the insured, and can be family members, friends, or charitable institutions - in case of non-nomination, the capital goes to the insured's legal heirs);
- Absolute and definitive disability (IAD): Disability resulting from an accident or illness, which permanently prevents the insured from working, entitles them to the agreed capital.
- Total and permanent disability (TPD): This covers a less severe disability, but still prevents the insured from working;
- Serious diseases: There are life insurances that also cover serious diseases, such as cancer, stroke, or heart attack, anticipating the payment of the insured capital.
But what are the advantages of hiring life insurance?
So, why is it important to hire life insurance? There are several advantages to having this support network, such as:
- Ensure financial security: A life insurance policy provides financial support for dependents or family members in case of death or disability.
- Access to expense coverage: This insurance can help pay immediate expenses, such as a funeral, as well as maintain the stability of the family's life.
- Being a flexible insurance: Life insurance allows the insured to choose the sum insured, beneficiaries and add coverage according to their needs and preferences.
In other words, hiring life insurance is a rest and a precautionary support, according to personal and family needs and goals.
Want to ensure this support? Hire your life insurance now with the help of the insurance brokers from Poupança no Minuto: We find the right proposal for you, according to what you are looking for and in line with your economic context, in a cost-free process that saves you from any bureaucracy.
Find your life insurance with us now: