How do life insurance work with savings?


As these are programmed savings, these funds can only be withdrawn once certain deadlines and requirements have been met. That is, this instrument does not grant instant liquidity of the funds, as traditional savings accounts do. The savings are above the credit, although many times applying for a mortgage loan complements the savings. Nowhere were we taught what steps to follow or what methodology to follow to start saving planned. 

Savings withdrawal terms and conditions

Savings withdrawal terms and conditions

Periodic fixed fees. In many cases, this type of instrument establishes a fixed periodic quota that is established at the beginning. Part of that fee includes the payment of the insurance premium, and part of the contribution dedicated to saving. Compensation amount. A pre-approval study carried out between the broker and the bank will let you know if it is possible to access the credit or not. In this way, you will know if it is possible to access the loan without having met all the necessary requirements.  Many times people tend to question the viability of savings based on the economic situation of a country. Despite the circumstances that a nation could be going through the motivation to save should be a determination of each individual. The amount of compensation is established at the beginning of the contract and can be presented in two modalities. In the first mode, the highest value between the insured capital and the amount saved is canceled. And in the second, the sum between the insured capital and the amount saved.

Coverage exclusions

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Like all life insurance, this instrument excludes certain causes of death from its coverage. This is usually: Sports practice or risky activities. Pre-existing health condition, unless they are considered as an increase in the insurance premium. Suicide, death penalty, or participation in crimes. It should be noted that these exceptions are valid only in relation to the insured capital. Even if they are applied, family members also receive the amount saved to date.



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