Insurance contract, if not otherwise provided therein, comes into force at the moment of payment of insurance fee or the first instalment.
On one hand, instalments should provide for a necessary economic protection, and on the other hand, these payments should not overload your family budget.
You may pay for your insurance once a year, semester or trimester. Mode of payment depends on the price of insurance, client’s wishes and criterions of the company. Paying for a year upfront you will get a discount; in all other cases, total amount will be slightly increased due to split payment.
To formalise your insurance contract you have to provide the following documents:
- copy of your passport and residence permit or a NIE (foreign citizen identification number);
- bank account in Spain for direct debit of bills;
- filled out questionnaire about health-condition and life-style.
Standard accident insurance contract is annual. For trips and sports competitions, it is better to use special insurance plans, thought for these cases:
Risk life insurance – a type of insurance comprising only risks. This insurance policy covers only a certain period of time, during which, if insured person suffers an accident, (s)he will receive premium from the company, but no savings are accrued under such contract. If no insured event happens during the established period, the company will make no payments, nor refunds.
The main type of risk insurance is a temporary life insurance. This option is used when you need to provide for financial protection for a certain period, like competitions, trips or travelling to a flash point.
In life insurance, amount of coverage depends on amount of instalments. For larger amounts of coverage, insurance company will carefully study all risks, a contract may provide for certain limitations as to minimum and maximum insurance sums; this insurance plan is very individual and many factors are taken into account.
Policy holder may appoint one or more beneficiaries under the insurance policy, choosing payment terms, accordingly to which the beneficiaries will receive equal amounts in case of insured event or otherwise.
It is impossible to get a life insurance without stating a beneficiary; it is a condition to formalise a life insurance policy. There are standard forms, such as spouse and children in equal parts, or parents and children, etc.
Accordingly to the terms and conditions of VIDA UNIVERSAL insurance contract you have to notify the company within 7 days after the insured event takes place.
Usually insurance benefit is paid within 30 working days after the company receives all necessary documentation and claim report is drawn up. In case of an event insured under VIDA UNIVERSAL contract, you have to call Expert Seguros at: 96 583 09 53 or 629 856 058.
Insurer may interrupt life insurance policy at the end of the year by applying to the insurance company with corresponding request. To do this you have to contact with Expert Seguros at 96 583 09 53 or 629 856 058.
In case of dissolution of VIDA UNIVERSAL life insurance policy by a client, Generali does not refund any amounts as they are used to cover death risk financing and policy administration.
On request of the client and with consent of the company, it is possible to modify insurance amount, risks covered and periodicity of premiums. It is recommended to apply for all changes at least one month before the annual contract expires, by filling out necessary documents.
If you are unable to carry on with payments, but you do not want to terminate your contract, it may be transferred to “frozen”; in this way, your policy will remain in force until the expiry date indicated in the contract, and the amount paid will accrue interests.
Yes, if not otherwise provided for by clauses of the contract. Usually VIDA UNIVERSAL life insurance contract provides for insurance all over the world, except for the countries excluded from the standard risks cover.
In this case, you will be required to provide standard list of documents: application for insurance reimbursement, certificate from the medical institution, where the insured was attended in the first place, translated and notarized, passport, insurance policy. In Expert Seguros we will be glad to give you a more detailed information and a complete list of documents in every case.
Only endowment insurance combines saving and financial protection at the same time. Once your insurance comes into force, the insurance company assumes liability for life and health of the insured person. Due to conservative character of investments, endowment insurance guarantees steady income. With long-term financial planning, life insurance is a profitable choice, as it assures a solid financial base.
You will be offered several options: to reduce sum of payments, to “freeze” the amount contributed, or to receive refund of part of savings, leaving the principal amount. In all three cases, investment income will be accrued on the remaining amount.
Yes, it is possible to formalize your contract remotely, without visiting our office personally. You only need to send required documents by e-mail; your contract will be sent to you in the same way. Nevertheless it is necessary to forward original filled out form and original contract to the Company, otherwise the company may refuse to make payments in case of insured event.
(Ilf and Petrov)