In general, the duration of the Life Insurance contract is determined in the policy, by agreement between the client and the insurer. In most insurances, this duration cannot exceed ten years, except in life insurances that can last for decades and even be life-long.
However, insurance contracts may establish the extension of the contract one or more times for a period not exceeding one year each time. This option is reflected in life insurance through renewable Annual Term Insurance.
In any case, in extendable insurance, both the policyholder and the insurer may decide not to extend the insurance contract by notifying the other party of this decision in writing, with a period of two months prior to the conclusion of the current insurance period.
Term Life Insurance
As its name indicates, Temporary Life Insurance has a pre-established duration, after a certain period of time the contract expires and the insurer is free of its duties towards the person. The period of validity of the contract can be of a few months or of years, although normally these temporary life insurances are contracted when it is necessary to cover a risk to which the insured will be exposed for a time.
A risky job, a trip or any dangerous circumstance over time can justify the signing of this type of life insurance, with which the insured seeks to ensure peace of mind to his family in case of any misfortune. In these temporary life insurance, if the insured dies within the term of the policy, the insurer will pay the insured capital to the beneficiaries. But if the insured survives, the contract is simply canceled and the insurance company does not have to pay back the amounts contributed.
Lifetime Life Insurance
Life policies that do not have a fixed duration are called Life Life Insurance. In general, the term of the insurance ends at 65 or 70 years, when the insured retires, although there is life insurance that goes beyond that. In this way, this insurance guarantees the insured capital contracted for life.
These life insurances have a high risk component, but since the contracted benefit is true, it also has a savings component. There are lifetime life insurance (the Life Savings Insurance modalities) in which a part of the premiums goes to cover compensation in the event of death or disability, while another part is accumulated in a savings fund.
Yo agarrara un seguro de vida y no estoy casada con el a quien le corresponde a su amante o su esposa
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