Smart Guide to Life, Health, Home, Auto, and Death Insurance

There is little more valuable than people themselves — health, safety, well-being, and loved ones. It is natural to consider protection in moments of uncertainty, and many seek certain insurances that provide peace of mind against serious incidents or accidents.

Choosing the right policy can be overwhelming. Questions constantly come up: Is life insurance mandatory? Is it a home purchase requirement? What does each policy cover? Is funeral insurance worth it? What benefits does health insurance offer? Does auto insurance extend coverage abroad?

This topic, among the most frequently discussed in personal finances, was addressed in the second digital session of the cycle “Easy financing for home life.” Ramón Satorra, commercial director for Banco Sabadell in the Eastern Region, outlined practical keys to understanding insurance benefits and making informed hiring decisions.

The event, hosted by BİLGİ Club director Toni Cabot, covered five main insurance categories: life, health, home, auto, and death. Satorra emphasized that these steps matter regardless of the specific policy being pursued. “A consultant helps determine what fits best because the catalog of covers is broad.”

BİLGİ Club director Toni Cabot with Banco Sabadell specialist Ramón Satorra. Hector Fuentes

Life insurance

Before diving in, the Banco Sabadell expert described life insurance as “a contract in which the insurer commits to paying a periodic sum to designated beneficiaries if the insured passes away.”

Why pursue it? Satorra noted that the payout can help a surviving family maintain a similar standard of living, stabilize finances, and secure savings and assets that might be at risk after a loss of income. The proceeds can be used to meet debts and ongoing obligations such as mortgages, supporting family continuity.

To obtain life insurance, a basic health evaluation is common, and multiple insurers can be engaged. “A person can insure their life for as long as they wish, provided insurers accept it, allowing the possibility of holding several policies with different terms and beneficiaries.”

Coverage can be diverse and highly specific. For example, Banco Sabadell offers life insurance with gender-specific benefits and critical illness riders, including coverage for serious conditions like breast cancer or uterine cancer. After a diagnosis, coverage can extend up to €70,000 for medical treatment and related needs.

When considering family units, other risks exist as serious as death, such as absolute permanent disability, which can carry higher capital on top of death benefits.

In mortgage situations, taking out life insurance is prudent because, if the insured dies, the policy can settle the debt, allowing the family to remain in the home debt-free.

Four ideas to consider before signing life insurance

Specialist Ramon Satorra offered four key recommendations for life insurance decisions:

1) Understand the insured’s financial and family situation clearly.

2) Decide the coverage level for the policy.

3) Define the payout amount in the event of accident or death. As explained, when a income contributor dies, it can take years to regain normal finances. A practical target is three to five times the annual salary.

4) Name the beneficiary in the event of the insured’s death.

Health insurance

According to Satorra, health insurance is a contract that covers medical and hospital expenses in case of illness or injury. In short, it provides peace of mind when health issues arise.

The expert highlighted that private health plans often offer advantages not always available through public systems, including reduced waiting times, 24-hour emergency care, home treatment when hospitalization isn’t required, choosing doctors and hospitals, second medical opinions (even international), prevention programs, and digital or video consultations. These extras bring comfort and convenience.

Age is a factor, but health coverage can remain valuable well into later years. The director of Banco Sabadell noted that private health insurance can remain reasonable and valuable for people up to and beyond their seventies when structured appropriately.

Health insurance that makes a difference

Company-provided health plans share many similarities, so the key is to review terms to understand coverage. Banco Sabadell’s plan with Sanitas offers distinctive features:

• Lifelong validity from the third year of coverage, with continued eligibility into older ages.

• Same premium for individuals of the same age and health, without extra factors that complicate pricing.

• No additional usage fees for common services.

• Access to a broader network of doctors; international treatment is covered up to 80% when needed.

Home insurance

Home insurance protects the dwelling for landlords or tenants. Satorra explained that it covers the structure (the building), contents (items inside), and a dedicated section for valuables with declared values up to specified limits.

The policy responds to accidental damage caused by the insured, provides liability coverage if someone is injured, and protects against third-party damage to the home. An important caveat is that coverage can be voided if items are not properly maintained or cared for.

Common claims include theft or attempted theft, electrical damage, broken glass or solar panels, weather-related damage, and water damage. Cosmetic damage may also be covered.

During the forum, Satorra emphasized three selection criteria for home insurance: cost, coverage, and the speed of claims resolution. The Banco Sabadell policy focuses on rapid assistance: within 24 hours for non-emergency incidents, and under three hours for emergencies, with repairs guaranteed for up to six months.

A snapshot from the digital meeting on insurance framed in a loop organized by INFORMATION and Banco Sabadell. Hector Fuentes

Car insurance

Car insurance is compulsory, but that does not mean it is merely a formality. It covers material and personal damage to third parties and the driver’s own liability while operating the vehicle, so it should be reviewed carefully before purchase.

The premium level largely determines coverage. The cheapest option may not address all risks, so a solid policy should include features such as Europe-wide roadside assistance and worldwide travel support.

Discounts of up to 55% can apply for drivers with clean records over a few years. Good driving behavior often yields significant savings, according to Satorra.

Death insurance

Funeral insurance remains a common choice in the country. It covers funeral expenses and sometimes additional benefits, such as psychological support for family members during grief. The policy is designed to handle logistics and paperwork so families can focus on grieving rather than administration.

This session is part of the ongoing forum series aimed at improving household financial literacy. The next topic scheduled is “How to invest in our savings.”

Digital presence and privacy are increasingly important

There is rising demand for services that help manage online footprints. The policy includes an option for digital erasure, which can help remove traces from emails, social networks, forums, blogs, apps, and subscriptions — a growing guarantee many fear losing control of their online history.