Can someone take out life insurance in the hospice?
Term life insurance: financial protection for the family
the essentials in brief
The death of a loved one is never easy for those who are left behind. In addition to emotional loss, there are often financial problems: Who will pay off the real estate loan if the main breadwinner of the family dies? Who ensures that the relatives can maintain their standard of living? With term life insurance, policyholders ensure financial security for their loved ones in the event of their death. In this way they support them in an already difficult time.
If the insured person dies during the term, the agreed sum insured will be paid out to the beneficiaries.
In the event of the insured's death, term life insurance covers the surviving dependents.
By comparing different providers, you can save and reliably protect your family on the best possible terms.
Protection through life insurance
What is term life insurance?
A term life insurance (RLV) serves the protection of the bereaved in the event of the death of the insured. That means: If the insured person dies, the insurer pays the insured amount to the surviving dependents. Even if money cannot compensate for the emotional loss, it relieves the burden and helps ensure that the bereaved do not get into financial hardship because a salary is suddenly lost.
Not every family can the standard of living Keeping with an income: Perhaps an ongoing loan has to be paid off, or one parent cannot work or only part-time because of the children. Funeral costs are also usually high. They can also be paid for with the insurance money.
You should consider this before you graduate
Before you decide to cover your family with life insurance, you need to consider how long you will need insurance coverage. After that you put the length of the running time firmly.
You also have to determine the amount of the insurance before taking out the insurance. Think about how much your family needs for daily needs and what income they have. As a rule, you have the option adjust the sum insuredwhen something crucial changes in your situation. Most contracts guarantee you the option of additional insurance - for example in the event that you have a child or buy a house.
Different insurance models
The capital life insurance
If you die within the term of the contract, the endowment life insurance will pay out the sum insured to your relatives. If you stay alive, you will receive at the end of the contract an agreed survival sum. Because of the low interest rate, this insurance model is usually no longer worthwhile as a pension nowadays.
Term life insurance
This insurance includes a pure death benefit. So she only pays if you die during the term. In the event of survival, you will not get any money back. This variant is only used to protect your survivors in the event of your death. This is why the premiums for term life insurance are significantly lower than those for endowment life insurance.
Insurance with savings option
Term life insurance usually only pays if the policyholder dies during the term. It is different with insurance with a savings option: if the policyholder experiences the end of the contract period, the insurer pays him a certain amount out. In contrast to endowment insurance, this sum is not intended as a supplementary pension or the sole provision for old age: it is significantly lower. If you have insurance with a savings option, you usually pay higher premiums.
Do you want to protect your family in an emergency as well as something for your retirement savings you have the option, for example, of taking out pension insurance for your term life insurance.
- Classic life insurance serves exclusively to protect survivors, i.e. to protect the insured's family.
- If the RLV is concluded, you are the insured person and your family is financially secure.
- With endowment insurance, you will also receive money in the event of survival.
- The combination of pension and life insurance usually makes the most sense.
This is how you take out term life insurance
Take out life insurance online
Since the individual tariffs can be easily compared, life insurance can also be taken out online. A consultation Nevertheless, it makes sense in advance to find the tariff that suits your own life situation. If you are not sure which offer is right for you, you can always contact us by phone, email or chat CLARK experts seek advice.
Find the right provider
Consumer magazines such as Stiftung Warentest regularly publish test results on term life insurance. The focus is on that Contribution, because the individual tariffs are similar in terms of services.
However, the fact that an insurance company performed well in a test should not be the only decisive factor. When choosing your term life insurance, you should above all make sure that it suits your living conditions and you and your loved ones optimal protection offers.
How do I find cheap term life insurance?
Finding cheap term life insurance is not difficult. It is definitely worth comparing the costs. Because there are big differences in the contributions among the providers, although the insured event is always the same: If the policyholder dies during the term, the agreed sum insured is paid out.
However, the contribution should not be the only criterion. Also the Life situation of the policyholder plays a role. As a new homeowner, your partner and you need different insurance coverage than someone who lives to rent and takes care of a family.
- You can easily take out term life insurance online.
- The tariff comparison is worthwhile in order to save on the monthly contributions.
- It makes sense to seek advice to find out which insurance coverage best suits your personal situation.
What you should pay attention to when concluding a contract
Compare tariffs before you decide
Term life insurance is insurance that is easy to understand. When taking out the insurance, the policyholder specifies a sum insured. The Payout in the event of the death of the insured person to the contractually agreed beneficiary.
So the tariffs are good compare - and you should do that too! There are indeed differences in the amount of contributions. So you can easily save one or two euros on your term life insurance.
Pay attention to necessary additional services
Follow-up insurance guarantee: The earlier you take out the insurance, the more likely your needs will change during the term of the contract. Maybe you are moving from a rented apartment to your own home or have a child.
On such occasions, you can usually increase the sum insured without having to undergo a new health examination. The reinsurance guarantee is therefore one meaningful performance term life insurance and should be included in your tariff so that your growing family is reliably covered.
Subsequent extension of the term: Should the insurance cover extend beyond the contractually agreed term years ago? Some providers do not require a new health examination in this case. Those who are fit in the high retirement age adjust the term and save higher contributions.
Early payment: Those who are seriously ill and do not have long to live often want to take care of the financial situation themselves. With the early payment clause, it is possible to receive the sum insured yourself and before your own death. For example, some terminally ill people fulfill their dream of a trip around the world or get good hospice care.
Protect your loans with a life insurance policy
High loans, for example for home buying, usually have a long term - often ten years or more. If the main breadwinner of the family dies, an income is also lost, with the the loan is repaid. To prevent your family from getting into financial difficulties, you should take out term life insurance.
The amount of the sum insured should be based on the amount of the loan. Since the amount outstanding will decrease over time, it makes sense to have a falling sum insured to agree. It sinks coherently to your remaining debt. The premiums of policies with a decreasing sum insured are usually lower than those of tariffs with a constant sum insured.
- Before signing a contract, you should compare different providers and tariffs in order to get the best price-performance ratio.
- Pay attention to important insurance benefits such as the renewal option and the additional insurance guarantee.
- You can also use your term life insurance to secure a loan that will continue to be paid in the event of your death.
Term life insurance: the cost
What does a life insurance cost per month?
There is no general answer to what life insurance costs you every month. Ultimately, the amount of the contribution will be based on your living conditions and your state of health individually determined. The most important factors are age, state of health, sum insured, term and tariff. Some policies cost less than 20 euros per month.
In some cases you have to expect a risk premium. In the worst case, the insurer can even reject a contract.
Age: A higher contribution may become due with increasing age.
health status: The insured person's previous physical or mental illnesses as well as obesity are queried and usually also increase the costs.
Job: Physical or risky activity adversely affects the terms of the contract.
Habits: In the case of high-risk hobbies (e.g. paragliding and motorcycling) and cigarette consumption, the insurer estimates the risk of death to be higher
So you can save
The contribution to term life insurance depends on various factors. With these Tips you can lower the monthly contributions:
Select the appropriate sum insured: The higher the sum insured, the higher the contribution for the insured. But don't be stingy and keep an eye on the situation of your surviving dependents when you determine the sum insured: How much money does your partner need if he has to forego your income? The installments of a real estate loan, for example, must continue to be paid. Do you have children? Remember that the sum insured should also cover future training costs.
Note the type of sum insured: A distinction is made between constant and decreasing sum insured. The latter decreases during the term, which can be useful, for example, when you repay a loan. Insurance contracts with a falling sum insured are usually cheaper than those with a constant sum insured. However, you shouldn't forget that your partner may incur additional costs, e.g. B. for the maintenance of the home or the education of the children. With a constant sum insured, your family is more reliably covered.
Complete on time: The younger the policyholder is when the contract is signed, the lower the monthly contributions. The simple reason for this is that a young person's statistical risk of death is lower than that of an older person. If you want to readjust your contract at a later point in time - for example, adjust the sum insured or extend the term - this is usually possible without a new health check.
Choose the cheapest option for couples: In the event that you and your partner want to protect each other with term life insurance, there are several options available. Which contract option is suitable depends on whether you are married, have children or are paying off a loan. Business partners can also protect their company by taking out life insurance. In our guide to term life insurance for couples you can find out which one is best for you.
- The amount of the monthly premiums is made up of individual factors and depends on how high the insurer assesses your risk of death.
- There are ways to save on contributions. But keep an eye on the needs of your loved ones. After all, it is about your financial security.
Take out term life insurance
Nobody likes to think about dying and leaving their families behind. And of course, in the event of an unexpected death, no insurance can replace you or relieve the pain of your loved ones. But so that they don't have to worry about loan payments or maintaining their standard of living, you can take out term life insurance.
Before signing a contract, you should determine the amount of the insurance and how long your insurance should run. If you need help looking for the cheapest contract or would like advice, our CLARK experts are at your disposal at any time. This is how you do it:
Contact our CLARK experts. You can do this very easily via chat in the CLARK app or by leaving us your contact details below.
The CLARK experts advise you without obligation. Upon request, you will receive an offer that is individually tailored to your life situation.
You choose the insurer of your choice. Together with the CLARK experts, you submit the application and sign it completely digitally. Insurance is that easy today.
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