October 2, 2015
Regarding Life Insurance in Mexico, is very important how to fill out the application and tell the truth regarding the medical history of the insured, dates of birth etc… as some people request their policies when they know they have a terminal sickness death ahead and in case of such event, the insurance company can easy discover the lies on the application and certainly will deny coverage. Saying the truth will guarantee that if the insurer binds coverage anything ahead will be duly covered. There are individual policies and group policies, these latter are annual.
As to what policy to buy, it depends of what you need: is it to cover your own retirement program? Once you are sufficiently old that are unable to work anymore , still you have not died and during your best times did not save enough? this is one of the solutions to that problem, perhaps the worst of all Longevity ,then you need a policy with savings, these policies are called Dotal. Similar case if you want to guarantee the college education of your family, you can fund some savings.
Another case if it is to cover a credit, such as a home or real estate, you need term life, etc., We recommend our clients that do not have economic dependants not to buy life insurance and get some other type of investments.
Life policies can be accumulated since you can have several policies and there will not be concurrency as in other lines of insurance where if your house is insured twice, then insurers will split the payment and you will collect only up to the value once.
All policies cover for death and there should always be a beneficiary of the insurance; some additional benefits which are optional are some disabilities temporary or permanent, and also optional is to cover due to accident double or triple the death sum insured.