A useful tool to protect yourself from the unexpected events, especially if you have a mortgage
This article is sponsored by Turtleneck. Here you will find a more exhaustive explanation.
Being parents, by definition, means taking on a great responsibility both on an educational and material and economic level. In Italy, about one in four family is somehow indebted and the overall amount of mortgages on the first home, at the end of March 2024 he exceeded 400 billion euros.
But how many of these families has a “Emergency plan” To face your debt in case of death of one of the two parents? And what about families composed of a single parent or single -income? The data tell us that Italians are an undergoing people and in general with a low level of financial literacy.
What to do then? The simplest answer is to enter into life insurance, or a policy that in the event of the death of the contractor involves the provision of a sum that covers, for example, the debt amount that weighs on the family.
Among all the insurance products on the market (do your research!), We liked Turtleneck’s offer very much, an innovative and “out of the choir” solution, with strong ethical principles at the base: Turtleneck tried to put Science and in particular mathematics at the service of people creating an economic and efficient and above all transparent insurance product.
In general, insurance have a conflict in interest to compensation for their insured: if an insurance company manages to deny compensation, that money becomes profit for the company itself. In Turtleneck they found a way to overcome this condition.
Elias, their CEO, is a mathematician and explained to us how it works: “Starting from statistics and historical data on the chances of the different insured risks, our algorithm calculates the” risk “cost, to which we add 30 euros, that is the cost annual that we support every year for our salaries and other business costs. At the end of the year we deal, and if “advances money” as it almost always happens, we return it in full to Turtleneck users. We therefore have no interest in denying compensation when it is due, because we don’t put that money in our pocket, but it is automatically paid to our customers. In fact, we created a completely digital version of a mutual aid company, where participants take care of each other “.
Through their online calculator you can have hypotheses in a few minutes, here are some examples:
- A man born in 1984 who stipulates a policy worth 200,000 euros would pay 9.40 euros per month;
- For a 33 -year -old woman who wanted a coverage of 150,000 euros, the prize drops to 5.50 euros per month.
These calculations are estimates that concern non -smoking users and in good health. In addition, like all life policies, the Turtleneck prize is deductible fiscally. To find out more, visit their site where you can also find a section of FAQ. One last clarification: as with all life insurance, the prizes progressively rise with the age of the insured. If you want a cost projections you can write to customer service, they are very courteous and respond quickly.
Before subscribing to any policy, in any case, explore the various offers on the market and do your research carefully study the contractual conditions. One last reference if you want to learn more: listen to this episode of The Bull, a podcast of personal finance that has now become cult, could clarify many doubts about this and on many other issues that concern the management of family money.
