There are decisions that are made not for ourselves, but for those we love the most. Because although no one wants to think about what might happen, we all want to make sure that our family will be okay no matter what. In this silent commitment, the answer often lies in taking out life insurance.
Why? Because choosing this protection is a responsible act of love. Because choosing this protection is an act of responsible love. It is not about anticipating the worst, but about ensuring that, even in the absence, we continue to care for those who depend on us. A simple gesture that can make a big difference.
At Ambler, we’ve been working since 1991 to help you manage risk every day. We provide comprehensive advice to individuals and businesses to find the ideal solution at every stage. This time, we’re focusing on answering your questions about life insurance so you can make the best decision for yourself and your loved ones.
What is life insurance and how does it work?
In simple terms, it is a contract between a person (the policyholder or insured) and an insurance company. In exchange for paying a premium, the insurer agrees to pay a sum of money to the beneficiaries if the insured person passes away or suffers a serious disability.
Its main function is to ensure the financial security of the family or dependants in the event of a sudden loss of the main source of income.
Main Types of Life Insurance
Depending on your protection needs and personal goals, you can choose from the following types:
Risk Life Insurance (Term cover)
It is the most common type. It covers death during a specified period of time. If the insured person passes away within this period, the beneficiaries receive the agreed sum. If not, the policy ends with no return of the premiums paid.
Savings Life Insurance (Whole or Mixed)
This type of insurance combines protection and savings. The policyholder builds up capital that can either be withdrawn or left as an inheritance. It also serves as an investment tool or a supplement for retirement.
They offer a safe way to save with tax advantages and are tailored to different savings profiles. The main types include the Individual Systematic Savings Plan (PIA), the Insured Pension Plan (PPA), and the Individual Long-Term Savings Insurance (SIALP).
Life Insurance Linked to Mortgages or Loans
In these cases, the insurer undertakes to settle the debt in the event of death, thereby relieving the heirs of the financial burden.
Why Take Out Life Insurance?
Life insurance is a clear expression of foresight and care for those who depend on you. The most common reasons for taking it out are varied and reflect different life stages or personal circumstances.
Family Dependants
It is often taken out by parents who wish to protect their children’s future in the event of death. It is also common among those who care for disabled or dependent family members.
Self-Employed Workers
As they do not benefit from the same broad coverage as employees, many self-employed people see life insurance as a way to strengthen their safety net.
Homeowners with Mortgages
An outstanding mortgage or loan can become a burden on the family, but with life insurance, heirs are spared from having to face that debt on their own.
Couples with Shared Life Plans
In relationships with a joint financial commitment, this type of insurance is key to protecting the shared life project.
Single-Parent Families
When a household’s finances depend on a single person, life insurance can make the difference between stability and uncertainty.
Entrepreneurs and Partners
In family-owned or multi-partner businesses, insurance helps ensure business continuity and provides liquidity during difficult times.
Benefits of Having Life Insurance
Having a life insurance policy offers multiple benefits, both for the policyholder and their loved ones. It goes far beyond a simple financial matter: it also provides emotional stability and responsible planning.
Financial Peace of Mind for Loved Ones
In the event of the insured’s death, the policy provides financial support to help the family maintain their quality of life and cover daily expenses without unexpected difficulties.
Coverage in Case of Permanent Disability
Some life insurance policies offer coverage that protects the insured if they become unable to work. This way, income can be preserved in the event of an accident or serious illness.
Complementary Coverages
Depending on the policy chosen, some may include additional guarantees such as:
– Serious illnesses such as cancer or heart attack.
– Accident with permanent consequences.
– Psychological or legal assistance to the family.
Tax Advantages
In certain cases, beneficiaries may benefit from exemptions from Inheritance Tax. Additionally, mortgage-linked life insurance policies may be deductible from income tax in specific situations.
Protected Inheritance
A life insurance policy prevents heirs from having to sell property or go into debt to cover estate expenses or outstanding debts.
How Does Life Insurance Work?
Taking out and maintaining a life insurance policy is easier than it seems. At Ambler, we’ll show you how we do it:
- Needs analysis
First we analyse your personal and family situation to define the capital insured and the most appropriate cover. - Contracting
Once you have chosen the right insurance, we issue a policy that outlines the details: duration, sum insured, beneficiaries, premiums, and general terms and conditions. - Payment of Premiums
You can choose from different payment frequencies: monthly, quarterly, semi-annually or annually. As long as the premium is paid, the policy remains in force. - Modifications
Over time, you can change beneficiaries, increase capital or adjust coverage according to your new circumstances. - Activation of Coverage
In the event of death or covered loss, the beneficiaries must notify the insurer. Ambler provides support throughout the entire management, documentation and processing process. - Collection of compensation
Once the information has been verified, the established amount is paid to the beneficiaries within a reasonable period of time.
Why take out life insurance with Ambler?
We know that trust is everything, and our experience endorses us as a benchmark for our proximity, experience and real commitment to our clients.
Personalized protection
We don’t believe in generic solutions: we design your life insurance after a clear conversation, without small print, adapting the coverage to your personal situation, your income, your priorities and your goals.
Peace of mind
Our aim is to help you live with the peace of mind that your family, your assets and your future are protected. Our team is with you from day one, and also when you need it most.
More than 30 years of experience
Since 1991, we have advised thousands of individuals and companies in Spain. We know the market, we work with the leading insurance companies and we always offer a transparent, professional and approachable vision.
Commitment and honesty
We do not recommend insurance that we would not take out ourselves. At Ambler we only offer what you really need, without pressure or overselling.
Frequently asked questions about life insurance
What is not covered by life insurance?
The answer to this question depends on the insurer, but is usually excluded:
– Suicide during the first year.
– Death in criminal acts.
– Death due to undeclared diseases.
– Participation in high-risk activities without specific coverage.
How much does life insurance cost?
Depends on age, state of health, sum insured and duration. A healthy 35-year-old can take out a €100,000 insurance policy from around €90 per year. The price increases with age or if additional coverage is added.
What is the maximum age for hiring?
Generalmente, entre los 64 o 70 años. Sin embargo, algunos seguros ahorro permiten contratar hasta los 75. También existen pólizas que mantienen la cobertura hasta los 85 años.
Can I change the beneficiaries?
Yes, as long as you want it. All you have to do is request the modification and sign the policy update.
Are there shortages or waiting periods?
There are no waiting periods in life insurance. However, some apply waiting periods for specific situations or conditions, such as death by suicide within an initial period.
Protect what really matters
As a smart, responsible, and generous decision, life insurance protects the most valuable thing you have: the people you love and the future you’re building with them.
At Ambler, we understand that every life is different. That’s why we help you find the protection that’s right for you, hassle-free and with the backing of a brokerage that has been looking after thousands of families and businesses for over 30 years. Get in touch with our team to receive personalised advice and discover the life insurance that best suits you and your loved ones.
