What are the types of life insurance that exist in Puerto Rico?

When you start looking for life insurance there is a lot of information you should know beforehand. One of them is the types of life insurance in Puerto Rico. Generally, three types of these insurances are handled.

And yes, in other countries there are more types of life insurance. For example, in Spain up to six different covers are managed.

But, what interests us today is to make clear to you the insurance policies available in Puerto Rico. So take note of what you will read below

Types of life insurance in Puerto Rico

As we told you, there are three types of life insurance in general terms, and knowing each of them will give you a better overview when choosing.

Term life insurance

This type of insurance only guarantees the insured capital to the beneficiary you have chosen, in the event of death and for a certain period of time. It is not an insurance that allows you to accumulate values ​​and you can get the insurance with level premiums.

That is, they will not increase during the time the cover lasts.

Typically, term life insurance is purchased for 10, 20, or 30 years. They are ideal for covering a specific need at the designated time. Otherwise, permanent life insurance would be best.

Life insurance with cash value accumulation

It is a type of insurance that has its own special characteristics. Its great distinctive feature is that it guarantees financial compensation during life. Which means that it is not subject to the death of the insured.

To help you understand better, these are interest-bearing policies.

There is a value, of the premium you pay monthly, that generates these interests that can be available to you at the time of any emergency. You can even use that cash value for your retirement.

Permanent life insurance

They are the most common life insurance. They guarantee you protection for an indefinite period, as long as the premiums are paid on time and under the agreed conditions. In addition, this life insurance allows you to accumulate values. Therefore, it is ideal when you need to cover a long-term need.

Within permanent life insurance in Puerto Rico, there are two types:

• Whole life insurance — Offers the traditional death benefit and also generates returns on accumulated values. Additionally, the cost of the premium can be permanently fixed.
• Universal life insurance — It is perfect for you if you want to have flexibility in paying premiums. And universal life insurance fits your budget at all times. Additionally, you can adjust the benefit in the event of death. Values may arise from this policy, although they are guaranteed.
  These options will depend on the insurance company you choose and the conditions you can agree to for your life insurance policy.

What is the best life insurance in Puerto Rico?

In Puerto Rico there are several options for you to contract your life insurance policy. At CUVRO we make it easy to quote, compare and purchase your life insurance.

Now, what you should take into account to choose the best life insurance in Puerto Rico are aspects such as:

• Reliability
• Excellent client service
• Easy claims management
• Stability

If you find an insurance company that has these characteristics, you can rest assured. You will be in good hands.

But we want to make it even easier for you...

Therefore, on our platform you can find a wide variety of life insurance with really simple processes. Purchase your life insurance and then just dedicate yourself to enjoying your life, knowing that your family will always have support.