Life insurance in Mexico 2022 : Types and Coverage

How to protect those you love is the most important thing is one of the questions that millions of Mexicans ask and one of the ways is to have at least some types of life insurance in Mexico, whether public or private.

What is a insurance of life?

Bone life insurance in mexico it allows you to protect your family and others who depend on your income.

If an unexpected event in the family means death or disability, it could be you or someone else who depends on your income.

The insurer where you contracted the life insurance service in Mexico will pay one of the money to the person you have designated in your policy.

 

Why do you have life insurance?

One of the reasons is to care for and protect your family, we take care of your health and seek your well-being in the family environment, such as:

  • The tranquility of your family

With life insurance your family recovers its economic stability after 2 years.

Insurance companies in Mexico cover you for any unexpected event according to your contracted policy.

It can warn or anticipate the high expenses that they could have in the face of a possible serious illness so that you only deal with dirtying later.

What do you get when you purchase your life insurance in Mexico?

its variety Benefits that you can have if you get some kind of life insurance in Mexico.

  • For death regardless of cause

For example, the insurer bbva.mx beneficiaries can receive an amount of + $30,000 Additional pesos for funeral expenses.

But also a mountain of $600,000 in case of accidental death of the insured.

Keep the possibility of enjoying those important experiences of your life; It’s like getting married, having children, or buying a new house.

If for any reason, cause or circumstance you suffer an accident, you will have financial support in case of hospitalization for more than 2 days, everything depends on your life insurance policy coverage.

What does life insurance cover?

These are some of the following coverages that could be included with your life insurance policy:

  1. death

If for any reason or reason, you lose your life and the contract of insurance policy of life is in force.

The insurer or insurance company where you have signed the life insurance contract will pay the insured sum to the beneficiaries of the insurance policy holder.

  1. Funeral expenses

Among the extra coverages that the insurance companies in Mexicoits policyholders are responsible for all the costs involved in the death of the holder.

  1. disease terminal

Other coverages that have additional, contemplate partial or advance payment, the insured amount if it suffers from a fermentation terminal.

  1. invalidate total

Some insurance companies among their coverage they place the invalidate as coverage and others include it within the life insurance policy.

The services offered by insurers, if they suffer an accident you become disabled, the coverage pays the sum.

  1. school compensation

As the most used ultimate cover or what to offer, insurance companies seek to protect your children’s education.

In this way, if you are no longer here, the insured sum is granted for what you hired to pay for your studies.

  1. Medical assistance

Whether it’s for you to take care of your health, among the coverage offered by insurers is telephone medical advice, home doctor or land ambulance if you need them.

  1. home assistance

For example, the insurer bbva.mx offers coverage up to 3 events per year for up to $750 pesos

With the installation of electronic equipment such as; plumbing or repair damage to your home.

  1. Daily support for hospitalization

We also offer additional coverage such as with him, they reimburse the amount you choose for each day you have been hospitalized.

These coverages, if they have a cause of an accident or illness, are presented from the third day of hospitalization.

  1. Cancer diagnosis chart

Other additional coverage that insurers have, which provide an amount if you are diagnosed with cancer for the first time.

How to collect life insurance in Mexico?

life insurance in mexico

All life insurance that is regulated by cnsf and they work in a similar way.

However, it does not always follow the same procedure to be charged in each insurance company, each one has its requirements.

These are the steps to follow to apply for life insurance, as described below:

As an insured you must notify within five calendar days in the company.

This insurance company performs the verification or verification and determines the circumstances of the death.

As the insured has to present the complete documentation, he required the insured to make the compensation in a period of approximately 30 business days.

These are the requirements that you must meet, how to collect life insurance in Mexico is to present the following information:

  1. Act of function
  2. Request for claim by the beneficiaries duly signed
  3. insurance birth certificate
  4. CURP of the insured
  5. Birth certificate of the beneficiaries of each
  6. Identification of the beneficiaries copy of the DNS
  7. Identification of the insured holder
  8. Certificate of action from the Public Ministry, this is in case the death was accidental
  9. Original policy issued by the insurer

Recommendations before hiring in this segment

Take careful note of this list of recommendations before purchasing life insurance in Mexico.

If necessary, contact your trusted insurance agent, not just anyone if necessary.

Get very good advice through your insurance agent and ask all your questions to find out how to be:

First question is what are the different types of insurance that there are in Mexico that they offer

  1. What does it cover?
  2. What is not covered by life insurance?
  3. Up to what limits does the insurance company respond?
  4. What requirements must be met or procedures to obtain the service
  5. Tax aspects to be considered and taken into account
  6. What are the steps to follow to request telephone assistance if required?

Other important recommendations:

  1. That the application is signed by the applicant and contractor
  2. Avoid omitting information or falsifying statements
  3. Answer all the request personally
  4. That does not have erasures or amendments
  5. Choose the plan according to your needs
  6. Analyze well, choose the coverage and additional benefits according to your protection or savings needs

What types of life insurance exist in Mexico?

What types of life insurance are there? Here we detail the most common and recognized.

  1. term life insurance
  2. whole life insurance
  3. Savings insurance or for cases of survival or retirement
  4. mixed insurance
  5. rent insurance
  6. Risk Life Insurance
  7. investment life insurance
  8. flexible segments
  9. Family Insurance
  10. Ordinary or life insurance

They are the mixed insurance that insurance companies in Mexico traditionally offer.

How much does life insurance cost in Mexico?

The cost of life insurance depends on a number of factors such as; what types of life insurance you need and what coverages you require is practically what defines the cost of life insurance.

In Mexico, many institutions linked to the insurance market allow you to decide the amount you want according to your financial capacity to insure for your family, it can range from $100,000 up to approximately $1,500,000.

Of course everything will depend, age, gender and risk factors will give you the premium or the amount you will pay can be monthly or annually.

As an example, the insurer BBVA, It has a minimum cost from 250,000 pesos, for a 30-year-old woman, you will pay around 100 pesos a month.

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