What are the insurance policies covering the risks non-self-sufficiency?

Among the policies of the latest generation are there, and not many years in our country, insurance Long Term Care which, like the Dread Disease already considered, are born from the need to cover risks not perceived before.

Let us always remember that it is the perception that there is a certain risk, maybe linked to changes in the socio-economic landscape, there arises the need for a new insurance product and pushes insurance companies to study the rate.

Long Term Care policy

Returning to our Long Term Care, we talk about insurance contracts designed par hedge the risk of loss of self, that is, the inability to perform acts of daily living.

Technically ADL (activities of daily living) and those that are considered for insurance purposes are generally:

• move, get up and go to bed or sitting on a chair

• wash and maintain an acceptable level of personal hygiene

• dressing and undressing

• drink and eat independently

• be continents

• ability of speech or hearing

Respect to definition is deemed not self-sufficient a person not able to perform a complete a predetermined number of the activities listed.

Not all policies are the same with respect to this feature for some companies can for example be four to five other activities such as being unable to enjoy the insurance benefits

The age limit for these policies is generally between 20 and 65 years.

The performance more frequently guaranteed by the Long Term Care insurance policies is an annuity to be paid to the occurrence of loss of autonomy and its installment can be preset at a fixed rate or variable depending on the degree of self-sufficiency.

But it is not rare to find policies that provide performance as a capital, compensation of expenses for assistance received or even the guarantee of care at health centers affiliated with the companies.

Lately you can find Long Term Care insurance policies in connection with life insurance policies, in which case part of the capital is paid in advance in case of death at the time of the occurrence of the loss of self-sufficiency, in other cases we can find them in conjunction with insurance plans and group pension schemes.

I never tire of remembering one of the fundamental concepts at the base of any insurance cover that resonates as a dogma for insurance such as Long Term Care:

secure means to transfer a risk to which we believe we can be exposed by us to the company who takes the load against the payment of a premium, but above all it means freeing resources.

It means not having to face charges, perhaps unsustainable, at the time of the occurrence of the insured risk, or more precisely the costs that we should address, for ourselves or our loved ones, would far outweigh the sum of premiums that verseremmo the company to take our risk.

This is even more valid today, thanks to the extension of life, his habit to a higher quality than in the past and to a lower security on the support from their children less and less and more cosmopolitan.

This is the success of Long Term Care insurance policies and insurance products related to the maintenance of their quality of life.

 

 

05/05/2012

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Translated via software

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Source:

Italian version of ReteArchitetti.it