Have you ever considered getting life insurance? If your answer was “no,” you may be one of the six types of people who need it and don’t know it.
Most people with life insurance are married and between the ages of 35 and 54. This is confirmed by the 2018 data from Unespa, the employers’ association of the insurance sector. Generally, people buy these policies when they have children or have a large debt, such as a mortgage. However, you don’t have to be a mother or buy a house for life insurance to be useful.
Its operation is very easy: if a person dies, they compensate their beneficiaries with a previously agreed capital. Keep in mind that if you die, your family would have to assume many expenses (funeral, taxes, debts…). For that alone, it is already worth leaving them some money, whatever your current situation. But, if you meet one or more of the following circumstances, it is clear that you are one of the six types of people who need these policies.
The masters and the housewives
Those who take care of the house have dozens of jobs. Housewives are cleaners, cooks, caregivers, drivers, seamstresses, advisors… Can you imagine how much it would cost to hire a person to do all these 24 hours a day? Househusbands and housewives work a lot, and that translates into great economic savings for a family. Not only those who bring a salary contribute; so does someone who is left doing tasks for which a person would be paid.
If taking care of the home were a paid job, it would be paid at more than 2,700 euros a month, according to a study. What if the housewife is missing? What if you had to pay someone to do all that? We are talking about the nursery, cleaning staff, transportation… Losing the family member who works at home is a very hard economic blow. Life insurance is responsible for providing peace of mind so that, if something were to happen, money would not be a problem.
- Single people or people who live alone
If you think of a person with life insurance, you might imagine a mother or a couple with a mortgage. They are the most frequent profiles, but they are not the only types of people who need life insurance. Singles and those who live alone also benefit from its protection.
Why would a single person need life insurance? For a very simple reason: to be independent no matter what. Life insurance not only covers you in the event of death but can also include other unforeseen events. For example, life insurance with a disability would compensate you if you suffered an accident that forced you to request permanent disability. If that happened, you would no longer be able to work again and would be solely dependent on a small pension. For singles, it is a guarantee of independence and tranquility.
There is little chance that a young person will die. According to data from the National Institute of Statistics (INE), it is 18 times more likely to die at 60 than at 25. Does that mean that it is not worth having life insurance if you are young? Absolutely.
When you are young, there is hardly any risk of something happening to us, but the possibility is still there. Precisely because it is unlikely, premiums are very cheap for young people. For less than what it costs you to go out to dinner with friends, you will be protected for a whole year. For example, if you enter our comparator, you will see that a 25-year-old person can hire 80,000 euros for 33 euros a year. And someone of 28 will pay only 50 euros per year in exchange for compensation of 47,000 euros in the event of disability or death.
Couples without children
Fathers and mothers of families are the perfect types of people for life insurance. If something happens to them, they want their children not to have to worry about money; it is logical. But not only having children justifies needing one of these policies.
Couples often have a joint mortgage. If one of the two dies, the other may have difficulties continuing paying. Or maybe they have a dependent family member they’re looking after, which costs a lot of money. Or they just want to know that whatever happens, the other partner won’t have to worry about money.
Those over 60
Life insurance is for any age. As we get older, the risk of something happening to us increases. Insurers are aware of this, and that is why not all of them accept clients over 60 or 65 years of age. However, that does not mean that there are no options for them because they do need to be protected.
Unfortunately, there are many families that get ahead thanks to the pension of one of the grandparents. It is also not unusual for a person over 65 years of age to have someone in their care (university children, dependent family members…), or that they are still paying the mortgage. A person over 65 years of age has a lot of life ahead of him, and he must insure it. If this is your case, in our comparator you can see which companies accept clients over 60 years of age.
Those who have death insurance
Funeral insurance is not the same as life insurance. Funeral insurance only covers expenses related to death: funeral, burial. A burial in Spain costs an average of 3,500 euros, making it a very large expense for any family that loses one of its members.
However, having death insurance does not prevent you from needing life insurance credit policies. Life insurance compensates the beneficiaries in the event of death and, in addition, usually includes funeral expenses (between 3,000 and 5,000 euros, in general). In short: life insurance replaces death insurance, but not the other way around. If you already have a funeral, you are also one of the types of people who need life insurance. On our platform, you can quickly check whether or not the policy you like includes burial expenses.
Remember! It is not necessary to be a father or a mother, to be 50 years old, to be married or mortgaged to need life insurance. There are many types of people who can benefit from them and who don’t know about them. Don’t think about it anymore and take a look at our comparator. When you see how little it costs to protect your future and that of your family, you will no longer have any doubts.