Buying a life policy is a choice that provides security not only to yourself but also to your loved ones. Check how much it costs in Norway and what rules apply to it.
Taking care of insurance may not seem a priority at a young age. Some may think of it as an investment that doesn’t return its costs. However, no matter how careful we are, accidents and other unexpected life events can happen, and if they do, the insurance is what may turn out to be the last resort due to growing costs of rehabilitation or hospital treatment.
The life policy protects its holder and their family in the case of permanent disability, disease, or death. Sometimes the settled amount figures in the insurance deal, but in other cases, the client together with the agent can settle the established cost. This kind of protection is significant support not only for the investing client but also his loved ones.
The life policy – what does it cover?
In case of his death or disease, they will receive the sum settled in the agreement for the particular case. This kind of policy provides financial support to the family, allowing it to maintain the same standard of living. In some cases, it also may be helpful in paying off the mortgage after the main source of income is cut off due to the disability or death of the insured person.
The life policy in Norway
The Norwegian life policy is called Livsforsikring, and just as in other European countries, it can cover all the occurrences mentioned above. However, it can have different ranges, which influence the final price. First, which is Kritisk Sykdom, refers to the so-called critical disease that requires immediate medical intervention, such as brain stroke, cancer, losing the limb, or having severe burns. Another variant of financial support – Uførepensjon – refers to the loss of ability to work, regardless of the cause. The insured person can receive the payment throughout the whole period of his temporary disability or until retirement, depending on the client’s life situation.
How much does the life policy cost in Norway?
The cost can depend on various factors, from the age up to the habits of the insured person. For example, long-term heavy smokers may not have a chance to receive the highest level of protection. Also, the profession may influence the level of support as well as its length. Before signing a particular agreement, it is worth consulting your choice with a professional advisor that knows the Norwegian market.
Article prepared in cooperation with Local Market.