{"id":13634,"date":"2023-10-20T07:12:42","date_gmt":"2023-10-20T05:12:42","guid":{"rendered":"https:\/\/pibgroupiberia.com\/?p=40588"},"modified":"2025-07-21T11:30:15","modified_gmt":"2025-07-21T09:30:15","slug":"types-of-life-insurance","status":"publish","type":"post","link":"https:\/\/pibgroupiberia.com\/en\/tipos-de-seguro-de-vida\/","title":{"rendered":"What types of life insurance are there?"},"content":{"rendered":"

The LIFE INSURANCE<\/a> are one of the most widely contracted products in our country, and we all like to be able to protect our loved ones in the event of unexpected events<\/strong> that may occur.<\/p>\n

Did you know that there are many types of life insurance? When taking out a life insurance policy, it is very important to understand how it will protect you.<\/p><\/blockquote>\n

As we know that this is a complex issue, PIB Group Iberia has prepared this article in which we are going to explain to you how many types of life insurance are available on the market and which one is best suited to your specific needs<\/strong>, from classic life-risk insurance to life-savings insurance.<\/p>\n

If you are looking for life insurance policies... Keep an eye on this reading!<\/p>\n

Life insurance: definition<\/h2>\n

To begin with, it is essential to remember the definition of life insurance. This type of product is one that gives you cover in the event of death and, in some cases, disability.<\/strong><\/p>\n

This means that if something unforeseen happens, the premium payment is intended to cover the risk of death. Hence, one of the most popular types of life insurance policies is known as life-risk insurance.<\/p><\/blockquote>\n

What types of life insurance are there?<\/h2>\n

We have already told you in advance: There are several types of life insurance.<\/strong> In fact, in our brokerage we offer you multiple life insurance options from different companies.<\/p>\n

But what are the most popular types of life insurance?<\/p>\n

In a general classification, we can distinguish, on the one hand, the different types of life-risk insurance and, on the other hand, the three types of life-savings insurance.<\/p><\/blockquote>\n

Let us explain them in more detail:<\/p>\n

Types of life-risk insurance<\/h2>\n

We have already mentioned that the classic life insurance is the life-risk insurance, which covers the insured against two perils: death and disability.<\/strong><\/p>\n

As the name suggests, the premiums paid are not the object of savings, but are intended only to cover expenses in the event of the death of the insured, although other optional guarantees that the policyholder may decide can also be covered.<\/p><\/blockquote>\n

Depending on the terms of the contract and the time frame, these types of insurance can be divided into:<\/p>\n

1. Temporary or annual-renewable insurance<\/h3>\n

This is the most basic type of risk life insurance and its main characteristic is that it has a fixed term, i.e., it has a fixed duration, only lasts for a specific period of time<\/strong>, for example, 30 years. If the insured dies during this period, the beneficiaries will receive the money invested in the insurance. If not, the sum cannot be recovered.<\/p>\n

Temporary insurances are usually renewable contracts, intended to cover possible premature death.<\/strong> These are the most common when there are mortgage obligations.<\/p>\n

2. Whole life insurance<\/h3>\n

One of the most popular risk life policies is whole life insurance, whereby the insured has a fixed term of life insurance.permanent coverage until his death<\/strong>. As it does not have a cut-off date, the annual cost is somewhat higher.<\/p>\n

Depending on the cover chosen, we can differentiate life-risk insurance into:<\/p>\n

3. Death insurance<\/h3>\n

In a life-risk insurance policy with death cover only, the indemnity would be collected by the insured parties. heirs or persons designated by the contracting party<\/strong> if he or she dies.<\/p>\n

4. Life insurance with death plus absolute disability cover<\/h3>\n

In this type of insurance, the insured person will receive compensation in the event that he or she suffers an accident before death. illness or an accident forcing you to stop working<\/strong> or, in other words, justifying its absolute invalidity.<\/p>\n

5. Life insurance with death and occupational disability cover<\/h3>\n

When a life insurance policy also includes occupational disability, it goes a step further in protection. In this case, the insured will collect the insurance if, due to his or her state of health, he or she is forced to stop working in their usual profession, even if they are able to work in other professions.\u00a0<\/strong><\/p>\n

For example, a doctor who is no longer able to practise medicine but can start teaching may be eligible for compensation if he or she has taken out such a contract.<\/p>\n

If you still have any doubts about this issue, you can find more information in our post on life and disability insurance<\/a>. It is very important to understand this difference.<\/p>\n

Types of life savings insurance<\/h2>\n

On the other hand, there is life savings insurance. This is a mixed type of life insurance, since it combines a (very small) risk life insurance with some of the typical features of a savings plan.\u00a0<\/strong><\/p>\n

In these cases, the policyholder, the insured and the beneficiary of the insurance are the same person.<\/p><\/blockquote>\n

The savings insurance<\/a>\u00a0offer liquidity, so if the death of the insured occurs while this policy is still in force, an additional amount will be charged.<\/p>\n

Among the most popular types of life savings insurance<\/strong> are:<\/p>\n

Individual Systematic Savings Plan (PIAS)<\/h3>\n

In 2007, a new type of life insurance emerged in Spain called PIAS savings plans. This mixed insurance stands out because it also builds a life annuity<\/strong> for the contractor.<\/p>\n

How? Thanks to the important tax benefits<\/strong> who offers his ransom, once after the first 5 years of employment.<\/strong> After that decade, the interest earned will be completely tax-free.<\/p>\n

Individual Long-Term Savings Insurance (SIALP)<\/h3>\n

SIALP savings plans were created in 2015. This form of savings also stands out for its favourable taxation.<\/strong><\/p>\n

From the fifth year onwards their rescue is exempt from personal income taxation<\/strong>, The EU's financial system, as long as it is all redeemed in one go.<\/p>\n

Annuity life insurance<\/h3>\n

The annuity insurance allows the policyholder to receive a periodic annuity until the time of their death<\/strong>, in exchange for an initial contribution. This product is particularly notable for its tax advantages, and is used above all to be able to count on a certain amount of money after retirement.<\/p>\n

Taking out life insurance: Which type is best for me?<\/h2>\n

As you can see, there are different types of life insurance policies. Choosing the right insurance for you will depend on your situation and your needs<\/strong> at a given point in time.<\/p>\n

And remember: this product not only protects your loved ones in the event of death or disability, but it also can help you with your financial and savings plans<\/strong> in the long term.<\/p>\n

As your trusted brokerage, we at PIB Group Iberia<\/a><\/strong> we can show you the differences between the different types of insurance. In addition, we guarantee you the more advantageous conditions with a choice of multiple companies<\/strong> and, above all, we advise you in order to offer you tailor-made protection.<\/p>\n

If you trust our team, you won't have to pay for unnecessary extras, nor will you be surprised later on about a cover you thought your insurance included, but really didn't.<\/p><\/blockquote>\n

Contact our team<\/a> and hire us already as your life insurance comparator.<\/strong> We will help you to calculate the cost of this protection, without any obligation, we are waiting for you!<\/p>","protected":false},"excerpt":{"rendered":"

Discover the different types of life insurance that currently exist on the market. We provide a classification and all their coverage.<\/p>","protected":false},"author":14,"featured_media":13635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":4.6,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[16],"tags":[173,174],"class_list":["post-13634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-particulares","tag-seguro-medico","tag-seguro-salud"],"yasr_visitor_votes":{"stars_attributes":{"read_only":false,"span_bottom":false},"number_of_votes":0,"sum_votes":0},"_links":{"self":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/posts\/13634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/comments?post=13634"}],"version-history":[{"count":0,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/posts\/13634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/media\/13635"}],"wp:attachment":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/media?parent=13634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/categories?post=13634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/tags?post=13634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}