Life5 Family: the Life Insurance for families.

You decide when you leave, instantly, without paperwork or explanation. The main purpose of life insurance is to protect your family members in the event of your death. Securing your family's future will always be the right choice. If you have people who depend on you for their livelihood, life insurance will be the financial support they will need if you are no longer around to provide it.

While this is the main reason to buy risk life insurance, there are more benefits it can also provide.

The situations in which the beneficiary does not receive compensation are those that are not covered by a family life insurance. We must bear in mind that these are facts that are always reflected in the contract signed between the insurance company and the insured. In this way, the person who takes out the policy will know before purchasing the product all the conditions of the product, including the situations excluded from the policy.

One of the most common exclusions in life insurance, and one that is also compulsory according to the Insurance Contract Law, is suicide during the first year of the contract. This condition is the same for any company, as they try to stop a person from taking out life insurance when he or she is already planning to take his or her own life.

All accidents are covered as long as they are not caused by the events mentioned in the previous point. For example, with Life5's family life insurance, motorbike accidents are covered, regardless of the vehicle's engine size.

It should be noted that if the death or disability is caused by an accident during the practice of a sport or profession considered risky, such as motorcycling or climbing, the insurance will not pay compensation to the beneficiaries, as these events are not covered. Other professions such as those related to bullfighting or aviation (pilots, stewardesses, etc.) will not be insurable either.

That's right. Life5 family life insurance from Life5 covers you at all times, wherever you are. The Life5 product is for residents in Spain, but this does not mean that if you go on a trip and the claim occurs outside the national territory, you are not covered.

You should be aware that the policy will cover you both in the country you are going to and on the journey. All accidents in transport as a passenger are covered, including air accidents, as long as they are regular commercial flights or charter flights (aircraft for private use). Similarly, if for safety reasons it is necessary to make a parachute jump from the aircraft and the insured dies, the life insurance will also cover this.

The choice of the sum insured to be taken out is very important and varies according to the situation of the person taking out the policy. The amount of money needed by your family members will not be the same if you are the only source of income in a household of 6 people, as the amount needed by a family where two people bring in income and there is one or no dependents.

The choice of beneficiary is a very personal one. The person you choose will be the one to receive the compensation and therefore manage how to use it. Who depends on your income and will need financial support when you are no longer around? On the one hand, choosing your partner can be a good option, as you want to protect your children's future as well as theirs, and there is no one who can do it better than the other parent.

But what if your partner, who was the beneficiary of the policy, dies as well? The insurance money will go to your children, but if they are minors, the money will be managed by their legal guardian. It is important that you know who the person is who will take care of your children and that they are someone you trust, who really cares about them and will look after them as well as you would.

When choosing the beneficiary or beneficiaries of your life insurance, think carefully about who you want to protect and whether that person will use the money for what your family members really need.

When you choose several people as beneficiaries of your life insurance policy so that they can receive compensation if something happens to you, the money will be divided equally unless otherwise specified in the contract.

When selecting the people you want to protect and who will receive the insured capital contracted, you can divide it and select a percentage or a specific amount for each of them. For example, if you take out a €200,000 capital contract, you could choose for your partner to receive 50% or €100,000 and for each of your children to receive 25% or €50,000 each.

It may happen, for example due to an accident, that both you and your designated beneficiary die at the same time. If he was the sole beneficiary, the life insurance will be included in the insured's estate and will be included in the will. If there is none, the legal heirs will receive it.

For this reason it is important to have more than one beneficiary. Thus, if the first dies, his or her share will go to the other beneficiary or beneficiaries. Or in the event of the death of the primary beneficiary, the contingent or secondary beneficiary will receive the money.

If, in another situation, the beneficiary of the insurance should die before the insured person, the policyholder can designate another person.

How can my family members make a claim on my life insurance policy? The claim for compensation from the insurance company, i.e., the collection of the capital sum that was taken out, must be made only by the family member who is the beneficiary of the policy. First of all, the beneficiary must know that he/she is a beneficiary. If he/she does not have proof of this, he/she can check it with the life insurance certificate, which can be requested. Therefore, when taking out a life insurance policy, it is important to inform the beneficiary that it is a life insurance policy.

In order to collect the compensation, the first thing the beneficiary must do is to go to the insurer to notify the death and hand over the relevant documents. At Life5, you can do this by calling 911 98 49 86 or by sending an email to ayuda@life5.com.