The Administration, in order to protect the rights of consumers, incorporated into Article 60 of the revised text of the Law on the Regulation and Supervision of Private Insurance through Royal Decree Law 1298/2009 of July 31, the obligation to deliver before of the conclusion of a death insurance contract an INFORMATIVE NOTE (Article 105 bis) written clearly and precisely, with the following content and that as a summary is detailed :.
1.- Depending on the type of insurance offered:
Identification of the modality (leveled, semi-natural, natural or mixed).
Characteristics and calculation method of the initial premium.
2.- For any of the insurance modalities.
Identification of the risk factors and rate to apply in the renewals of the policies, etc.
Evolutive chart of annual commercial premiums until the insured reaches 90 years and evolution of the insured capital, etc.
3.- Accessory warranties optional to the coverage of deaths with indication of the amount of the premium.
4.- Contract resolution conditions.
5.- Possibility of opposing by the Insurer to the renewal of the contract.
6.- Existence or not, of the right of rehabilitation and norms that regulate it.Insurance of Seminatural Bonuses
It is characterized because at an early age the premium is very low, given that it does not recognize seniority rights and once it exceeds 60 years it levels the premium. The premium to be paid increases, year after year, depending on the age reached - unlike the level premium - and based on the increases in the guaranteed capital, until it is equalized.
Insurance of Natural Premium Deaths
It is similar to the previous one, although it is even more economical at early ages, but unlike the latter, it does not level the premium at any age, so at advanced ages it becomes practically impossible to address the payment of the premium receipt. As in the previous modality, the premium increases every year according to the age reached and the increase in the guaranteed capital.
Insurance of Mixed Premium Deaths
They are born from the need to be an alternative to the natural premium, they combine the three modalities, so at an early age it is cheaper and like the semi-natural premium from the age of 60, they level the premium. The premium increases every year - until the leveling takes place - according to the age reached and the guaranteed capital increase.
Because of the finalist nature of this insurance, the LEVELED PREMIUMS modality, which as its own name indicates, keeps the premium to be paid throughout the life of the insured, and except for the capital increases, the premium remains constant. This modality at the beginning is the most expensive, but as of retirement, when the purchasing power is lower, the premium is cheaper than any of the other modalities, when calculating the same respecting the age of income in the Company. This type of insurance is the most widespread in Spain, since more than 90% of death insured (22 million Spaniards) have an insurance policy of these characteristics.
In addition to the main coverage, the contracting of this insurance allows you to access Private Medicine at agreed prices, a large bare Dental Network, personalized Legal Orientation or telephone through a network of Legal Dispatches, Travel Assistance abroad , etc … that make this insurance, the most complete multi-risk for the family.
Avoid the family, with a simple telephone call, all the management and expenses involved in the provision of a funeral service, even if this occurs far from your usual home. In addition to providing legal heirs, as many steps as necessary to proceed to the partition of inheritance, pension procedures, social security down etc ... that are essential at that time.
A product that guarantees peace of mind for you and your whole family in those delicate moments such as the loss of a loved one.