You are looking for a bbva life insurance And you still haven’t decided because there are different types between the universal, the variable, full life, not temporary, at term there are many variables, which one to choose?
The different types of BBVA life insurance
When you think of bbva life insuranceTo decide, you must know exactly what you need for the tranquility of your family and you also need to know all the variables, for example:
Term life insurance
When you choose the term variable, bbva life insurance means that you pay an amount of money that guarantees payment if you die in a period of time that you determine and you can choose:
Annual renewable term life insurance
In this case, you can renew every year the policy with a variable rate as if it were an adjustable rate mortgage, therefore when you start paying the annual insurance with a renewable term, you pay a lower value that increases as you age.
With a tier premium, the cost will be the same amount every year. If you are young with scarce resources, the best option may be the annual renewable one, but if you want the cost of the premium to be predictable every year, the level premium is convenient for you.
Bbva life insurance: whole life
They are non-term products, so they extend throughout your life without a fixed number of years, for example:
Universal life insurance: One part of the premium is destined to insurance and another part is destined to a safe investment that is growing.
Variable Life Insurance: a large part of the premium is used for investment. If the return on the investment is not optimal, the insurance coverage will be lower.
Variable universal life insurance: Combine the two previous variables, but you maintain control over the investment.
What does the BBVA life insurance policy cover
The bbva life insurance It is flexible so that you choose the best coverage according to your needs and you can modify the policy at any time, for example its different plans and coverage are:
Essential Life Insurance Plan: has coverage for death including specialized health services, funeral services and compensation in case of death.
Life insurance plan More: You have coverage for death, specialized health services, funeral services, compensation in case of death and total permanent disability.
Life insurance plan Mas 2C, has coverage for heart attack, cancer, total permanent disability, funeral services, compensation in case of death, specialized health services and death.
In the event of death, beneficiaries receive the amount of the deductible amount in the policy.
Provides specialized health services from day one at no additional cost.
The funeral service includes help, guidance and coordination of the funeral service in case of death, the organization and payment of the funeral benefit and if you have funeral insurance, that capital is added to the funeral insurance.
Permanent total disability coverage has to do with a physical condition that is irreversible either due to illness or accident and the person cannot perform a professional activity.
Heart attack or cancer coverage provides an insured capital payment in the event of a diagnosis of myocardial injury with prolonged and severe blockage of one or more coronary arteries or a diagnosis of cancer.
It also provides coverage with a principal payment for organ transplants, shunts, coma, burns, Alzheimer’s disease, Parkinson’s disease, stroke, multiple sclerosis, and chronic lung disease.
The diagnosis of multiple sclerosis must be certified by a doctor specializing in neurology and neurological disorders who ensures that the disease will last for 6 continuous months or there must be documents that ensure at least 2 episodes with symptoms of de-mentalization and deterioration of sensory functions and motor, in addition to undergoing nuclear magnetic resonance tests.
The age for take out BBVA insurance It varies according to the modality you choose, For example:
- The life insurance More BBVA 2, the life insurance More BBVA 2C with double accidents, triple capital, More BBVA 2 C 10 illnesses and More BBVA 2C 10 illnesses with double accident, triple capital you can take out until the age of 60 and the 68 years.
- The Mas BBVA life insurance, the BBVA life insurance with double accidents, triple capital you can take out up to 64 years and expire at 68 years.
You can take out BBVA life insurance until you are 74 years old and expire at 75 years, except for the latter, all are annually renewable and expire at 68 years of age.
What bbva life insurance to buy?
- You can determine what bbva life insurance buy if you wonder how many people you have dependence, if you have outstanding debts such as a mortgage, then you should think if you only support a spouse, if you need to support your parents, children and other relatives who depend on you.
- Also think that as time progresses your children grow and become independent and therefore life insurance will also change.
- Consider your current income and buy life insurance that covers at least 5 to 7 years of your salary and if your children are small and you also have financial obligations, it is likely that you think about 10 years of your salary.
- Think about what your goals are and if in your absence you would like your family to be able to cover expenses such as your children’s university education, your spouse’s retirement or your spouse’s education so that he can get a better salary with another job, they are all issues that belong to your possible goals and you should think about them for your life insurance coverage.
- Also consider how much you can afford for life insurance by calculating what you can afford right now. If your resources are low, you can consider term life insurance that will cover you for a certain period of time and is cheaper than whole life insurance.
- Later, when the term expires, you can convert the insurance policy to a full life one with which you will get coverage while you live. Keep in mind that for a 40-year-old man, a 20-year term life insurance policy has an average premium of $ 350.