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What you should know about insurance



Insurance protects you financially from the risk of losing an asset that is difficult to replace

You can secure the asset that costs you most or what you value the most, which is a great value for you and which is difficult for you to recover with your own resources. 

If you have the idea that insurance is a drain on your budget because you may pay for it for many years and you may never get it, you may have to analyze whether it is in a state of illness, car accident or sudden death, and you will have enough economic means to deal with it. If the answer is no, this may change your view and consider that insurance is not an expense but a savings and savings procedure that applies in the event of an unwanted accident, for the future of your children, in order to protect against your heritage, etc.

Depending on the goals you have in life, what you planned to spend, your special needs, your health, etc., you can get life insurance, cars, personal accidents, major medical expenses, room and dental costs, etc. There is currently a variety of insurance on the market, so set priorities and focus on insurance or those you really need. Here are the five most common. 

Life insurance

In this insurance, the insurance company pays the beneficiaries an insured amount in the event survival or death of the insured, in accordance with the contracted terms, as a prerequisite for the policy to take effect. Key insurances include:

Temporary. This is 100% for the death and its validity for the specified period that has been contracted. If you die, the beneficiary (who could be one or more people) will receive the insurance amount, but if you survive, the insurance company will not return your money.

Employment conditions range from one, five, ten years, 25 years or at an advanced age (60 or 65 years). Your payments are the same during the duration of the period. When that period ends, the insurance company will recalculate the premium value according to your age and health. If you're going to hire him, ask if it's automatically renewed, because not all of them are renewable.

normal for life or for life. This insurance lasts the life of the insured. If he reaches the age of ninety-nine and is still alive, he receives the full amount of insurance.

Securing the endowment. It consists of risk insurance and savings insurance, under which if the insured dies ahead of time, the stipulated compensation is delivered to its beneficiaries, and if it escapes the said period, the insured amount will be handed over to him himself. Under the contract.

Basically you can hire them for 10, 15, 18, 20 and 25 years. Costs may vary by age, gender and health status, whether you are a smoker or not, the amount of insurance, the savings plan, or the additional coverage enjoyed by the insurance e.g., disability

cars insurance

Driving involves risks and responsibilities that can affect your assets, health or the health of third parties.

Car insurance protects you from damage or total or partial loss of your vehicle in the event of an accident or theft, as well as medical expenses resulting from the accident.

The most common forms of this type of insurance are limited coverage or extensive coverage. First covers:

a) Total theft of the car. It covers the total loss of the vehicle due to theft or assault, as well as material damage and losses as a result of this event.

b) Civil liability for damages to others. It protects the liability that the owner may incur for material damage to third parties in his property, bodily injury or death.

c) Medical expenses. The payment of medical expenses covers the bodily injury of the insured or other occupants of the vehicle, as a direct result of accidents that occur while traveling in the same thing.

d) Legal defense and advice, where the company provides you with professional legal services in the event of an accident or complete theft of the car.

For its part, extensive coverage, in addition to the above-mentioned risks, includes material damage that ensures the repair of direct damage to the vehicle as a result of collision, overturning, broken glass, fire, flooding, blows or natural phenomena, among other things.

Each company has its own criteria for estimating the cost of insurance based on the year and model of the vehicle, payment periods, in addition to user data, such as the area in which they live, age, gender, and marital status, among others. If you have any questions about what the limited coverage includes, ask your insurance agent.

Insurance for major medical expenses

They cover injury or disability that affects personal safety or the health of the insured, due to an accident or illness.

In this type of insurance, the insured, by paying a premium, covers hospital expenses, medical care, surgical interventions, food, medicines, clinical examinations, X-rays, etc., for the insured, and, where appropriate, to economic dependors when it is agreed upon in the policy.

Each insurance plan has specific (basic and non-core) coverage, so it's convenient to review the content of your document and confirm that the coverage of your contracted plan covers your needs.

To determine the premium amount, the insurance company takes into account factors such as age, insurance amounts, contracted coverage and health status, for which you will apply a medical questionnaire. It is important to do so honestly when you answer it, because failure to do so enables the insurance company to terminate the contract without any benefit to the insured.

If you plan to change companies and even plans in the future, it is very important that your insurance company give you support, so that they know your seniority, that is, the time you were covered by the previous insurance. Otherwise, the new company may not agree to cover pre-existing diseases (i.e. a disease that was medically diagnosed before the contract is signed) and that you will have to go through the waiting time again for those situations or illnesses required by the insurance company. (Pregnancy, cancer, HIV, etc.).

Educational insurance

Through a savings plan, they guarantee a sum of money that allows the university education to be covered by the palace. This insurance can be paid monthly, quarterly, semi-annual or annually.

In general, educational insurance focuses on university coverage, because the population with lower education compared to other educational levels.

Educational insurance works like any life insurance with a savings fund. Insurance companies are responsible for providing this type of product and the beneficiary will receive an insured amount at the age of 15, 18 or 22 years to continue his studies.

The parent or guardian is responsible for determining the university (public or private) in which the minor, degree or university function will study. At all times, you should think about the income you have. The insured amount varies if the contribution to a profession in a particular field (social and administrative, medicine and engineering, among other things).

If, for any reason, you wish to cancel this insurance after one or two years, you will not recover any amount due to the administrative expenses incurred by the insurance company. After this period you will receive a percentage of the insurance amount.

Securing the rooms of the house.

The companies you offer will provide a quote based on the area in which you live and the risks to the property. For example, the premium will be higher in high frequency earthquake places, such as Mexico City, Oaxaca, Puebla, etc. The premium also rises if your home is located in an area with a high crime rate.

This type of insurance is classified as follows:

1. Covering the insurance of furniture contents, for example, hardware, clothing, jewelry, artwork, etc.

2. Theft policy is paid only when it comes to theft with violence.

3. Natural disaster insurance covers damage caused by earthquakes, hurricanes or floods, among others. It has two modes:

a) The first covers the construction only.

b) The second also covers its content.

4. Fire protection protects all goods inside the house in addition to the building facilities.

When hiring, be careful when filling out formats.

Once you decide to get insured, check the contract carefully, taking into account the following points:

In an insurance application, a questionnaire must be answered;

Do not sign anything white, even if the insurance agent requests it.

Make sure that the contract contains all the items that were provided to you prior to recruitment.

If you've already hired

Read the terms of the policy carefully, and if nothing is entirely clear to you, ask your insurance agent to explain everything so you don't have any doubts.

Make sure all the information that appears in the contract, such as name, surname, age, coverage, insured amounts contracted, as well as the amount of the premium. If there is an error, you have 30 days to request a correction, and once this period has elapsed, the data will be considered correct.

Remember that premiums from insurance companies established by law in Mexico are tax deductible. In addition to the medical expenses incurred by the insured (deductibles, co-insurance, co-costs, and medical expenses not covered in the document).

Additional recommendations

a) Learn about the coverage. To understand it in the basics, ask yourself what the product is, what its benefits are, how much compensation is, and what is the scope of insurance, among other questions.

b) When comparing premiums to different insurance companies, you not only consider the cost of the premium as a separate thing, but also request information on the insured amounts, the risks covered, and the discount ratio, as well as the service provided, among other concepts. . Don't forget that the amount deducted and the co-insurance are expenses you incur at the time of the claim.

c) Compare different insurance alternatives with many insurance companies, each dealing with different terms and conditions and very variable rates.

d) Contract only with insurance companies established by law in Mexico and registered with the National Insurance and Insurance Commission (CNSF) (www.cnsf.gob.mx).

e) The insurance agent must have a cnsf certificate which must contain the name, image, validity, signature of the agent and CNSF administrator, in addition to the enterprise seal.

f) If you do not comply with the service, contact Condusef at 01-800-999-8080, for free long distances from anywhere in the Republic. If you live in Mexico City, call 53-400-999, or visit www.condusef.gob.mx.

g) When comparing the insurance of various major medical expenses, keep in mind the following: insured amounts, co-insurance, discount, medical fees, long-term covered diseases and additional services provided, among others.

h) In the case of major medical expenses insurance, read carefully what the pre-existence clause refers to by seniority: discover what the policy of each insurance company with regard to the diseases you are already experiencing at the time of the insurance contract, where some of them are likely to refuse to pay any services related to them.

i) If you and your family are healthy because they have good eating habits, do not smoke, do not exercise, etc., these factors not only contribute to reducing the risk of suffering from any disease, but can also be a determining factor at the time of quoting from your document, especially in adult coverage.

j) If you plan to change insurance companies, make sure that you retain the rights and benefits gained (seniority, coverage of pre-existing diseases, among other things).

k) When comparing car insurance, whatever the coverage, prioritize coverage and discounts. If your vehicle needs any repair, ask what type of workshops the insurance agency is authorizing.

l) Make sure that with your insurance policy they provide you with instructions, an office guide, as well as phone numbers to report claims.

m) Before hiring a home insurance policy, make a quote with many companies so that you can compare coverage and costs. When you hire, document your goods with invoices (if you have) as well as images of valuable equipment and products.

n) In general, before you contract any insurance, ask about your rights, obligations, rates, surcharges and restrictions. It's important you have no doubt.

Q) Depending on the insurance you are hiring, take your time to analyze whether or not you are going to get it. This procedure is personal, and for this reason, do not allow anyone to click on you or want to intervene to make your final decision.

p) To get an idea of how much insurance costs, check out the simulators provided by online companies.

p) Documents that identify you as a believer, keep them in a safe and accessible place, perhaps you can use them in the least anticipated moments. It is important that someone else know where these documents are, if you need them and cannot access them.

Glossary of terms

Beneficiary. The person who receives the agreed or contracted compensation or benefit.

Coverage. It is the responsibility of your insurance company, for which you are responsible, up to the prescribed limit, for the risks and economic consequences of the claim.

Currency insurance is a percentage that is paid out of total expenses by the insured.

Damage. Any personal or material loss, partial or total, incurred by a material or moral person in his or her life or inheritance.

For the discount.  The amount or percentage specified in the policies responsible for the insured is not compensation by the insurance company.

Happened. It is a sudden or violent event that cannot be expected or avoided, resulting in the destruction or destruction of objects or insured persons.

Compensation. The amount that the insurance company will pay you in the event of a claim, in accordance with the terms of the policy.

The insurance policy. An instrument confirming the contract. It must contain all the rules governing the contractual relationship between the insurance company and you.

Premium. The cost or price of the insurance. The money is covered by you. It is determined by the insurance company and aims to protect it, in the terms of the policy.

The risk. Is the possibility of an accident in the person. Yes, they are provided under the terms of the document.

Wicked. Event or fact expected in the contract. It creates an obligation by the insurance company to compensate you.

The amount of insurance. The maximum amount that will be paid to you in the event of a claim.

.Validity. The duration of the contract



 

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