Nowadays, unfortunately, we are constantly hearing the words cancer and stroke, either from an acquaintance, from a friend’s relative or from statistics shown on the news about the increase of these diseases in Spain. For this reason, there is a growing demand for insurance to cover these situations.
Why insurance to cover serious illnesses?
Let’s take a look at the reasons why we are so often asked about some type of insurance that guarantees compensation in the event of a diagnosis of any type of disease. serious illness.
Good:
- to cover medical expenses and to be able to visit the best specialists,
- for paying outstanding debts,
- by relatives whom we do not want to burden with expenses
Let’s see what options the insurance companies offer.
The insurance solution for serious illnesses
We must be aware that traditional life insurance policies only covered a capital sum in the event of death or permanent and absolute disability, whether caused by an accident or illness (the latter is what differentiates this insurance from accident policies).
With the trend that we have explained at the beginning of this entry and, given the concern of many people that they could suffer some kind of serious illness such as stroke, cancer, transplants, etc.; and, despite not suffering a permanent disability, they could see some of their abilities diminished:
- Reduced their productive and professional capacity
- They were not entitled to any indemnity from their usual life or accident insurance.
Faced with this gap, the companies created this guarantee. However, we must be careful, because there are two types of guarantee to ensure a capital sum in the event of a serious illness, both of which are included in life insurance.
As an additional guarantee
It is a capital independent of the capital contracted for the contingencies of death and/or disability; in such a way that if the contingency occurs, the indemnity is paid and the life insurance remains in force with its other guarantees.
As an advance on subscribed capital
It can also be an advance of the sum insured for the contingencies of death and/or disability. In this way, if one of the serious illnesses contemplated in the conditions should happen to you, the sum insured remaining in the policy will be the sum insured initially subscribed minus the capital advanced by the company.
Advice from PIB Group Iberia and Investment
It is essential to review the diseases contemplated in the conditions, as there are very substantial differences between one company and another.
Some companies have taken out independent policies, but we believe that it makes more sense to frame it as a life insurance policy, which allows us to cover any type of contingency that may occur, not only a serious illness, but also an accident.
If you don’t know which company has more coverage, we will help you, since we have done this comparison work. Contact us and protect yourself from now on.
