- The life insurance policy is a contract between the insurer and the client, having as object the life (the death or survival) of the policyholder, for an insured sum, payable towards the beneficiary of the policy when the insured event happens.
- This risk can be the death of the policyholder, in which case the policy will be regarded as a financial insurance of the deceased’s family. On top of this risk, the insurance company can add personal injury, illness or survival of the policyholder, thus the policy having multiple benefits for a determined time period. This period can be chosen by the policyholder on the condition that it qualifies within the minimum imposed by the insurer (in the case of most insurers, this policy is taken out for a period ranging from 1 to 30 years).
- Upon expiration of a survival policy, the policyholder receives the insured amount, thus the insurance takes the form of a savings method, supplementing the pension fund, as a savings fund for an anticipated event or simply to maintain a comfortable lifestyle.
- Anyone can take out more than one policy of this kind, with the same or different insurance societies and for different amounts. In case the insured event happened, the policyholder would be able to collect compensation from all the insurers.
- Risk of death from any cause (accident or disease);
- Risk of permanent invalidity from any cause (accident or disease);
- Risk of hospitalisation from any cause (accident or disease);
- Risk of surgical intervention from any cause (accident or disease);
- Risk of losing working capacity from any cause (accident or disease).