What does a life insurance provide?
Life insurance provides protection against financial losses that may arise as a result of uncertain events associated with the life of the insured person. Life insurance also provides long-term savings, that can be used to preserve a secure existence, and for maintaining living standards in later years. The sudden loss of the breadwinner of a family, or a credit beneficiary in the working years, the family will, financially, overcome easier, if there is a life insurance policy.
All who want to provide for themselves the means for a decent living standard in retirement, and all those who aim to save money, in order to have significant resources at their disposal for later consumption, to accumulate funds for the education of children, or providing for them and, financially, making it easier for them to start an independent life, as well as provide for the partner, parents, to ensure repayment of the loan in case of the worst, protect their company’s business, or increase the inheritance for their heirs.
The premium and insured amounts are contracted in EUR with a currency clause, which means that the premium is paid, and the insured amount and share of profit are paid out in HRK, in EUR equivalent, at the middle exchange rate on the day of the payment or payout.
By concluding the mixed insurance policy, the payout of insured amounts is guaranteed, when the insured person experiences the expiration of insurance. In addition, the insured person, or the beneficiary, participates in the profits of the insurer. The right to participate in profits, the insured person realizes after the expiration of the third year of insurance. The calculated share in the profit is paid out together with the payout of the insured amount.
In case of death during the term of the insurance, AGRAM LIFE Insurance will pay out to the beneficiary the insured amount, in accordance with the policy and the insurance Conditions. What additional insurance can be concluded? Along with life insurance, an additional insurance, against accidents, can also be concluded.
All healthy individuals, from 14 to 65 years of age, can be insured. Exceptions are risk insurances, and life insurance for the benefit of the child, for which the insured person should be between 18 and 60 years of age.
Insurances with a savings component are generally concluded in the long run, because with that, the insured amount is bigger. The recommendation is 10 to 25 years, which are the most common cases, while risk insurance policies are concluded for a period of 2 to 30 years. Duration of insurance, in any case, should be adapted to individual needs, in relation to the need of risk coverage, or a dedicated saving, so that the possible durations are even longer than recommended.
The insured amount depends on the type of life insurance policy that is being concluded, the amount of the premium that you want to pay, payment schedule, the duration of the insurance, health status of the insured person, and risks of his or her occupation or what kind of sport is he/she playing.
Supplemental insurance coverage of damages arising from an accident in addition to a life insurance.
A procedure by which a life insurance or annuity insurance policy is converted, due to a discontinued premium payment, into an insurance policy with a decreased insured amount i.e. annuity. The terms of capitalization are defined in the insurance policy. As opposed to a buyout, the insurance policy is still valid, but with a decreased insured amount and without an obligation to continue paying the premium.
A person entitled to receive compensation from the insurer, as stipulated by the insurance contract or other subsequent legal dealings.
The amount of money that the insurer is obliged to pay to the beneficiary if the insured risk with the agreed consequences is realized.
An accident is any unexpected event occurring independently of the will of the insured person, which is usually an external and sudden violation of the body of the insured person, resulting in death, complete or partial disability, temporary working disability or health deterioration requiring medical help.
The agreed amount of money that the insurer is obliged to pay if the insured risk is realised.
The person whose life is covered by the insurance. The person upon whose death, survival or injury the realisation of the insured risk depends.
A future, uncertain event, independent of the will of the contractor, the insured person and the beneficiary, as defined by the terms of the insurance.
As a rule, a long-term insurance where the insured amount is paid to the beneficiary in the course of the duration or of the contract if the insured person dies or upon expiry of the contract if the insured person is still alive.
A legal entity that provides insurance services. Insurers sign insurance contracts with their customers providing them with protection in the event of the realisation of an insured risk. They collect payment, invest it and reimburse insurance premiums in accordance with the insurance contract.
An annuity that is paid during the life of the person entitled to receiving it. Payment can be temporary or last a lifetime.
A procedure with which a life insurance is discontinued before the concluded insurance policy has expired, whereby the insurer pays out the surrender value of the insurance policy. The terms of the buyout are defined in the insurance policy. After the buyout, the insurance policy is no longer effective.
A written document of the concluded insurance policy.
A printed written proposal of the insurance supplier given to the the insured person, in which the supplier expresses a willingness to enter into an insurance contract.
The amount of money that the contractor is obliged to pay to the insurer as stipulated in the insurance policy.
The age of the insured person at the time of the entry into the contract. Most often calculated by deducting the calendar year of the patient’s birth from the calendar year in which the insurance contract is being concluded.
Temporary or lifetime insurance of periodic income.
Complete or partial loss of: organs, organ functions or parts of organs of the insured person, resulting from a realised insured risk.
A legal entity or a natural person that enters into an insurance contract with the insurer and undertakes the obligation to pay the premium.
A legal job by which the contractor undertakes the obligation to pay the insurance premium and the insurer undertakes the obligation to provide reimbursement or to pay a previously agreed amount of money in the event of the realisation of an insured risk.
A life insurance policy whereby the beneficiary or the insured person participates in the profits of the insurer i.e. at the end of the fiscal year, after an assessment of the results, a portion of the profit is dedicated to increasing the insured amounts.
A set of clauses that define and regulate the relationship between the Insurer and the Contractor of the insurance policy.
A statement in the insurance policy, or in another document that is attached to the policy, about the transfer of the rights to compensation to a third party.
The category of Life Insurances encompasses life insurance and annuity insurance policies.