MyBox Vida life insurance

This product can only be purchased by clients residing in Spain.

Life insurance offers protection against risks to one's life. It is designed to help your beneficiaries* in the event of your death. At that time, they would receive an economic indemnity equivalent to the insured capital** you decided to take out in your policy.

Today, in addition to the basic death coverage, some life insurance policies also cover other unforeseen events to protect yourself, such as absolute permanent disability*** or serious illnesses****. This way, you can focus all your efforts on the only thing that matters: recovering.

* Beneficiary: the person or persons, designated by the policyholder, who will receive the compensation (the insured capital) if any of the situations covered by the policy occur.

** Capital insured: this is the value attributed to the goods covered by the policy, the maximum amount that VidaCaixa is required to pay in the event of a claim.

*** Absolute Permanent Disability: an irreversible physical situation that renders any work or professional activity fully and permanently impossible. This does not include cases in which it is possible to work in a profession other than one's usual profession.

**** Serious illnesses: the following serious illnesses are included in this cover: chronic disease of the coronary arteries that requires bypass surgery, Alzheimer's, stroke, ALS (amyotrophic lateral sclerosis), non-temporary kidney failure, multiple sclerosis, vital organ transplant (heart, lung, kidney, pancreas or bone marrow) and Parkinson's.

Life is full of surprises. We have to be ready to face them ahead of time and to protect both ourselves and those who depend on us. Life insurance can protect you, your family and your assets.

As with all life insurance products, our life insurance policies provide a monetary amount (the insured capital) to your beneficiaries in the event of death. 

Depending on the type of policy you choose, you can enjoy peace of mind with the various covers they offer.

MyBox Vida is our most comprehensive protection solution. As with all life insurance, it provides a payment to your beneficiaries in the event of death, but it also covers other unforeseen events: absolute permanent disability, cancer, heart attack, stroke and other serious illnesses.

In most life insurance policies, the price varies each year depending on the age of the insured person: the older the person, the higher the price. During the first 3 years of the policy, you will pay a fixed monthly premium. This will make it easy for you to manage your finances and planning during this period.

There are certain situations that may not be covered by CaixaBank's life insurance policies. In general and for guidance purposes, events occurring as a result of the following are excluded:

• Suicide or attempted suicide during the first year of the insurance policy
• Working in high-risk professions*. 
• Practising any sport as a professional.
• Those resulting from engaging in adventure sports or aviation sports (balloon, hang glider, paragliding, etc.) or from participating in speed competitions.
• Accidents that occur under the influence of alcohol, toxic drugs, narcotics, psychotropic substances or other substances that produce similar effects, as well as those arising from serious negligence and recklessness, suicide attempts, etc.
• In any case, claims resulting from pre-existing illnesses or accidents are not covered.

The insurance information brochure that you can request at your CaixaBank branch, or the life insurance contract itself, if you already have one, contains details on what is not covered by the life insurance. 

If you have any questions about this, please contact us. We want you to know exactly what is covered.

* High-risk professions. The following are considered high-risk professions: firefighter, diver, quarry worker who handles explosives, tamers and keepers of wild animals, security guard, miner, member of law enforcement or the military, bullfighter, tightrope walker who performs without a net, aircraft crewmember, and other professions that could entail equivalent risks.

Our mission is to provide protection to improve the financial well-being of our customers and to help society as a whole prosper. The entire CaixaBank Group shares the same values and culture.

We want to be there for you when you need it most, and we want our protection solutions to adapt to your needs at every moment in your life. To achieve this, when you take out life insurance, follow 4 steps.

Step 1: Choose the amount of the insured capital

The insured capital is the lump sum you will receive if any situation occurs that is covered by your contract (e.g. serious illness, disability, etc.). 

It is important to look ahead and think about what it means financially to deal with a serious disease, disability or death. 

To estimate your insured capital, you have to consider the income you would stop receiving, your family's usual expenses and any loans you have taken out.

For example: A family's income is €30,000/year. If the household's breadwinner dies, the life insurance should pay a lump sum equivalent to the amount that the deceased person provided (e.g., €30,000) for as long as the family needs to adapt to the situation (e.g., 3 years).
What should the insured capital for the family be? Annual income (€30,000) x time (3 years) = €90,000. 

In many cases, life insurance can help pay off these loans so they don't burden your heirs. In other cases, they will cover unforeseen expenses to overcome a serious illness.

We know this amount is difficult to calculate, so let us help you estimate how much capital is right for your needs:

Step 2: Calculate the cost of your life insurance

Whether at CaixaBank Now or in a CaixaBank branch with the help of your adviser, before you purchase a policy, you can calculate your coverage.

This calculation shows you the price of your policy based on the insured capital you want to take out.

Keep in mind that the price of the policy varies depending on the age of the insured person and the insured capital selected. If the price shown does not reflect your situation, you can do several calculations with different insured capital amounts until you find a balance between the level of protection you need and the monthly premium.

Step 3: Answer the health questionnaire honestly

Depending on your age and the insured capital you want, as with most life insurance solutions, you have to answer a health questionnaire* on your medical status and history.

If we need more information, we will call you to ask you some more questions, or you will have to undergo a medical check-up at a renowned health centre in your city or province, at no cost to you.

Therefore, when taking out insurance, it is important that you report any type of injury, treatment or symptoms that may be indicative of the onset of a pathology when answering this questionnaire. After you purchase the policy, they could be regarded as pre-existing conditions** and excluded from the insurance cover.

Step 4: Decide who your beneficiaries will be

To make it easier to process the payment in the event of death, it is advisable to designate the beneficiaries of your life insurance policy as soon as possible. A beneficiary is the person or persons you want to receive the insured capital if any of the situations covered by the policy occur.

• In the event of disability or severe illness, you will be the beneficiary.
  
  
• In the event of death, and to facilitate the processing of any future claims, it is important that you designate the beneficiaries of your life insurance policy. You can designate your beneficiaries at any CaixaBank branch. And remember that you can change them at any time.

If you do not designate a beneficiary when you take out the policy, the beneficiaries will be your designated heirs. The order of inheritance may vary by region.

* Health questionnaire: this is a questionnaire involving the insured person's medical history and health habits. In it, the VidaCaixa insurance company asks those questions it deems necessary to define and evaluate the potential risk of the insurance requested.

* Pre-existing condition: a health condition that existed prior to the policy purchase date and that was not reported during the purchase process. They are excluded from the insurance cover (if the claim is related to the pre-existing condition, the beneficiary will not receive the compensation).

In general, the cover that can be purchased will depend on the policy and on the insured person's age. The age limits for taking out life insurance are usually between 18 and 62 years of age. Usually, from the age of 63, only death coverage is provided.

For example, with MyBox Vida:

• Customers up to 62 years of age can purchase coverage for: death, absolute permanent disability, accidental death, absolute permanent disability due to an accident, cancer, heart attack and serious illnesses. The disability and accident coverage will end on the first day of the year when the insured person turns 65.
  
  
• Customers between the ages of 63 and 67 can purchase coverage for:  death.

We want to make sure that you take out the right policy when you purchase life insurance from us. That is why if you have any questions or you change your mind, you have the right to cancel, no questions asked.

• Right of withdrawal: The contract may be terminated within thirty days with no penalty, according to the conditions specified in the policy.
• If you cancel after 30 days, we will refund the part of the premium corresponding to the unused coverage period.

We hope this won't happen, but if you do make this decision, contact your branch to arrange for the cancellation of your policy.