Life insurance
Category: Life
life1 Considerations before hiring
An aspect that has evolved from the hand of the human being is the increase in life expectancy. In our country during the thirties, there was an average of 35 years, while for 2014, life expectancy was set at 741, almost 40 years.
While human longevity has increased thanks to the coverage and implementation of new medical technologies, it is also a reality that mortality risks remain latent.
Hence the relevance of having life insurance that can economically protect your family or beneficiary (s) in case of an unfavorable event. If you still don't have one, we tell you what aspects you should take into account before hiring it.
You should consider:
The sum insured
Refer to the amount of money your family or beneficiary (s) will receive if you are missing. It is important that when establishing this amount in your insurance take into account:
a) The number of people who depend on you and their ages.
b) How much are your household expenses each month?
c) If someone studies or is going to do it, what is the amount of education expenses?
d) Your monthly salary.
With this you will have an overview of the real and future expenses of your family or beneficiary (s), and you will be able to assure yourself by an amount that guarantees that their standard of living will not be deteriorated after your absence. Choose an insured amount according to your ability to pay.
The cousin
It is the price of your insurance. Not always the one that costs more is the best, check the conditions and additional benefits offered by each institution. Its cost (premium) depends on the sum insured, your age, sex, activities you do, health status and other additional coverage contracted.
Coverages life2
It is what your insurance does cover you. The main one is death. You can find additional ones such as: disability, organic losses, funeral expenses, terminal illnesses, among others.
The beneficiaries
Those who receive compensation in the case provided by the policy. Pay special attention when you designate your beneficiaries:
a) Write the full name clearly and precisely, specifying the percentage of the insured amount that corresponds to each one (verify that the percentage adds up to 100%).
b) Do not choose minors as beneficiaries.
c) Do not designate beneficiaries who collect the insured amount and give it to another person, as their obligation will be only moral.
Save with your insurance
Within life insurance there is a product known as endowment insurance. This combines savings with protection, that is, if you do not die, you receive the sum insured at the end of the term, as long as the survival coverage is contracted. The survival benefit will depend on the terms of the insurance contracted. In case you die, it is your beneficiary who receives that amount.
Compare and choose
Before taking out life insurance, find out and compare options. Go to www.buro.gob.mx and know the characteristics of the insurance offered in the market, their claims, penalties, qualifications, among other information. In addition, you can consult the national catalog of financial products and services.
Who said they are expensive?
One of the great myths is the false belief that insurance is expensive, however, it exists in the market accessible to all types of pockets. A clear example is Standardized Basic Insurance; specially designed to protect you from the most common risks. Their main quality is that they are easily comparable, since within each branch they all have the same characteristics and only the premium changes according to the insurer that you hire, in addition, they have simple conditions and simple requirements for the claim and payment of claims.
There are five types:
Lifetime.
Civil Liability for Automobile.
Personal accidents.
Medical expenses.
Health.
To learn more about them, we recommend using the RESBA (Basic Insurance Rate Registration) tool, which Condusef makes available to you at www.condusef.gob.mx.vida3
Your life insurance is a dynamic instrument, this allows you to modify its main conditions such as coverage, insured amount and premium according to your needs. Since throughout your life you can present different economic scenarios (receive higher or lower income) and personal (marry, have children, etc).
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