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Things you should know when hiring Life Insurance 🤔



What do we call the actuarial age? What capital should you insure in Life Insurance? Can you take out more than Life Insurance?… At the Elite Seguros Blog, we want to answer all your questions about Life Insurance.


Before hiring, you should know this to solve your doubts about life insurance


What is the actuarial age in Life Insurance?


The actuarial age does not correspond to the real age of the insured but is approximated in round numbers according to the number of months until the next birthday.


By definition, it is the age of a person who is taken as a reference to underwrite life insurance, and it is very useful for Insurance Companies because through this actuarial age they can establish the parameters that define and characterize the person interested in take out the insurance.


The actuarial age determines the date on which the life policy ceases to have effect (at 65 actuarial years) but it is also a very important determining factor in the price of the insurance.


What capital should you insure in Life Insurance?


As in everything, it depends. The structure of each family is not the same in all cases, therefore the capital to be insured in Life Insurance as well.


If the insured capital is higher, so is the amount that your relatives and beneficiaries will receive. However, and of course, the final premium will also increase. Therefore, to adjust to reality, what you should do is calculate what would be the real amount they would need to cover their needs (payment for studies, mortgage ...)


Can you hire more than one than one Life Insurance?


Although the company would ask you for more information to know your case in detail, there is no impediment to take out two Life Insurance.


Is Life Insurance and Funeral Insurance the same?


No, it is true that both are paid in life and help increase the tranquility of our family. Like all insurance. However, there are big differences between them.


The main reason is that while Burial Insurance, what you do is cover part of a service. Life Insurance offers us financial compensation. Another difference is that, for example, in Life Insurance one of the guarantees that can be added to the Life policy is an advance payment of the indemnity to cover the payment of inheritance taxes and burial expenses. If you are interested in knowing the Life Insurance plans that Elite Insurance offers for you, do not hesitate to request your free quote here today!


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