LIFE INSURANCE
Ensure the future of your family in case of your absence
What is it?
A life insurance policy is a contract with an insurance company. In exchange for premium payments (annually or monthly), the insurance company provides a lump-sum payment, known as a death benefit, total and permanent disability or serious illnesses, to the owner or beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner.
What for?
Mainly life insurance seeks to reduce the economic impact and maintain the quality of life of the insured's family, other aspects that the insurance covers are:
- As a complement to the pension gap. In the event of total and permanent disability, a Colombian can retire with 45% to 66% of his salary, or failing that with the minimum wage, life insurance comes in to supplement this gap.
- As payment of inheritance taxes. In the case of inherited assets, approximately 20% of the value of the assets must be paid.
- To cancel mortgage and free investment loans. Thus the family is freed from inheriting banking obligations.
- Ensure the education and the future of the children. How many children must leave their school and change their entire environment emphasizing their psychological impact, in addition to the loss of their loved one.
How do you hire it?
To be insured, you must fill out:
- Insurance application Form, which contains personal and medical information to be delivered to the insurance company and the amount of money you want to insure yours beneficiaries.
- Unique customer knowledge form (Sarlaft).
- Identification document 150%.
What does Pension Gap mean?
The pension gap is the fraction of the salary that the pension does not cover.
The pension in a medium premium regime (colpensions) can be between 65% to 80% maximum of the average salary of the last 10 years, that is, if a person has a salary of $ 3,000,000 the value The approximate allowance would be $ 1,950,000, so the missing income corresponds to $ 1,050,000; if you know this information and you realize that something needs to done, you can plan parallel savings and not hurt your quality of life.
The disability pension
In the case of the disability pension, the method to pay the allowance is different, Loss of earning capacity intervenes with percentages of 50% to 65% and loss greater than 66%, for the loss between 50% and 65%, the percentage of the pension allowance is 45% of salary (IBL); In other words, a person had an accident that lead to permanent disability, with a salary of $ 3,000,000 pesos, the Loss of earning capacity of 50%, the approximate allowance would be $ 1,350,000, in this case there would be a shortage of $ 1,650,000 pesos per month, here It is where life insurance becomes a fundamental instrument to maintain quality of life in an unforeseen event.