What coverages to choose in a life insurance policy?

Each person is different and has different needs. That is why your life insurance must be adapted to you. The coverages of a life insurance policy can be chosen to make it more complete; some are more useful if you live alone, others if you are married?
There are a thousand factors that influence the decisions we make. Family, work, money or our lifestyle are just some of them. They are basic pillars of any person and, for that reason, we must take them into account when we think about the future. Someone with a family will have different priorities than a single person who travels a lot for work. And that should be reflected when choosing life insurance coverages.
Life insurance is responsible for protecting you and your loved ones financially if you pass away. If that happens, an indemnity will be paid to your beneficiaries, with which they will be able to pay off debts or meet daily expenses. These policies cover death, but you can choose extra coverage to protect you from other mishaps. For example, there are those that also pay you if you suffer a disability, others take care of paying your mortgage?
How to choose the coverages of a life insurance? It all depends on your circumstances and your priorities. Adding any extra protection is a good option; but there are some that are more useful for certain types of people.
People living alone
In Spain, there are almost 5 million people living alone, according to the National Statistics Institute (INE). If you live alone, almost any extra coverage you want to add to your life insurance comes in handy. But, without a doubt, the one that suits you best is disability. Disability life insurance not only pays your beneficiaries if you die; if you suffer an accident that prevents you from working, you will collect the money.
Having the extra protection in case of disability is very important, since the Social Security benefit is very low. Thanks to the policy, you will be able to maintain your independence even if you can no longer work.
Likewise, it is also very useful to add serious illnesses (cancer, heart attacks…). According to data from the Spanish Association Against Cancer (AECC), a person diagnosed with this disease can spend between 25,000 and 210,000 euros during treatment. If this were the case, you would receive compensation to help you with these expenses. A person living alone and suffering from a serious ailment should not worry about his or her finances, but only about getting cured.
For those who travel a lot
Those who use the car on a daily basis know that they face an extra risk. According to data from the Directorate General of Traffic (DGT), 870 people died in traffic accidents in 2020, despite the fact that mobility was severely limited.
For those who travel by road often, whether for work or leisure, there is a particularly interesting coverage: the triple capital for traffic accident. If you die for any reason (illness, for example), your beneficiaries will receive the agreed compensation; but if you die on the road, they will receive triple the amount.
Another similar option is the one that offers double capital in case of an accident, which would include more unforeseen events in addition to the car accident.
People with a mortgage
In this case, there is no doubt: mortgage life insurance. Large debts are a determining factor when choosing these policies. Think that, if something happens to you, that debt will be passed on to your family.
Mortgage life insurance protects your home if anything happens to you. The compensation is used to pay the bank, so the debt is paid off. In this way, the family will be able to enjoy the home without having to continue paying.
People with children, whether they are single or married
The future of their children is one of the most common reasons for taking out life insurance. According to data from Unespa, the sector’s employers’ association, the age range that most takes out these policies is 25-54 years old, which is the approximate age at which people still have small children.
In general, it is essential to consider one of these policies if you have dependents. All coverages can be useful in such cases, but there are some more focused on taking care of children:
1. Death of both spouses 2.
This coverage is designed for married couples. Life insurance policies are individual, that is, they only protect one person. If a couple wants their children to receive compensation in the event of the death of either spouse, it will be necessary to have two policies: one for each. However, there is also the option of taking out this coverage. If both spouses die in the same accident and only one had insurance, an additional indemnity can be agreed.

Keep in mind that this option is not available from all companies. Therefore, it is important to compare prices and life insurance coverage before making a decision. On our platform you can see what the main companies in the market have to offer and compare prices and coverage in just a few seconds.
2. Life insurance with disability
Adding this coverage will be especially important in the case of single parents. If the family depends on your salary, the policy will give you peace of mind that, even in the event of a disability, you will have money to take care of your children.
3. Serious illness
This is very useful in cases like the one above: a single parent diagnosed with a serious illness. In these cases, parents should focus on taking care of their health and not be overwhelmed by money.
4. Double or triple capital for accidents
Accidents are totally unpredictable. For those parents who want total peace of mind, these life insurance coverages are for them. It lets them know that whatever happens, even the most unexpected, their children won’t have to worry about money.
But remember: life insurance already covers you for accidental death. This coverage only makes the claim more expensive.
Life insurance coverages ideal for everyone
In general, all life insurance coverages are useful for everyone. Unfortunately, no one is free from an accident or serious illness. So, no choice is a bad one. It all depends on your priorities and your lifestyle. And, of course, you can always choose several of them in the same policy – you don’t have to give up anything!
If you are still having trouble making up your mind, take a look at our comparator. Here you can see the prices and coverages of the main companies on the market. In a minute, you will see how much it would cost you to include one or the other and where you will pay less. Take a look and you will be surprised!