An illness, an accident, or aging itself, can reduce the physical or psychological capacities of a person. The loss of autonomy in the exercise of daily activities generates a situation of dependency, requiring personal help and resources to face daily life. In Canarisk, We offer you the best dependency insurance in Tenerife and Las Palmas.
What is dependency insurance?
Dependency insurance is an insurance modality consisting mainly of the payment of compensation or rent when the insured person suffers a situation of dependency.
What types of dependencies are there?
The law of dependency distinguishes between three types of dependency:
- Grade I. Moderate dependence. People who need help in their daily activities at least once a day, or sporadic limited support in their personal autonomy
- Grade II. Severe dependency. People who need help to carry out their tasks two or three times a day, but do not need the full support of a caregiver.
- Grade III. Great dependency. People who need help to perform tasks more than three times a day and who require permanent support from a caregiver in case of total loss of their autonomy.
When can dependency insurance be used?
Taking out dependency insurance is not planned solely with old age in mind. In life there can be unfortunate situations such as illness or accidents that generate a situation of dependence on a person, regardless of their age. Thus, Dependency insurance generates the right to collect compensation or income when a situation of dependency occurs for any reason. Once the situation of dependency has been documented, the insurer will pay the contracted capital in the form of compensation or rent.
Up to what amount does dependency insurance cover?
Depending on the insurer, the amount of compensation and the way it is received may vary. Although it is usual to find compensation ranging between €50.000 and €750.000 depending on the degree of disability.
Until what age can I take out dependency insurance?
This condition depends on the underwriting policy of each insurer. Usually, the maximum contracting age is up to 75 years of age.
As always, at Canarisk we are ready to advise you. We value all your personal and family circumstances, and we recommend the best dependency insurance in the Canary Islands.
