The Term Life Insurance from MAPFRE provides coverage at a fixed rate of payments for a period of two years. It is ideal to ensure protection for a certain time or some capital to cover the financial losses incurred following the death of the insured.
This type of insurance is very useful in cases where you need to have protection for a certain time; such as when your kids are young, as you are paying the mortgage on your home, or until the insured has his/her own savings that allow him/her family a comfortable life.
Premiums can be paid yearly, half-yearly, quarterly or monthly, according to the payment method selected premium on request. The Company will pay the Death Benefit in a lump sum unless the Owner or the Beneficiary chose another form of settlement. The owner can make that selection while the Insured is alive or if he/she is already died. The Company makes payments for the Death Benefit under a combination of one or more of four different options.
The amount of premium to be paid by the company depends on the insured's age and years of insured coverage. It is possible to be insured until you have 95 years.