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This life insurance guarantees that the beneficiary indicated in the insurance contract will get compensation that will allow him/her to face delicate situations such as the death or permanent and absolute disability of the insured person.

Meanwhile, life insurance policies linked to mortgage contracts tend to exclusively guarantee coverage of the debt with the banking institution.

For this reason, it's smart to take out life insurance that guarantees our family's stability, beyond simply settling the mortgage.

We need to bear in mind that, in the case of death, our financial resources must cover both the needs of our family and the difference between Social Security provisions and our standard of living.

In the case of disability, we would need to deal with a significant increase in expenses derived from home care, which, in addition to a reduction in income, would cause a significant reduction to our initial equity.

In this case, it's beyond advisable to have a life insurance policy whose compensation can serve as a guarantee for maintaining our living standard in these scenarios.

Public provisions offered by administrations cover the cases of orphanhood, widowhood and occupational disability. However, the calculation of these provisions are just a percentage of the regulatory base of the deceased or disabled person's salary.

In this context, our relatives would be obliged to cover the difference between Social Security coverage and their living standard. Having life insurance seems like a more than reasonable solution when facing the difference in income caused by scenarios such as death or permanent and absolute disability.