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What coverages to choose in life insurance?

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Each person is different and has different needs. Therefore, your life insurance must adapt to you. Life insurance coverages can be chosen to make it more complete; Some are more useful if you live alone, others if you are married …

There are a thousand factors that influence the decisions we make. Family, work, money or our lifestyle are just some of them. They are basic pillars of any person and, for that reason, they must be taken into account when we think about the future. Someone with a family will have different priorities than a single person who travels a lot for work. And that should be reflected when choosing life insurance coverages.

Life insurance is responsible for protecting your economy and that of yours if you die. If that happens, compensation will be paid to your beneficiaries, with which they can settle debts or face the daily expenses. These policies cover death, but you can choose extra coverage to be protected from other setbacks. For example, there are those who also pay you if you suffer a disability, others are in charge of paying your mortgage …

How to choose life insurance coverage? Everything will depend on your circumstances and your priorities . Adding any extra protection is a good option; but there are some more useful for certain types of people.

People who live alone

In Spain, there are almost 5 million people who live alone, according to the National Institute of Statistics (INE). If you live alone, almost any extra coverage you want to add to your life insurance is good for you. But, without a doubt, the one that suits you best is disability . Disability life insurance doesn't just pay your beneficiaries if you die; If you suffer an accident that prevents you from working, you will collect the money.

Having the extra protection in case of disability is very important, since the Social Security benefit is very scarce . Thanks to the policy, you will be able to maintain your independence even if you can no longer work.

Likewise, it is also very useful to add serious diseases (cancer, heart attacks …). According to data from the Spanish Association Against Cancer (AECC), a person diagnosed with this disease can spend between 25. 000 and 210. 000 euros during treatment. If that were the case, you would receive compensation to help you with those expenses. A person who lives alone and suffers from a serious illness should not worry about their finances, but only about being cured.

For those who travel a lot

Those who use the car every day know that they face an extra risk. According to data from the General Directorate of Traffic (DGT), in 2020 people died in traffic accidents 870, despite the fact that mobility was very limited.

For those who travel by road often, whether for work or leisure, there is a particularly interesting coverage: triple capital due to traffic accidents . If you die for any reason (illness, for example), your beneficiaries will receive the agreed compensation; but if you die on the road, they will receive triple the money.

Another similar option is the one that offers double capital in the event of an accident , which would include more unforeseen events in addition to the car accident.

People with a mortgage

In this case, there is no doubt: mortgage life insurance. Large debts are decisive when choosing these policies. Think that, if something happens to you, that debt will pass to your family.

Mortgage life insurance protects your home if anything happens to you. The compensation is used to pay the bank , with which the debt is settled. In this way, the family can enjoy the home without having to continue paying.

People with children, either single or married

The future of your children is one of the most common reasons for getting life insurance. According to data from Unespa, the sector's employer's association, the age range that most contracts these policies is that of 25 – 54 years, which is the approximate age at which you still have small children.

In general, it is essential to consider one of these policies if you have people under our care. All coverage can be useful in those cases , but there are some more focused on taking care of children:

1. Death of both spouses

This coverage is designed for married couples. Life insurance is individual, that is, it only protects one person . If a couple wants their children to receive compensation in the event that either of them dies, it will be necessary to have two policies: one for each. However, there is also the option of contracting this coverage. If both spouses die from the same accident and only one had insurance, an additional compensation can be agreed.

Keep in mind that this option is not available in all companies. Therefore, it is important to compare prices and life insurance coverage before making a decision . On our platform you can see what the main companies in the market offer you and compare prices and coverage in just a few seconds.

2. Life insurance with disability

Adding this coverage will be especially important in the case of single parents . If the family depends on their salary, the policy will give them the peace of mind that, even in the event of a disability, they will have money to take care of their children.

3. Serious diseases

It is very useful in cases like the previous one: single mother or father who is diagnosed with a serious ailment. In these cases, parents should focus on taking care of their health and not being overwhelmed by money.

4. Double or triple capital due to accidents

Accidents are totally unpredictable. For those parents who want total peace of mind, these life insurance coverages are for them. It lets them know that whatever happens, even if it is the most unexpected, their children will not have to worry about money.

But remember: life insurance already covers death by accident . This coverage only makes the compensation higher.

The ideal life insurance coverages for everyone

In general, all life insurance coverages are useful for anyone. Unfortunately, no one is free from an accident or serious illness. So no choice is bad. Everything will depend on your priorities and your lifestyle. And, of course, you can always choose several of them in the same policy. You don't have to give up anything!

If you still have a hard time deciding, take a look at our comparator. In it you can see the prices and coverage of the main companies in the market. In a minute, you will see how much it would cost to include one or the other and where you will pay less. Take a look and you will be amazed!