Have you also thought about taking out a family insurance policy?
Because I too was wondering in recent days what could be the most correct insurance policy for my family. I asked myself a series of questions that I would like to share with you. This is to see if I am thinking well as the choice is also closely related to age. Also relates to what risk you are most interested in protecting.
What insurance products exist
Not everyone knows what the main insurance products are. Most of them only know the Death policy (my heirs pay when I will not be there or an heir designated by me) and the life policy (you give me an annuity if I resist up to a certain age). In the following, I propose the major ones that provide for a particular premium deduction regime. It varies according to the composition of the risk covered and that you can learn more by reading the article dedicated to the deduction of insurance.
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Insurance in case of death
A policy that guarantees a capital or an annuity in the event of death and which can be made (sometimes imposed) in order not to leave a house with a mortgage for children for example.
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Life insurance policy
This is instead indicated to protect one’s economic standard of life once you have reached retirement and which allows you to access an income supplement after a minimum period of time established with the insurance company.
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Mixed policies
This is a mixture of those seen above and on the one hand they can guarantee the future income flow, i.e. an annuity, and on the other a certain capital upon the occurrence of the insured event.
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Capitalization policies
In this case we try to give greater dynamism to your investment which takes the form of a pre-established accumulation plan which corresponds to a pre-established period of periodic obligatory payments against a capital revalued according to a minimum interest rate guaranteed by the campaign insurance.
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Index-Linked policies
We could always define them as an insurance policy but in reality, they represent a real financial instrument that guarantees after n years and the immediate payment of a sum of money of the minimum performance, ie a guaranteed minimum interest rate (usually rather low, depending on the historical moment that is occurring on the financial markets) plus an additional interest rate linked to the periodic performances on the markets (generally annual).
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Unit linked policies
The purpose is that refer to in the previous point but yes the difference consists in the fact that in this case the sum pay initially is destine for multiple investments (generally in the purchase of different shares of list investment funds).
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Home and condominium policies
New tax deduction on policies relating to coverage for risks deriving from natural disasters. From 2017 they give the right to the tax deduction of the premium paid in compliance with certain conditions but without limits on the amount. Below you will find the free tax guide to find out how it works.
The problem is to protect yourself from events that may lead the family not to provide for their needs and let’s see how to do it.
New in 2017: PIR or Integrated Savings Plans are coming
The legislator has created a new asset class for individuals. They are wishing to immediately take advantage of the tax advantage, create a fast, soft, and integrated savings plan that supports SMEs. This is a fund that, in order to benefit from tax benefits, must comply with certain minimum requirements and maximum requirements. I highly recommend that you learn more about this new financial planning tool by reading the PIR Taxation Guide.
The risks to keep under control
The main risks from which we want to protect ourselves and whose aversion generally depends on age are mainly constitute by illness or disability, inability up to the case of death. The more we get on with age, the more the risk of one of these cases increases. Also, the less you will find companies able to assure you that you might as well hang on to buy coverage from a risk today while also guaranteeing a capital or a revalue future annuity.
Family life insurance, as the name implies, provides coverage for the couple, of all types. The possible coverage of family insurance varies according to the needs of the contractor.
If you are young (under 50)
In this case, if you are a young couple with children, the risk of serious illness or death is very low. The risk of disability can become higher as well as the distance to retirement. It means you need to guarantee a constant income flow up to a minimum of 65 years and over. Therefore, protecting oneself from these could be a good solution. It can be done with the help of a supplementary pension fund that offers a subsidized tax treatment. In this regard, read the article dedicated to tax advantages and the tax treatment of supplementary pension funds.
The products I can recommend in this case are life insurance policies or policies against the onset of serious illnesses and which offer social security coverage even for surgical interventions whose cost is often enormous.
Tax advantages on insurance policies
Fiscally then also in this case we find a tax treatment that is substantially in the tax deduction. It is to the extent of 19% of the insurance premiums paid up to a maximum of 1,291 euros per year. It means already having a net gain of 19% on the sums at the time of payment. Obviously within the limit of that figure seen above, which will be associate with a complete tax reduction of the annuity. It is receive upon the occurrence of the event. You can also check the new financial income tax as it has change.
If you are over 50
Above this limit, we say that the basic risks i.e. death, serious illness, or disability is acute. In case of death, began to appear with greater probability incidence that the products they would agree to buy in this case are a supplementary pension fund. It can also be an immediate annuity the insurance policies dread disease and long term care.
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Conclusion
It goes without saying that finding the right insurance product you first need to dispel any doubts you have. You also need a contract that obliges you to do so.
Furthermore, if you believe you are able to achieve higher performances by investing them independently in the stock market. It means that your risk appetite is undoubtedly higher than the average person.
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