In which cases does the provident insurance contract come into play?
Before taking out provident insurance, it is necessary to take a more detailed look at what it covers. Temporary incapacity for work, invalidity, PTIA / IAD or even death and funeral, provident insurance is the ally of hard knocks.
Temporary incapacity for work (ITT)
In the event of total or partial temporary incapacity to carry on a professional activity, provident insurance provides stable income to the insured. Following a work stoppage, employees can experience difficult times financially. To avoid the sudden risk of loss of income, provident insurance remains the best solution. While the majority of contracts require the insured to exercise a professional activity at the time of the loss, some have more flexible compensation conditions. In any event, in the event of incapacity, the insured will receive daily allowances, calculated on the basis of his income.
In order to avoid fraud, the insurer must recognize the temporary incapacity for work of the insured. A simple work stoppage by the attending physician is not always enough to justify incapacity!
Disability
If the insured person is no longer able, due to the deterioration of his state of health, to carry out his usual work, he may obtain an invalidity pension. Disability is studied by Social Security or the equivalent scheme according to a precise scale, highlighting different "grades" of disability. The insurer, on the other hand, is not obligated to stick to this assessment. However, insurance organizations remain concerned by this type of situation and assess them with the greatest attention. They are free to pay pensions in the event of partial permanent disability and / or total permanent disability.
Total and irreversible loss of autonomy (PTIA) or Absolute and permanent disability (IAD)
In this specific case, the insured have a serious and proven state of disability. Unable to exercise a profession, they are often in a situation of loss of autonomy or total dependence. While insurers each have their own recognition criteria, the majority of them believe that a person who is totally unable to work (but also to move, eat, dress, etc.) can benefit from guarantees provided for by provident insurance.
Regarding the implementation of the contract, it takes place as follows: the insurer pays pensions initially provided for in the event of the death of the insured. If the insured dies after receiving these indemnities, the beneficiaries will no longer be able to obtain the death benefit provided for in the contract.
The death
When taking out a provident insurance contract, it is common to be motivated by the desire to protect loved ones (spouse, children, etc.). Often, policyholders want to be sure that their beneficiaries will not miss anything following their departure. With death insurance, worries related to this type of situation are more easily managed. Obviously, you must first carefully observe the contractual exclusion clauses! In fact, some contracts do not cover deaths that are not the result of an accident or illness ... So be very careful.
As for the amount of capital paid in the event of death, it is up to the insured to choose the amount of capital he wishes to be paid back, in particular in the context of individual provident death insurance. The capital is estimated based on a scale proposed by the insurer's contract and is, after death, paid to the various beneficiaries.
How to choose your provident insurance?
Provident contracts have several hats and cover different needs. Over the course of a lifetime, our priorities may change! However, we are able to anticipate certain situations and choose a type of guarantee accordingly.
Situation 1: You want to help your loved ones with the funeral process
In this case, the best is to opt for a funeral contract. Your insurer will support your loved ones at every step of this difficult time and will guide them through the organization and management of a funeral.
How to finance the funeral of a loved one?
Situation 2: You want to financially protect your loved ones in the event of death
Anticipating inevitable life situations also means focusing on the delicate question of death. Death insurance helps ensure the life of loved ones, regardless of the circumstances of death or PTIA.
Discover Avisys Family Protection Death Insurance
Situation 3: You want to know how to deal with the accidents of life
Accidents sometimes undermine your life plans. In order to continue to project yourself in spite of everything, orient yourself towards a life accident guarantee which will allow you to bounce back in the face of the vagaries of life.
Discover Accident Insurance
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