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Life Insurance coverage for Serious Illnesses 🤕


Why take out life insurance?

When we are diagnosed with a serious illness, we face intense physical, personal, social, emotional, and also financial changes. This is only known by those who suffer from the serious illness and their relatives who live it closely.


Life insurance coverage of serious diseases tries to alleviate the economic impact that this disease causes to us and to our environment. Depending on each life insurance, different serious illnesses can be covered.


And even when covering the same serious diseases, there are many differences and parameters to take into account when deciding on life insurance or another, for example:


TO TAKE INTO ACCOUNT BEFORE CONTRACTING LIFE INSURANCE COVERAGE


what is life insurance coverage?

Lack: It means that life insurance cannot be used in a specific period of time (max. 6 months) from the initial effect of contracting the insurance. They can apply deficiency to all serious diseases or only to a few in particular. The product that we have selected to market is the best on the market in many aspects like this since it only applies to cancer (3 months).


Survival: All usually require a minimum survival of 30 days from the diagnosis of the serious illness, to compensate.


Advance or Additional Coverage: The vast majority consider coverage for serious illnesses as an advance, but the product that we have selected to market, considers it as additional capital, which is very important since once you are compensated for serious illnesses, it remains The rest of the coverage is the same, and in the event that in the future this illness causes you a permanent disability, you can also collect it for life insurance.


Life insurance companies that treat serious illness coverage as an advance may act in the following ways as specified in the policy:


The payment of this guarantee supposes the cancellation of the policy, in case of choosing 100% of the capital insured in serious illnesses on the guarantee of Death.


The payment of this guarantee cancels the rest of the complementary guarantees, keeping only the death, being the new capital insured for death equal to the difference between the capital insured for death established in the particular conditions initially and the amount of the benefit for serious illness paid.


The payment of this guarantee reduces the insured capital of the rest of the guarantees, the new insured capital of these being equal to the difference between the initial insured capital established in the particular conditions and the amount of the benefit for serious illness paid.


Requirements to Indemnify: In some serious diseases such as stroke, some companies require that evidence of neurological deficiency must be documented for at least three months from the date of diagnosis.


The life insurance company that requires it is wrong with this requirement because at least in the event of suffering a stroke, rehabilitation must begin as soon as possible, and compensation must be received soon to be able to pay for said rehabilitation privately.


Limitations or Exclusions in each Disease: In cancer, many exclude many types of cancer or condition that it is in a specific stage in order to receive compensation, but other products, such as the one we have selected in our brokerage, those exclusions or limitations are the minimum, being considered the best life insurance on the market with coverage of serious illnesses.


For example, regarding stroke, not all cover all types of stroke, some exclude these two types of stroke:


Posterior Embolic Intravascular Ischemic Stroke or also called Vertebro-Basilar Ischemic Attack.

Subarachnoid Hemorrhagic Stroke / Stroke.


Maximum Insured Capital: It depends on the product and is usually approached in two ways:


A % on the death capital and a limitation in quantity. Neither of the two parameters may be higher than death.


A limitation in the quantity that can never be greater than that of death.


8 REASONS THAT MAKE SENSE TO HIRE THIS COVERAGE IN LIFE INSURANCE AND HOW IT CAN HELP US:


How to buy life insurance?

  1. Pay for a specialized private residence in case of Alzheimer's. You can have a cost between € 2,000 and € 2,500 per month.

  2. Pay for private neurorehabilitation in case of suffering a stroke or Parkinson's (cost approx. € 300 / day), as most health insurances exclude or limit neurological rehabilitation

  3. Pay for a private, special or experimental treatment, in Spain or abroad.

  4. Financially face the stage where our family member wishes to accompany us in our illness, having to leave their job or take a long-term leave of absence.

  5. Hire a person to help us perform basic daily activities, in the event of a disabling disease such as multiple sclerosis or ALS.

  6. Go to a private expert and reference specialist in the disease suffered.

  7. Pay for robotic surgery, such as the Da Vinci for prostate cancer (€ 30,000 approx.),

  8. Have capital to manage as you want.


If you want the best Life insurance on the market with coverage for serious illnesses… Visit our website, Elite Insurance, and request your free quote!


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