The level of contracting insurance in Spain is below the average of the most advanced European countries, the Canary Islands being even below the national average. The level of contracting insurance would be closely related to the purchasing power and level of disposable income. The economic situation that has been experienced in recent years has limited many people to adequately cover their family, but any father or mother of a family has a great concern with this matter.
A correct forecast of the risks that affect the members of a family, can help avoid very serious situations, and even family bankruptcy.
We review the main risks to which a family is exposed:
Death
The death of one of the heads of the family is one of the most important risks to which the family is exposed. Regardless of the labor regime you have, in most cases, there is a decrease in income that can cause less economic availability, for matters of vital importance, such as education or nutrition.
It is essential that the heads of families have life insurance, which cushions the decrease in income that their family would suffer, in the event of death. In cases where there is only one person generating income, this coverage is of vital importance., since the risk of serious harm to the family is very high.
The case of the self-employed is another situation of very high risk. Most of them contribute the minimum base, which means that Social Security benefits are very limited.
The accident insurance, can be an economic solution, but partial to cover this risk, since only events related to accidents are covered, not including those related to illnesses.
The life insurances they are the best solution, covering both accidents and illnesses. Currently they are quite cheap, as long as we are talking about people under 40 years of age and without a negative health history. Contracting life insurance cannot be delayed until you have a health problem or old age, since insurers will exclude previous illnesses, increase the price, or even not contract the insurance
Disability
The history and considerations of the disability of the family heads are similar to the risk of death.
From our experience and knowledge, Disability in its most extreme cases can financially affect the family in an even more serious way than death. This would be motivated by the possible need for special care or treatment not included by Social Security, or even by adaptations to the home or vehicle.
The disability insurance, are usually hired on a complementary basis in the accident insurance and life insurance.
Currently there is an insurance that complements the previous ones, and precisely focused to support that need that there may be for special care, it is the dependency insurance, with special coverage to alleviate the Severe Dependence or Great Dependence.
Disease
Our country is internationally famous for its Social Security, but without questioning the quality of services, users know that waiting lists are a serious problem that can aggravate any ailment or illness.
Private medicine has very high prices, especially hospital services, and the most serious interventions, in which the life of a family member is at stake, can imply an unaffordable economic cost privately. It would be exasperating to know that for economic reasons, a family member cannot undergo a diagnostic test or intervention.
The private solution would be medical or health insurance, where there is a very wide offer that can provide a solution for any family. You can opt for multiple options that combine different coverages, modalities or copays (To amplify information)
If you need advice with your insurance in the Canary Islands, do not hesitate to call us
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