A decision for all ages
Contrary to the popular belief that death insurance is only for the elderly, BBVA experts point out that more and more young people are choosing to purchase these policies. The decision to take out death insurance can be influenced by several factors, including family responsibility and financial planning.
The relevance of the policy’s age
One of the most frequent questions among policyholders is the influence that the age of the policy can have. BBVA points out that this term refers to the time that has passed since the insurance was taken out. For example, if a customer took out their policy in 1998 and renewed it in 2022, their seniority would be 24 years. However, keeping the policy for years does not always guarantee improvements in the initial conditions.
Advantages of loyalty
Despite the fact that seniority does not always lead to an increase in coverage, some insurance companies do offer discounts or advantages for those customers who decide to remain loyal for an extended period.
Changes of insurer: what you need to know
If you decide to change insurance companies, it is crucial to keep in mind that the accumulated seniority may be lost. BBVA recommends evaluating whether there are conditions that could disappear with the change, such as premium discounts, which could be an incentive to stay with the current company.
Factors that influence the cost of insurance
Although seniority does not always translate into advantages, there are other aspects that do affect the price of death insurance. Among these, the age of the insured at the time of taking out is critical: as the age increases, so does the cost of the policy. In addition, the geographic location of the funeral service can significantly influence the price, with significant variations by region.
Life insurance options with BBVA
BBVA offers various types of death insurance adapted to the needs of its customers. Among the options available are:
Insurance modalities
1. **Essential**: Includes death management, travel assistance and legal services related to death.
2. **Complete**: In addition to the Essential, it includes the preparation of the will, psychological assistance for relatives and the management of the digital footprint of the deceased.
3. **Repatriation**: Designed for foreigners resident in Spain, it includes transfer services to the country of origin and travel assistance.
Each modality can include additional services such as the transfer of the deceased, the escort car, and burial or cremation options, adapted to the client’s preferences.
The importance of planning
Opting for life insurance is a decision that goes beyond age. Proper planning can provide peace of mind and security for both the insured and their loved ones. Thinking about the options available and choosing a policy that suits particular needs can make all the difference in difficult times.
