Life insurance is a very advantageous contract for anyone wishing to save. Whether it is to benefit from a retirement supplement or bequeath an inheritance, life insurance offers various options accessible to everyone. Who are those who can take out life insurance? An overview is offered here.
Conditions to be fulfilled
Any natural person can take out life insurance, including an unemancipated minor. On the other hand, it is impossible for a declared adult to do so unless certain conditions are met.
- Above all, he must have the legal capacity to enter into a contract;
- He must be within the age limit imposed by the insurer;
- He must have the necessary capacity to pay the premiums indicated by the contract;
- Finally, he must fully and honestly complete the medical questionnaire provided by the insurer;
If you don’t do it alone, you also have the option of using a joint subscription. That is to say, to enter into a contract together with other people.
The different stakeholders in life insurance
Several people are involved in a life insurance contract, namely: the subscriber, the insured, and the beneficiary.
The subscriber
As the main actor, he chooses the beneficiaries of the contract in the event of death. He is responsible for signing the contract and paying the premiums to the insurance company. In most cases, the subscriber is a person who wishes to take shelter in his retirement or leave assets to relatives in a safe place.
The insured
Take the case of a grandparent who decides to grant capital to his grandson in the event that his father dies. Here, the father represents the insured and the grandfather the subscriber. Precautions are therefore in order to ward off any tragedy. Except for this kind of situation, most of the time, the life insurance underwriter still represents the insured.
The beneficiary
On the death of the insured, all contribution premiums are intended for him. Once the subscriber breathes, he is the beneficiary. On the other hand, it is important that the beneficiary is a person able to collect the sum.
The different types of contracts
In a life insurance contract, there are several options.
Life contract
Here, the insured can be the beneficiary. The guaranteed risk in this case is the life of the insured. All the sum resulting from the premiums paid to the insurance will be paid to the insured at the end of the contract, that is to say on the fixed date. This type of contract is similar to simple savings.
Death contract
The capital accumulated during the contract will be paid to the beneficiary if the insured dies before maturity. It is imperative that the beneficiary is different from the subscriber.
Life and death contract
As its name suggests, the life and death contract takes into account both the life contract and also the contract in the event of death. The premiums paid will therefore be divided in two to serve both as savings in the event of life, but also as a provident fund in the event of death.
The life insurance contract is accessible to everyone provided that the various membership conditions are met. It allows both to save, but also to leave an inheritance in case of death.
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