What is life insurance with double and triple capital, and when to contract it?

by Alex Musk

Accidents are the second leading cause of death among those under 55. Life insurance policies with double and triple capital are designed to protect the youngest from the most unexpected accidents.

Spain is one of the countries with the highest life expectancy in the world. The country where people live the longest in Japan, closely followed by Switzerland and, just after, Spain. According to data from the National Institute of Statistics (INE), a man in Spain lives an average of 80 years. And a woman, more than 86.

A very important conclusion can be drawn from these data: it is unlikely that we will die before those 80 or 86 years. The vast majority of Spaniards live more or less until that age. But, obviously, something can always happen to us. Accidents and illnesses happen, even to the youngest.

Accidents in those under 55

Diseases of the circulatory system are the leading cause of death in Spain. In 2018, more than 120,000 people died from these ailments, such as heart attacks or heart failure.

In addition, nearly 15,800 people died that year due to an accident (on the road, a fall…). Accidents are the seventh most frequent cause of death in Spain, but they are the second among those under 55, only behind cancer.

What does all this data mean? People under the age of 55 are unlikely to die, based on life expectancy figures. But if something did happen, it would most likely be a tumor or a totally unexpected accident.

What is life insurance for?

Ask yourself the following question: what would happen if you suffered one of those accidents and died? Or if you had to request disability for one? When a person dies, his family and friends suffer a severe emotional blow, but also financially. A household that loses one of its members also loses a salary, so it may have difficulties meeting daily expenses. The mortgage, the children’s school, the car loan… are expenses that will continue to be there, even if you are no longer there.

To obtain the peace of mind that your economy and that of your loved ones will be protected from any mishap, there are life insurance credit policies. They are policies that, in exchange for a premium, will indemnify whoever you want if something happens to you. This way, you know that money won’t be a problem, even if you’re gone.

There are different types of life insurance, and different coverages can be added. For example, you can contract to also cover your disability. That is, if an accident forces you to request disability, they will pay you the compensation to help you with the expenses. In short, not only do they cover death, but they can also protect you from other mishaps.

What is insurance with double and triple capital by accident?

As we have already seen, accidents are one of the most frequent causes of death among those under 55. And precisely for these cases, there are life insurance policies with double and triple capital per accident. They are traditional policies that will pay compensation to your beneficiaries if you die. They can also include disability, with what you would receive the money in that situation. The difference is that if the reason for your death or your disability was an accident, you would receive more money than you had contracted.

There are two variants of these policies: double capital for accidents and triple capital for traffic accidents.

  1. Double capital by accident. If you die or become disabled due to an accident (a fall, for example), your beneficiaries or yourself will receive double the compensation you had contracted.
  2. Triple capital for traffic accidents. If you die or become disabled due to an accident on the road, the compensation will be triple.

Why are these insurances with double and triple capital useful?

This type of policy is specially designed for young people. They are unlikely to have anything happen to them, as they are young and generally in good health. But accidents never warn. In addition, between 25 and 55 years is the age range in which they usually have small children, and there are still outstanding debts (loans, mortgages…). If something happens to you, the debts will pass to your family, who would also have to face their daily expenses with less money.

Likewise, the triple capital for a traffic accident is essential for those who spend a lot of time on the road. According to data from the General Directorate of Traffic (DGT), in 2020, 870 people died on Spanish roads, despite the fact that mobility was highly restricted for months due to the coronavirus pandemic. In 2019, deaths were more than 1,100.

An example: traditional vs. double and triple capital

Let’s take an example to see the difference more clearly.

Susan is 40 years old. She is in good health, but she knows that she can have an accident because she uses the car every day to go to work. She wants her children to receive money so they can go to college if something happens to her. She decides to take out 150,000 euros in life and disability insurance. Susana dies on the road, and her children receive 150,000 euros.

Instead, let us suppose that Susana contracted the double capital by accident. In that case, her children would have received 300,000 euros. And if she had contracted triple capital for a traffic accident, it would have been 450,000 euros.

The great advantage: they do not cost double or triple

Insurance with double and triple capital does not cost twice or triple than a traditional one. If you enter our comparator, you will be able to see it. In the case of Susana’s example, these are the prices that she would have had to pay: 118 euros in life and disability insurance, 196 euros in double capital (78 euros more), and 241 in triple capital (123 euros). Plus).

Take a look at our comparator, and you will be surprised! Accidents happen, even to the youngest people. Don’t leave your family’s future to chance and protect them from any setback. Insurance with double and triple capital will give you the peace of mind that you and your loved ones need. Do you still have doubts? 

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