Types of Life Insurance


There are different types of life insurance that adapt to the reality of people. We can classify the types of insurance in different ways: by the duration of the contract, by the type of risk they cover, by the number of lives they protect, by the objective of the insurance, among others. Below we will tell you about the main types of life insurance.

– Individual life

It is the life insurance that we normally know, in which only one person is insured. It is possible to choose the coverage and designate your beneficiaries freely.

In the event of death, the benefits you assigned will receive financial compensation. You can also have additional protections such as serious illnesses, accidental death, dismemberment or disability, among others.

– Life debtors

This insurance is one of the most popular, especially when applying for financing credits. In Colombia, to acquire a loan with a financial institution, it is necessary to take out insurance.

This measure works because in the event of death or permanent total disability, the insurance company is responsible for covering the debt you have pending with the financial institution. Thus, your assets will not be affected and you will prevent your family from inheriting your debts. You can learn more about compulsory insurance for credits here.

 – Emerging expenses

Emergency expenses insurance helps cover funeral expenses in the event of death. For example, expenses such as transportation, funeral coffin, wake room, among others.

 – Life and savings

This insurance is also a form of long-term savings. In addition to having traditional life insurance that protects you, you can also set up your savings fund for a certain amount and time. If you die, the money will belong to your beneficiaries.

 – Personal accidents

In the event of disability or death due to an accident, you or your beneficiaries, as the case may be, will be able to access a daily income during recovery and reimbursement for medical expenses.

 – Serious diseases

With this type of insurance you receive financial support in case you are diagnosed with a serious illness. This way you can maintain your quality of life while you recover.

How to acquire life insurance?

Contrary to what many think, acquiring insurance is a simple process that you can carry out with the help of an insurance agency like Pérez Lara, where we will help you:

Quote, compare and choose the best insurance for your needs:

We will show you the different insurance options and advise you so that you are clear about the type of insurance you need and what coverage you want to take out.

Once we know your needs, we will quote your insurance with different companies to present you with the options available in the market and we will help you compare and choose the most suitable one.

Formally apply for insurance

When you have chosen the best insurance for you, we take care of making the formal request for insurance to the insurance company. Subsequently, you must fill out the SARLAFT and an insurability form, where you must answer the questionnaire about your state of health, your main activity and your hobbies, among other things. With this, the company determines whether or not you are eligible to grant life insurance.

You will have our support at all times, and best of all, we do not charge you for this management.

What is the maximum age to take out life insurance?

In reality, there is no set maximum age for all insurance. Each insurance company is free to determine its entry and renewal policies. In addition, according to current regulations in Colombia, insurers cannot revoke individual life insurance during its term, or when they have an onerous beneficiary, except for late payment of the premium.