
Personal insurance or insurance of persons covers risks that may affect the existence, integrity or health of persons.In order for the insurance to be covered, an insurance contract must be formalized.
Within the category of personal insurance are life insurance or life insurance, accident insurance or accident insurance, damage insurance, health insurance or health insurance and health care or health expenses insurance, death insurance, dependency insurance, travel insurance as well as any other insurance that may affect individuals.In the category of personal insurance, the following are included.
Life insurance

Life insurance covers the risk of natural death or survival and disability. Life insurance or life insurance is considered a pure sum contract, i.e. the sum insured is freely and voluntarily agreed and fixed between the parties – the policyholder and the insurance company.
It can be death insurance – the insured receives the insured amount in case of death – or life insurance – the insurer pays the insured the amount of the insurance, provided he/she lives to the expiration of a certain period of time.
The payment of a periodic annuity may also be agreed upon for as long as the insured person lives, starting on a date established in advance.
In contrast to tort law, in which the damages suffered are taken into account. This is the most important difference between property insurance, where the indemnity for the insured is fixed in relation to the damage actually caused, and personal insurance, where the insurer’s benefit is stipulated by the parties in advance and irrespective of the damage caused.
Life insurance obliges the insurer or insurance company to pay the beneficiary a capital sum, an annuity or other agreed benefits in the event of the death or survival of the insured. Life insurance may be taken out on one’s own life or that of another person (a third party) and may also be an insurance covering one or more persons.
Usually in the case of death insurance, if in the contract the policyholder and the insured are different, the consent of the insured in writing is necessary -according to the legislation of each country, unless his interest in the existence of such insurance is evident. If the insurance is waived, the insurance company will cease to cover the risk and the policyholder will be entitled to a refund of the premium he/she has paid.In the event that the insurance is waived, the insurer will cease to cover the risk.
Mortgage-linked life insurance
A specific type of life insurance is when it is associated with a mortgage (usually a real estate mortgage). It consists of an insurance policy that covers the mortgage loan debt – usually taken out on the purchase of a home – in the event of death or disability of the mortgagor. It may not be mandatory, but banks usually require it for the granting of the loan.The insurance policy may be required by the mortgage company.
Accident insurance

Accident insurance; when the risk to be prevented is the possibility of suffering personal physical harm as a consequence of a sudden and unforeseen accident.
This insurance covers bodily injury due to accidents. For this purpose, the Spanish Law defines accident as bodily injury resulting from a violent, sudden, external cause and beyond the insured’s control, resulting in temporary or permanent disability or death.
The policies carefully configure the risk covered by means of a system of delimitations, mainly causal.
As in the life insurance contract, beneficiaries may be designated by the insured contracting party who will receive the indemnity: insured capital, in the event of death. If there are no beneficiaries, the right will pass to the heirs of the deceased. In the case of permanent disability, the value of the indemnifiable damage is determined according to a scale of percentages appropriate to the different manifestations or classes of disability. In the case of temporary disability, an insured amount or allowance is paid to the insured for the duration of the disability. The voluntary provocation of the loss by the insured releases the insurer from the fulfillment of its obligation. The policy may be extended to cover health expenses, provided that this is done in accordance with the agreed conditions.
The risk of suffering a disability can also be insured, establishing the payment of an amount in the case of absolute or total permanent disability and amounts to be determined according to a scale or scale if the disability is partial.
Travel insurance

Travel insurance provides comprehensive, medical, legal and luggage coverage to any traveler wishing to travel abroad. In this type of insurance, the insurers provide through their operational centers attention at the time of the event, offering the traveler real protection at the time of an accident, illness, etc.
Travel insurance can be for a short term, long term or annual multi-trip for frequent travelers. They have coverages with limits of amounts over which the traveler uses the benefit.
Sickness and Health Care Insurance

Health insurance
The sickness benefit provides for the payment of the stipulated amount in the event of illness plus the cost of medical and pharmaceutical care.
This insurance protects the insured against the consequences of an abnormal state of body or mind, according to medical opinion. The insurer’s benefit consists of a monetary amount for each day of illness, with a waiting period and a maximum indemnity limit. In some cases, it is limited to reimbursement of hospitalization or surgical care expenses.
Health care insurance
It is a service provision insurance through which the insurer assumes the provision of medical services, without the insured having, in principle, the right to a monetary sum.