80% of the life insurance policies taken out include the coverage for disability or severe illnesses

"The most frequent profile among insured persons in Occident is a person of 41 years, and the average insured capital amounts to 71,000 euros "

Occident has analysed the profile of its policyholders with life policies, revealing that the average age of taking out these policies is 41 years old, which indicates a significant interest in financial planning and personal protection at that stage of life. With regard to the average insured capital per policy, the policy amounts to 71,000 euros. In addition, 80% of the life policies taken out with Occident include additional guarantees to death, mainly in the event of situations such as serious illnesses or disability, demonstrating the interest of the insured persons for comprehensive protection.

Among the severe illnesses covered are heart attacks, stroke, arterioronarias (bypass) surgeries, stroke and cerebral haemorrhages, cancer, kidney failure, transplants of major organs, as well as neurodegenerative diseases such as Alzheimer's Disease, Parkinson's Disease, Multiple Sclerosis and Amyotrophic Lateral Sclerosis (ALS). These coverages offer a robust safety net against some of the greatest health challenges. The customer can also insure an additional capital to deal with exceptional situations such as death or disability due to an accident, whether or not traffic, or in the event of orphanhood of children who are minors or disabled.

Life policies play an important role in protecting families against sudden events, so this type of policy has a broad implementation in the Spanish market. In fact, nearly 20.5 million people are protected by a life-risk product, maintaining a stable trend over the years, according to the latest data offered by UNESPA. According to the same source, these policies offered compensation to 65,000 families in 2022 for an amount close to 1.318 billion euros, with the volume of benefits increasing since 2018.

Occident life insurance, protection against unexpected events

Within the life insurance offer offered by Occident, the most contracted modality is the Temporary Life, which in addition to covering the death of the insured includes a wide range of optional coverages, such as accidental death and death due to traffic accidents, permanent disability, including those caused by accidents and traffic accidents, and serious illnesses. One of its differential advantages is that the death guarantee has a life annuity.

As for the insured capital, it is recommended to update it annually to cover the customer's needs. It is advisable to take the Consumer Price Index as a reference, although the company offers ample flexibility if its customers have other preferences.

In addition, Occident has other modalities adapted to customer protection needs, including the repayment method, which is very much demanded for the coverage of personal loans or mortgages.

In order to offer personalised support, Occident mediators advise the customer on their protection needs, to offer them the most suitable solutions according to their circumstances, which can change over the years. An annual advisory visit is carried out to guarantee the adequacy of the coverage at all times.

It is also worth remembering that taking out a life insurance policy with Occident gives you access to a series of free courtesy services that include telephone legal advice, telephone medical guidance, second medical opinion, cardiac rehabilitation and the digital will and deletion service to manage the last wishes of the insured person.

Right to be forgotten for cancer survivors

Occidente is a member of the Unespa Guide to Good Practices on the right to cancer, and is committed to not taking into account in its health and life insurance, nor in all its complementary cover, if the customer has had cancer. In this way, the insurer reaffirms its commitment to cancer survivors so that they do not suffer any discrimination compared to other consumers.

The Royal Decree-Law regulating this right was approved on 28 June 2023 and is not retroactive. In addition, Occident will apply this right to be forgotten in those policies taken out before this regulation went into effect. Thus, thanks to the Unespa Good Practices Guide, people who have overcome cancer are treated on equal terms when taking out life insurance, as any other person who has not suffered from this disease.