You have already decided to take the step and take out your first life policy, financial support in case something happens to you and that gives you peace of mind. But before signing the contract with the insurer, it is interesting that you know who is involved in life insurance when formalizing it. It also does not hurt to familiarize ourselves with some important terms, which will help you understand what you and the insurer are committing to.
insurance company
This is the legal entity that is authorized to operate in insurance. In short, it is the legal name of the company that sells you the insurance. It can be a public limited company, a mutual insurance company, a social welfare mutual… It is this entity with which the policy is contracted, assumes the risk and pays the benefit, in accordance with the terms established in the insurance.
policyholder
It is the natural or legal person who contracts the insurance with the insurance company and pays the premiums. That is, it is the person or company that signs the contract and has the right to name the beneficiary.
In addition, you can make the contract on your own life or that of a third party in the event of death or survival. There is talk, for example, of those cases in which the insured cannot continue carrying out his work and have contracted extra coverage for disability or serious illness, for example.
Typically, the policyholder is the insured, especially when you are a mother or father, and what is sought is to protect the family financially in the event of death. But you can also contract the insurance for several insured and not leave our children unprotected in the event of the death of both parents at the same time.
Insured
It refers to the natural person on whose life the insurance is established. The policyholder and the insured can be the same person and usually are. In fact, when the policyholder is different from the insured, the latter’s written consent is necessary. If the insured is a minor, the written authorization of his legal representatives will be required.
Beneficiary
We are talking about the person or persons designated by the policyholder to collect the benefit guaranteed by the insurance. The policyholder may designate one or more beneficiaries, not designate any or change their designation during the term of the policy.
Once the terms of those involved in life insurance have been clarified, it is time to use this online insurance comparator to familiarize yourself, completely free of charge, with the types of life insurance from the most important companies in Spain and with the coverage that is available. they can hire So you can easily choose and hire the most suitable product for you. You can also get in touch with an expert in this type of policy, by calling 91 218 21 86 – 932 990 416 and ask him or her to design, free of charge, tailor-made insurance for you.
