Have you ever considered getting life insurance? If your answer was «no», you may be one of the 6 types of people who need it and don't know it.
Most people with life insurance are married and have between 35 and 54 years. This is confirmed by the data from 2018 of Unespa, the employer's association of the insurance sector. Generally, people take these policies when they have children or significant debt, such as a mortgage. However, you don't have to be a mother or buy a house for life insurance to be useful.
Its operation is very easy: if a person dies, they compensate their beneficiaries with a previously agreed capital. Keep in mind that, if you die, your family would have to assume many expenses (funeral, taxes, debts …). For that alone, it is already worth leaving them some money, whatever your situation current. But, if you meet one or more of the following circumstances, it is clear that you are one of the 6 types of people who need these policies.
1. The masters and the housewives
Those who take care of the house have dozens of jobs. Housewives are cleaners, cooks, caregivers, drivers, seamstresses, consultants … Can you imagine how much it would cost to hire a person to do all that 24 hours a day? Householders and housewives work a lot and that translates into a great economic saving for a family . Not only does the person who brings a salary contribute; so does whoever stays doing tasks for which a person would be paid.
If taking care of the home were a paid job, it would be paid more than 2700 euros per month , according to a study. What if the housewife was missing? What if someone had to be paid to do all that? We talk about daycare, cleaning staff, transportation… Losing a family member who works at home is a very hard economic blow. Life insurance is responsible for providing peace of mind so that, if something happened, money would not be a problem.
2. Single people or people who live alone
If you think of a person with life insurance, perhaps you imagine a mother or a couple with a mortgage. They are the most frequent profiles, but they are not the only types of people who need life insurance. Singles and those who live alone also benefit from its protection.
Why would a person who is alone need life insurance? For a very simple reason: to be independent whatever happens. Life insurance not only covers you in the event of death, but can include other unforeseen. For example , disability life insurance would compensate you if you suffered an accident that forced you to request permanent disability. If that happened, you would no longer be able to work again and would depend exclusively on a small pension. For singles, it is a guarantee of independence and tranquility.
3. The young people
There is little chance that a young person will die. According to data from the National Institute of Statistics (INE), it is 18 times more likely to die with 60 years than with 25. Does that mean that life insurance is not worth having if you are young? Absolutely.
When you are young, there is hardly any risk of something happening to us, but the possibility is still there. Precisely because it is unlikely, the premiums are very cheap for young people. For less than it costs you to go out to dinner with friends, you will be protected for a whole year. For example, if you enter our comparator, you will see that a person of 25 years can hire 80. 000 euros for 33 euros per year. And someone from 28 will pay only 50 euros per year in exchange for compensation of 47. 000 euros in case of disability or death.
4. Couples without children
Fathers and mothers are the perfect types of people for life insurance. If something happens to them, they want their children not to have to worry about money, it is logical. But not only having children justifies needing one of these policies.
Couples usually have a mortgage in common. If one of you dies, the other may have a hard time paying. Or maybe they have a family member they are caring for, which is a lot of money. Or they just want to know that whatever happens, the other member of the couple will not have to worry about money.
5. Older than 60
Life insurance is for any age. As we get older, the risk of something happening to us increases. Insurers are aware of this, and therefore not all accept clients over 60 or 65 years . However, that does not mean that there are no options for them, because they do need to be protected.
Unfortunately, there are many families that get ahead thanks to the pension of one of the grandparents. Nor is it strange that a person older than 65 has someone in their care (university children, dependent relatives …), or that they are still paying the mortgage. A person over 65 has a lot of life ahead of him, and must ensure it . If this is your case, in our comparator you can see which companies accept clients over 60 years.
6. Those who have a funeral insurance
Death insurance is not the same as life insurance. The funeral insurance covers only expenses related to death: funeral, burial … A burial in Spain costs an average of 3500 euros , so it is a very large expense for any family that loses one of its members.
However, having funeral insurance does not prevent you from needing a life insurance. Life insurance compensates beneficiaries in the event of death and, in addition, usually includes burial expenses (between 3000 and 5000 euros, generally ). In summary: life insurance replaces death insurance, but not the other way around . If you already have a death, you are also one of the types of people who need life insurance. On our platform you can quickly check if the policy you like includes burial expenses or not.
Remember! You don't have to be a father or mother, be 50 years old, married or mortgaged to need life insurance. There are many types of people who can benefit from them who do not know it. Don't think twice and take a look at our comparator. When you see how little it costs to protect your future and that of your family, you will no longer have doubts .