Life5 Senior: the Life Insurance for seniors.

You decide when you leave, instantly, without paperwork or explanation. The main purpose of life insurance is to protect your family members in the event of your death. Securing your family's future will always be the right choice. If you have people who depend on you for their livelihood, life insurance will be the financial support they will need if you are no longer around to provide it.

While this is the main reason to buy risk life insurance, there are more benefits it can also provide.

The process for contracting the senior product offered by Life5 is simple. As with the company's other products, the option of taking out a full online contract is available via the life5.es website.

In addition, Life5 offers the help of its life insurance experts free of charge. In this way, each customer will have personalised advice at all times. From the outset, the policyholder can ask any questions he/she may have without obligation and, if he/she wishes, can complete the entire policy with the help of the advisor.

Life5's product offers the possibility of early payment of 10% of the contracted capital, with a maximum of €6,000 for burial expenses. In this way, with a single insurance policy, you will have the possibility of obtaining the coverage of a life insurance policy and a death insurance policy.

Life5's senior life insurance is designed for people aged 55 and over up to the age of 80, and can be taken out up to the age of 74. From this age onwards, it is more difficult to obtain this product with good conditions and a high insured capital. At Life5 we want to give seniors the opportunity to take out a product that covers all their objectives. Is it necessary to undergo medical examinations? Life5 allows you to take out life insurance without having to undergo a medical examination or submit any reports. You will only need to answer the questions in a short questionnaire about your personal and health situation. For any age and any capital insured!

Choosing the right capital insured in a life insurance policy is essential to be well protected. In Life5's product for seniors, for the death guarantee, customers who are 59years or younger can take out from €30,000 to €500,000. Customers who are aged 60 to 70 years of age, this capital can go from €10,000 to €300,000. Customers who are aged 71 to 74 the capital could go from 10,000 € to 50,000 €.

In the complementary guarantee for permanent and absolute disability, it can be contracted from 30,000 € to 500,000 € up to the age of 64. After this age, this guarantee cannot be purchased.

Here at Life5 we allow the advance payment of part of the contracted capital to cover burial expenses or the payment of the Inheritance Tax that the beneficiaries must pay in order to receive the full indemnity.

In this case, an advance of 10% of the agreed capital insured may be requested, up to a maximum amount of €6,000.

The choice of the insured capital to be contracted is very important and varies according to the situation of the person purchasing the policy. The amount of money needed varies from individual to individual.

The Life5 policy can be taken out up to the customer’s 74th birthday. However, it will cover the risk of death and can remain active until the renewal age limit of 80 years old. Life expectancy over the years has increased and therefore it is now possible for customers who are over 70 years of age can be covered.

This type of product is paid monthly (in the case of Life5), quarterly, half-yearly or annually, from the time it is contracted until the insured party wishes. By this we mean that you can cancel the insurance before the renewal age limit is reached, and at that moment you will stop paying the insurance premiums.

In Life5, the insured may renew the Permanent and Absolute Disability coverage up to the age of 70 and the death coverage up to the age of 80. Thus, if the insured has both guarantees, when he/she exceeds the age of 70, he/she will stop paying for the Disability risk, since he/she will not be covered and will continue to pay for the death risk until he/she reaches the maximum age of 80.

The insurance will also stop paying if the insured cancels the policy or when one of the covered risks occurs.

When you choose several people as beneficiaries of your life insurance policy so that they can collect the indemnity if something happens to you, the money will be divided equally if nothing different is specified in the contract.

When selecting the people you want to protect and who will receive the insured capital contracted, you can divide it and select a percentage or a specific amount for each of them. For example, if you contract a capital sum of 200,000 € you could select that your partner should receive 50% or 100,000 € and that each of your children should receive 25% or 50,000 € each.

That's right, in a life insurance policy, you can choose as many beneficiaries as you would like. You can choose the people who will need financial assistance when you are unable to provide it. Normally, family members and dependents are chosen. In this way, you can choose, for example, your partner and your children at the same time.

In the case of choosing more than one person to receive the money, it is always advisable to establish how much each of them will get. This can be specified with actual figures or with a percentage.

In case there are several beneficiaries for the policy and it is not specified what part each of them will get, the indemnity will be divided equally. For life insurance policies the rules of inheritance do not apply, therefore the legal heirs will not be entitled to get this money unless they are the beneficiaries.

The heirs could also receive the money, if for some circumstance, the contract does not indicate any beneficiary. In this way, the compensation will become part of the estate and will be distributed according to the Will if there is one or the laws that are marked.