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Life insurance coverage ensures peace of mind for coping with serious illnesses

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Life insurance

Cash indemnity allows the insured to use the funds for additional therapies or to compose income.

No one is free from unforeseen circumstances, regardless of age, sex, or economic status. However, there are behaviors that increase the likelihood that a person will be affected by a serious illness or a traffic accident, which compromises the ability to work.

The number of people concerned about health is increasing, but statistics still point a long way towards a healthier life. Various illnesses impose temporary or permanent leave from work, just as traffic accidents leave thousands of young people, in particular, with permanent sequelae.

In this scenario, changing the lifestyle and, in parallel, adopting protection instruments for unforeseen events is essential. There are insurances that include this type of coverage.

Data from the Ministry of Health indicate that, in the USA, an average of 300 thousand people suffer acute myocardial infarction per year. New cases of cancer in 2018, according to the National Cancer Institute, surpassed 500 thousand. Even if you have a health plan, you may need an additional resource for treatment because not everything is covered.

The Serious Diseases insurance, for example, indemnifies the insured person in cash who can use the resources for additional therapies or compose the income.

Serious Diseases insurance indemnifies policyholders for various types of cancer, Alzheimer’s, stroke, and heart attack. The prevalence of these diseases, whether due to an aging population or inadequate habits, has been growing. “Cancer is a multifactorial disease, with an important weight for genetics and family history, but it is also associated with unhealthy lifestyle habits”, comments Ricardo. Obesity, for example, by raising the level of hormones in the body, increases the risks of breast and endometrial cancer.

Smoking, in addition to being associated with lung cancer, also causes neoplasms in the bladder and digestive tract. “The fact is that poor diet, physical inactivity and stress expose the person to various diseases, such as cancer, cardiovascular diseases, and diabetes”, adds Caponero.

Accidents leave thousands of young people with sequelae.

Common sense associates the need for life insurance for older people and dependents, but the product is also important for young people. In addition to diseases such as cancer and cardiovascular diseases also affecting this population, it is the most affected by traffic accidents with temporary or permanent sequelae.

Last year, according to data from the DPVAT, 224 thousand people were left with some kind of permanent disability due to traffic accidents. The most affected age group is 18 to 34 years. There is a wide range of life insurance options, with simplified coverage to suit the younger population. And with the advantage of lower prices, due to the age of the insured.

For accidents or temporary illnesses, life insurance with Temporary Disability Daily (DIT) coverage guarantees the payment of an income in the form of a daily rate while away from work, within the contracted limits. If the insured person dies, the product indemnifies the beneficiaries, who do not need to be children or spouses but can be a father, mother, or anyone mentioned in the policy.

Life insurance is part of household financial planning

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Life insurance is part of household financial planning

Indemnities in cases of disability or absence from work allow financial stability for policyholders

Planning is essential for an organized and prosperous financial life. Having projects to qualify, raise income, and look for opportunities in the market is as important as preventing budget breakdowns caused by unforeseen circumstances. For young people, 30 to 45 years old, with heritage in formation, small children, or who are preparing to have them, buying life insurance with wide coverage is even more relevant and should be part of the financial planning. It is an investment for the well-being of the family and it still protects the pocket.

Buying life insurance needs to be understood as a preventive measure and with benefits in the short, medium, and long term. There are life insurances that guarantee not only the indemnity in case of death of the holder, as well as an income in case of absence from work or even residential and automotive assistance, if necessary.

The range of services offered in the Personal Care Assistance package is broad. Practically all those surprises in the residence that appear at the worst time are covered. There are locksmith, plumber, electrician, glazier, and tile replacement services, always limited in times per year and a ceiling value. Other possibilities for using the insurance include pet custody, baby sitter or nursery, early return, and tow vehicle.

As taking care of health today to reap fruits in the future is also a necessity, the insured has access to nutritional support from specialists, with personalized programs, and discounts on medications ranging from 15% to 60% of the value.

In addition to the indemnity in case of death and the guarantee against unforeseen circumstances at the residence, the third line of coverage is added, which indemnifies in case of disease diagnosis. Leave from work due to total or partial disability, permanent or temporary, is covered by life insurance.

In the case of serious illnesses such as cancer, stroke, Alzheimer’s, and heart attack – which are increasingly common due to the aging of the population and inadequate living habits – the insured receives a cash value that can be used freely.

Many of the necessary care as complementary therapies and caregivers are not included in the list of mandatory procedures in health plans. The broader coverage of life insurance is, therefore, in addition to being an instrument to ensure peace of mind for the whole family, an investment that can save important resources and protect the budget.

Life insurance: service doesn’t just cover death and it’s simpler than it looks

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Life insurance

Life insurance, differently from what many think, is not only intended to indemnify the family in cases of death of the contractor. Over time, the product has become more sophisticated, adding different covers to be used in life and which ensure greater tranquility and comfort in situations such as illnesses, personal accidents, or loss of income. With this, the product becomes interesting not only for married people or children but also for young people and professionals, subject to a series of unforeseen events. The choice of the best product depends on the knowledge of the real needs of the contractor. Knowing a little about “insurers”, those terms that are in the contract and often confuse also helps.

“For this reason, the need for brokers to act as consultants, find the best alternative for that client and provide all the support for him to make a secure contract,” explains Dayana. “Life insurance is the best way to protect the family and the person because unforeseen events occur, compromising work capacity and income”, he adds.

Life insurance covers, by definition, three social risks: death, disability, whether temporary, permanent, partial, or even total, and survival. The latter is linked to the need for resources to cover the loss of work capacity as a result of aging. Everyone is subject to these risks, to a greater or lesser extent depending on the occupation, age, and existence or concern for dependents.

There are several coverages in addition to the indemnity for death, such as Serious Diseases which guarantees resources in case of health problems such as cancer, stroke, and infarction, Temporary or Permanent Disability, Hospitalization (IHL) among others. In the specific case of the death indemnity, there are products that allow the choice of how the family will receive the resource: single capital or as monthly income.

Terms used in life insurance contracts may seem difficult, but they are not

The policy, for example, is nothing more than the closed document between the parties that defines the rights and duties of the insured and the insurer. It must contain the general, particular and special conditions of the contracts, in addition to setting coverages. Insured capital, on the other hand, is the financial importance of that contract, that is, the amount to be indemnified in case of some of the events provided for in the policy. These events, such as death, personal accident, illness, etc. they are called claims.

Another term that can be confusing is the deductible, better known in cases of insurance for theft or accidents such as vehicles. The deductible is also applicable for coverages such as hospital rates (IHL) or temporary disability rates (DIT). In this case, the deductible is charged in days. For example, in the DIT, the payment starts to take effect after the first 10 days of absence or, in the case of the hospital stay, it is paid only from the third day of hospitalization, but retroactively.

Finally, another jargon of the sector is the premium, which is not received but paid. It is nothing more than the amount the insured person pays to be entitled to that coverage.

Is it possible to use redeemable life insurance as a financial reserve?

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redeemable life insurance

Life insurance goes beyond death coverage: it all depends on the profile of the insured.

The mentality about insurance is still evolving. For a long time, the idea spread that the applied resource would only be useful for the family in the event of the death of the insured. However, there are insurances with life coverage and even redeemable insurance.

What is redeemable life insurance?

Redeemable life insurance consists of the merger of two products into one: life insurance and a financial reserve. In this sense, each insurer presents the insurance with its own characteristics, which must be researched by the interested party before making the contract.

What is the difference between redeemable insurance and normal insurance?

First, it is worth emphasizing that redeemable insurance has all the characteristics of traditional life insurance. In this modality, the objectives of life insurance are maintained, ensuring that the security and protection needed by the family are safeguarded.

The difference is that redeemable life insurance makes an application of the premium (monthly insurance amount) that you pay. Thus, it is like a capitalization bond with monthly investments. This nature of the application allows part of the amount to be redeemed later, after a certain grace period, enabling the use of life insurance by the contractor.

How to use redeemable insurance as a financial reserve?

Redeemable life insurance is purchased like any other. Once the policy is consolidated, part of the amount paid monthly is applied to a financial reserve.

However, there are some variations in hiring. It is possible to obtain a plan with a validity period for receiving the capital or to join lifetime protection, in which the customer defines when to redeem the value of the reservation.

In the second case, it may happen that the customer never requests redemption. With this, the plan will continue to be valid as traditional life insurance and the contractor will be able to continue with the tranquility of his protection and protection. On the other hand, it can be maintained only until a contingency situation arises or when coverage is no longer needed.

In both forms of acquisition, the insurance is extinguished as soon as the withdrawal of funds is made. The accumulated amount can be redeemed in part or in full, due to the conditions contracted and provided for in the policy. It is important to note that the redemption occurs at the initiative of the insured and not by the beneficiaries indicated.

So, redeemable life insurance is a mix between a family protection instrument and an investment for the insured. In addition, it can be obtained according to your prospects of redeeming the accumulated financial reserve.

Serious illness insurance: Why you should buy one as an extra protection measure?

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Serious illness insurance

Unforeseen events happen at any time. Because of this, it is important to have serious illness insurance to be financially prepared.

Unforeseen events can happen to anyone, at any time – especially concerning health problems. Because of this, it is important to have serious illness insurance to be financially prepared in case you face any of them.

This modality has even won more and more fans.

What does serious illness insurance cover?

This coverage is not a basic item in insurance, but additional protection.

To be entitled to benefit from the indemnity, you must be diagnosed with a serious illness after the grace period of the plan.

See below which situations are part of the policy.

Cancer

Several different types of cancer are covered by this insurance modality, such as leukemia and malignant diseases in the lymphatic system.

On the other hand, there are some exceptions in non-invasive diagnoses, among them tumors described as premalignant, prostate cancer in primary stages, malignant melanoma with a low degree of tissue invasion, and malignant tumor in the presence of any human immunodeficiency virus.

Stroke

Also known as a stroke, this is another type of disease covered by disease insurance.

It is worth mentioning, however, that the neurological symptoms cannot have been caused by migraines or the hemorrhage caused by accidents, brain tumors, obstruction of the ophthalmic artery, or brain surgery.

Acute myocardial infarction

If you suffer a heart attack, you will be entitled to receive the insurance claim.

Only in the diagnoses of angina pectoris (caused by the low supply of oxygen and nutrients to the muscle), decubitus angina (usually considered as a heart failure process), and other acute coronary syndromes that this benefit is not granted.

Bypass surgery

This is a procedure used in bariatric surgery, in which gastric stapling is performed to restrict food intake.

It is covered by insurance, as long as it is not caused by surgery with closed-trunk surgical catheters, angioplasty, and other intra-arterial procedures or non-surgical techniques.

Other diseases

The insurance also guarantees the payment of compensation in other serious cases, such as:

  • Alzheimer’s disease ;
  • limb paralysis;
  • organ transplant (heart, marrow, liver, kidneys, pancreas or lung);
  • partial or temporary disability;
  • special anticipation for incurable disease;
  • personal accidents and medical, hospital, and dental expenses.

Why you should buy serious illness insurance?

This is the first type of insurance you can count on to help pay for treatments, transportation, and medications that not even health plans cover.

It is interesting because it has a low monthly fee and guarantees financial protection in several complicated situations.

Why worry about unforeseen events if you can prevent them? Take a good look at the coverage offered by serious illness insurance and choose your policy.

Impact of Life Insurance on Income Tax

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Impact of Life Insurance on Income Tax

Because it is a thorough process, many people are in doubt as to whether income tax is impacted by the purchase of life insurance.

In summary, we can say that life insurance does not influence on the income tax return. But some products represent an exception

Impact of Life Insurance on Income Tax

As we said, in most situations, the contracting of life insurance does not impact the Income Tax. This is because it is not necessary to inform you about insurance in the tax declaration.

There is not even space available to fill this information in the field “Goods and Rights” – which would be the appropriate place to inform the IRS regarding the existence of insurance.

Therefore, the insurance payment is not an expense that can be deducted from the income tax calculation basis. In addition, the purchase of the product generally does not generate an abatement in the amount to be paid.

Whoever receives the benefit should also not pay income tax on the amount. However, it is necessary to declare the receipt of capital.

The only exception in this context are products that have survival coverage clauses that generate income. Next, we will better address this modality.

Insurance with survival coverage clause 

The insurances that have this clause are the only exceptions because they are considered a financial investment and, like a private pension plan, they must be declared to the tax authorities. One example is redeemable life insurance.

In this situation, the income tax will only be charged on income. The rate can be fixed at 15% of insurance gains or it can follow a regressive table, with the fluctuation of rates according to the asset accumulation terms, as indicated below:

  • 35%: term less than or equal to 2 years;
  • 30%: between 2 and 4 years;
  • 25%: between 4 and 6 years;
  • 20%: between 6 and 8 years;
  • 15%: between 8 and 10 years;
  • 10%: term over 10 years.

It is also worth noting that the choice between the fixed and variable rates is made when contracting life insurance. Therefore, if you are interested in making redemptions in the short term (less than 10 years), prefer the fixed rate. Otherwise, choose the variable alternative. If you do not make any choice, the collection of the fixed 15% will automatically be valid.

Declaration of insurance premium in Income Tax

There are not many secrets regarding this topic. The capital value of the product as compensation must be made within “Exempt and Non-Taxable Income”. This is because the amounts received as indemnity do not cause an increase in equity, but rather an asset recovery.

As we have seen, life insurance does not impact the income tax return, except in one situation. It is important to know these issues so that you are not surprised at the time of filing and do good tax planning – which will help you pay fewer taxes legally.

Learn how to identify the best life insurance for your family

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identify the best life insurance for your family

Check out some tips that will help you identify the ideal life insurance for your family.

The best life insurance is one that meets your family’s real protection needs and offers payment terms that fit your budget. Therefore, to find the most suitable option, it is necessary to conduct market research.

In this sense, knowing the main plans offered by insurers and evaluating the coverage provided by them is the first step towards successful contracting. Here are some tips that will help you identify the ideal life insurance for your family.

Why is life insurance so important to your family?

Life insurance is one of the most important ways to guarantee security for your family. Especially because nothing compares to the tranquility of knowing that your loved ones will be supported in cases of an unexpected absence.

In addition, insurance also provides solutions that can be used in life by the contractor. In all plans, an indemnity is allocated to beneficiaries whose value is defined in the contract.

Among the coverage possibilities, we highlight:

  • death from natural causes;
  • accidental death;
  • partial disability due to accident;
  • total disability due to accident;
  • permanent disability due to increased accident;
  • serious diseases ;
  • daily due to temporary disability;
  • funeral assistance.

How to choose the best life insurance for your family?

Before taking out insurance, several factors must be considered. Check out some of them below.

Evaluate the coverage offered

As seen above, there are several coverage possibilities that can be included in life insurance. To define them, take into account your demands and risk factors – such as age, predisposition to disease, exposure to dangerous environments, etc.

Then, search for a plan that includes all defined coverages. Then, research the insurers that make these policies available and identify which one offers the best value for the money.

Choose the monthly fee that best fits your budget

Life insurance is a protection that is contracted with the intention of continuing. Thus, it is necessary to choose a value of installment that fits the family’s monthly budget.

The idea is that the decision falls on the product that will meet everything you need, but with an investment that can be maintained over the long term. For this reason, it is important to do simulations.

Do simulations to find the best option

Being able to have the facility to do virtual simulations is essential for choosing the most suitable life insurance for you. The main advantage of a simulation tool is the speed with which results can be obtained based on the data provided.

See how simple it is? With these tips, you are ready to move on in search of the best life insurance to protect those you love.

And now that you understand the factors that you should be aware of when defining the plan, how about simulating life insurance to keep you and your family safe?

How does life insurance work? Check out 5 common questions

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How does life insurance work

Check out some tips for those who want to buy life insurance.

How does life insurance work? How much? What guarantees does it offer? Is it the same as personal accident insurance? These and other questions are very common for those who want to buy this type of service. Check it out below.

1. What is life insurance and how does it work?

Life insurance is a contract made with an insurer to guarantee your financial security, as well as that of your dependents, at unexpected times.

You can choose the coverages that meet your demands, and also indicate who will be your beneficiaries – it can be more than one person.

But, after all, what is the amount paid to have these services available? The cost of life insurance may vary according to the coverage selected, depending on your goals and aspects such as age group, profession, sex, and habits of the insured.

Once the contract is made, the insurer is responsible for paying a previously established amount (indemnity) in case any of the accidents contracted in the policy happen.

In these situations, you or your beneficiary must contact the insurer and report what happened. The company will request the submission of the necessary documentation, which must go through an analysis and approval to then release the amount in question.

We remind you that it is very important to notify your loved ones where insurance documents, such as the policy, will be kept to facilitate the process.

2. What is the difference between life insurance and personal accident insurance?

Contrary to what many people think, life insurance is not the same as personal accident insurance. While the former gives the right to compensation in the case of natural death or illness, the latter, although it is more affordable, covers only cases of death or disability caused by accidents.

Some people see life insurance as something they will pay dearly for, but they will never be able to enjoy it, however, these are erroneous thoughts. This is because it can be used in life in specific cases, which we will discuss later.

What’s more, the cost can be much less than we usually pay to protect our car or apartment, for example – and maintaining the family’s quality of life should be a priority.

3. Why you should take out life insurance?

Many people do not include life insurance in their planning, as they do not find themselves facing any fatality. However, unforeseen events happen all the time and, therefore, prevention is always the best solution.

Buying life insurance aims to promote financial protection precisely in the event of some misfortune happening. Therefore, if you have a good quality of life and want to cherish the continuity of this standard, you should consider this option.

Therefore, taking out life insurance shows concern and appreciation for the family, as it guarantees the necessary resources for dependents in times of difficulty. Also, you can enjoy the benefits of life depending on the situation.

4. What are the guarantees for life insurance?

Life insurance guarantees vary according to the contracted plan. However, policies cover accidental or natural death and, in some cases, ensure protection for total or partial permanent disability due to an accident or serious illness.

In detail, when contracting insurance, the contractor and his dependents can have protection against:

  • death;
  • total or partial permanent disability by accident (IPA);
  • total permanent disability by accident (IPTA);
  • increased permanent disability due to accident (IPAM);
  • total permanent functional disability due to disease (IFPD);
  • total permanent disability due to illness (ILPD);
  • medical, hospital, and dental expenses (DMHO);
  • temporary disability benefits (DIT);
  • daily rates for hospitalization (IHL);
  • serious diseases (DG).

In cases of serious illness, a health plan covers only consultations, basic exams, and hospitalization. He does not pay for the patient’s transportation, special care, and necessary daily remedies.

These values ​​are high and can compromise the family’s financial situation. Thus, it is essential to have life insurance to ensure greater support in relation to these costs.

When buying this service, you receive financial aid for expenses in diagnosing Alzheimer’s, Stroke, cancer, acute myocardial infarction, chronic renal failure, and loss of hearing, speech, or vision.

Other coverages are for limb paralysis, bypass surgery, and heart, liver, marrow, pancreas, lung, or kidney transplants. In this way, moments of family insecurity are taken more easily.

One of the benefits for the insured is the additional indemnity in need of ICU admission. The daily rates are paid for clinical or surgical treatments caused by illness or accident, and which cannot be done at home, office, or clinic. With that, you can do the proper treatment without compromising your income.

5. How to take out life insurance?

To buy life insurance in line with your goals and needs, you must first look for a company that specializes in insurance that offers quality plans and affordable prices.

Having chosen the insurance company, one should understand the coverage available and assess which one is best suited to your family. Next, calculate the insured capital, and, before signing the contract, evaluate factors such as:

lack of the policy;
geographical coverage of coverage;
excluded risks;
The maximum amount of insured capital;
Prize amount;
product availability under specific policies.

Take advantage and do a simulation to set up the ideal plan thinking about your financial security and that of your dependents.

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