Life Insurance for Education
Designed for the education of your loved ones, which ensures double capital upon the death of the policyholder.
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Coverages
Educational
This is life insurance designed for the education of your loved ones.
- It guarantees double the capital upon the death of the policyholder.
- If the policyholder dies during the term of the policy, half of the benefit will be given to the beneficiary at the time of the death, and the other half on the policy’s expiration date.
From the second year paid and passed, you may:
- Benefit from a loan on the policy.
- Recover the guaranteed cash value, and the benefits accrued thus far.
Benefits and Advantages
Life Insurances for Education of MAPFRE are designed to ensure the education of your beloved ones. A double capital will be guaranteed in case of death and you will be entitled to a wide number of benefits and advantages.
Passes away
If the insured passes away before the policy expires, the beneficiary will receive half of the profit at the time of the death, and the rest at the end.
Guaranteed value
From the second year, you could benefit from a policy loan or recover the guaranteed cash value, plus the accrued benefits.
Reduced insurance
You can also opt for a reduced insurance in the case of any premium has not been paid and it does not exceed any of the cash value of the insurance policy.
Office phone
All insured people will have access to the most modern office phone in Puerto Rico: This tele-office serves any purpose related to a MAPFRE insurance line. We offer you a specialized service to solve all your needs in a direct, complete and professional service.
Claim
Quick Service Analysis and processing of your claim.
Benefits of Life policy for Education are:
Premiums
Premiums leveled payable during the life of the insured in the term of the policy.
Death benefits
Death benefit if the insured dies during the insurance period.
Positive results
Participation in proportion in the 90% of the positive results arising from the reversal of net reserves.
Survival Benefit
Survival Benefit will be paid if the insured lives at the time of maturity of the policy.
General Conditions
The general conditions of Life Insurance for Education of MAPFRE details the covers of which the insured takes benefit, and the benefits, requirements and restrictions set forth in the agreement.
- This insurance provides a guarantee to the insured against any mishap, in relation to the education of his/her family.
- If a suicide occurs in the first two years from the date of the policy, the amount to be paid corresponds to the premium paid.
- This policy is automatically renewed, unless the premium payment is not made.
Requirements and Restrictions
Life Insurance for Education of MAPFRE establishes a series of requirements and restrictions that users must know to understand what their rights and obligations are when hiring the policy.
- None amount paid shall be subject to any claim by creditors or any other legal action.
- The policy owner has a grace period of 31 days in which he or she can pay any premium after the first.
- In case that the interest of all beneficiaries cease because of the death of the insured, any single benefits will be paid to the owner and if he/she were not alive, it will be add to his/her heritage.
- If any of the data on age and sex of the insured is incorrect, the benefits will be adjusted to the amount corresponding to the exact information.
Recommendations for use
MAPFRE LIFE offers its customers a series of recommendations for use so that they can benefit from all the covers of this insurance. To do this, is necessary to understand some important aspects both before and after hiring it.
Among the recommendations for hiring this product there are the following ones:
- Read carefully all special provisions and clauses of each cover.
Once hired Life Insurance for Education of MAPFRE:
- It is useful to know the terms, limitations and policy requirements to act precisely in each case.
- Any claim, change or cancellation of the policy must be made through a written request.
- The first premium must be paid by the date the policy starts, the rest can be paid monthly, quarterly, semiannually or annually.
- In case the insured dies during a Grace Period, the overdue premium will be deducted from the proceeds of the policy.
- If the policy expires and has not been paid, it can be reinstalled within a maximum period of 5 years from the expiration date.
- The payment of any benefits shall be made in a unique quantity, unless a different form of payment is agreed.
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