When taking out insurance, it is necessary to take into account that the insured has rights and duties
The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) informs about Natioal insurance pay and its importance. Insurances are contracts in which the client makes a payment, called premium (insurance cost), and with For this reason, the insurer agrees to pay a certain amount (sum insured) in the event of an accident or unfortunate event. The importance of having one is that it provides protection to the insured person and/or beneficiaries in the event of an emergency that we are rarely prepared to face.
Among what can be insured is: your family, your home, your health, your children’s education, your car, business, pet and more. In addition, to fully understand how they work, you must know concepts such as: premium, policy, deductible, coinsurance, claim, coverage and exclusions, among others.
According to the 2018 National Survey of Financial Inclusion (ENIF), in Mexico 25% of the population has taken out insurance, while 75% do not. Of that 75% who do not have insurance, only 13% mention that they have ever had one, and 87% have never had one.
The best insurance for you will be the one that covers your needs and adjusts to your economic capacity. In the market there is a wide variety at different prices that can be accommodated to your budget, which cover practically everything and that you can pay monthly, quarterly, semi-annually or annually, some of the most used are:
- Life insurance: Its purpose is to financially protect the beneficiaries of the insured person, in case they die or become disabled due to an accident or illness, according to the policy coverage.
There are two types of insurance: endowment, which is savings insurance and is delivered in the event that the insured survives; and those of death, are paid to the beneficiaries if the insured dies.
- Major Medical Expenses Insurance: It is responsible for covering hospital expenses for illnesses or accidents that are previously stipulated in the policy. Basic coverage includes medical fees, treatments, diagnostic aids, analysis, etc.
For these insurances it is important to consider aspects such as the sum insured, coinsurance and deductible.
- Car insurance: There are several coverages, the most frequent being: civil liability, total theft, property damage, and medical expenses for occupants.
- Home insurance: This is a policy to protect your home and its contents, from total or partial damage, with full coverage or a percentage of the expenses. The most common coverages are: repair of damages caused by a natural phenomenon (earthquakes, flood, fire), compensation for personal belongings, family civil liability, home theft and different maintenance services.
THE CONDUSEF recommends that you consider the following before hiring:
- Use online simulators or calculators to compare the prices of different insurers.
- Read carefully before signing, check that the policy has the correct information, both yours and, where appropriate, the beneficiaries.
- Review in detail the insured amount, coverage, general conditions and mainly the exclusions, that all the benefits that were offered are reflected.
- All the general conditions of the insurances must inform the telephone numbers and requirements for any claim.
- Ask the real cost of the insurance, that is, the premium you will pay.
- Request the contractual documentation that contains the detailed information of the insurance contracted.
- There are insurances that handle the payment of a deductible and/or coinsurance, which in the event of a claim, are expenses that the insured must do additionally.
- Check the validity of the insurance to find out how long it will cover you.
- For the cancellation process, consider that many insurances are automatically charged to credit, a credit card, or billing for other commercial services.
- Ask everything that is not clear to you, it is your right.