Death Insurance

This is a contract between an individual and an insurance company. It guarantees at death or when the total and irreversible loss of autonomy of the person paying a lump sum or an annuity. The capital contribution and the recipient are defined in the contract, which may be modified or terminated at any time.

There are two forms of life insurance. The first formula is a guarantee "temporary" which guarantees the payment of principal if the death or loss of autonomy occurs before the date specified in the contract: if the insured is still living, no capital is paid. The second formula is the assurance "lifetime" guarantees the payment of principal at any time it occurs. Three funding arrangements are possible for the latter type: premium annuities spread over the lifetime of the insured premiums temporary or a single premium. Individual chooses the amount of capital and premiums, the contract term, means the beneficiary of his choice and meets a medical questionnaire. Please note that insurers impose an age limit to 60 to 70 years. Before signing the law requires the insurer to inform the future provided the main provisions of the contract (including how to give it up) and indicate the guaranteed return. Premiums or contributions are generally small (depending on the amount of capital and age of the insured) and their frequency is variable (monthly, quarterly or annually). The amount of capital can vary from 2 000 to 1 000 000 € but in practice it is rather between 10 000 and 100 000 €. For example, for a capital of 100 000 € the amount of monthly contributions by age ranges between about 20 € to 30 years and nearly 200 € 60. Contracts often provide for payment in advance for funeral expenses of 1 000 to 2 000 € within 48 hours upon notification of death.