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Who it is for

Life insurance is especially useful for people whose income others depend on. It is voluntary rather than compulsory protection, so you decide on the amount and term yourself. You can insure yourself, your spouse or other family members aged 18 to 70.

How it differs from accident insurance

These products are often confused. An accident policy only pays out for a sudden external event: an injury, a crash, a fall. Life insurance can also cover death from illness, which means it protects against a wider range of situations. That is why it is usually more expensive, but it also gives more peace of mind. If protection in case of illness matters to you, check whether this risk is included in the chosen programme.

What to check in the contract

Two policies with the same sum insured can differ greatly in content. Before signing, pay attention to a few points.

• List of risks. Whether death from any cause is covered, or only death resulting from an accident.
• Beneficiary. Who exactly will receive the money and whether they can be changed during the term.
• Waiting period. Some programmes do not provide full cover from day one.
• Term and payment schedule. Lump sum or instalments, and what happens if a payment is late.

When a claim may be refused

Insurance rules contain exclusions, and it is worth knowing them in advance. Most often, a claim is refused if the insured person gave false information about their health, the event occurred during the waiting period, the case is linked to intentional acts, intoxication or involvement in unlawful acts, or the contract lapsed due to non-payment. The exact list of exclusions is set out in the rules of the specific company.

What the price depends on

The price of a policy is made up of several factors. The main one is the sum insured: the higher it is, the higher the premium. Next, the age and gender of the insured person are taken into account, as they affect the statistical probability of an insured event. If several people are insured, the premium is calculated for each of them. The final offer also depends on the rates and rules of the chosen insurance company and, for large sums, on the results of the health assessment based on the questionnaire. The calculator gives an estimate: it helps you understand the price range and compare options before buying.

What to prepare

• ID card of the insured person
• IIN and contact details
• Beneficiary details
• Health information for the questionnaire

How to buy

What to do if an insured event occurs

1. Notify the insurance company or Insurance Center of the event as early as possible.
2. Obtain official documents: a death certificate or a medical report.
3. Collect the set of documents on the insurer's list and a copy of the contract.
4. The beneficiary submits a claim for payment with their bank account details.
5. Wait for the insurer's decision within the time limits set out in the insurance rules.

How to choose a programme

Start with a simple calculation: how much money your family would need to get through a loss of income without hardship. Then compare not only the price but also the list of risks, the exclusions and the payment procedure. If you are already insured through your employer or bank, check which risks are covered there so you do not pay twice for the same thing. It is also useful to review the sum every few years: when children are born, a home is bought or income grows, the family's need for protection changes, and the policy should keep up with it.

This material is for reference only; the final terms are set by the insurance rules and the contract.