We are at the beginning of a very promising year, where we seek to fulfill our purposes and in which surely one of them is to manage our finances well, right? One way to do this is by taking out some type of insurance (life being one of the most requested), but what is the price of life insurance? Don’t worry, in this article we will talk to you in more detail about this policy and how it protects you financially.
Index: In this article you will find
Benefits of life insurance
The importance of having life insurance
As you know, no one is exempt from suffering some type of accident, illness or even loss. That is why, before you or your family run the risk of being in a compromising situation, it is ideal to have one.
Having life insurance will not only protect your health, but is also designed to maintain your financial peace of mind, especially when acquiring a mortgage loan .
Well, if you have a loan, important fixed expenses or debts, prevent them from falling directly on your family in case you are absent.
The price of life insurance depends on you
Did you know that 8 out of 10 Mexicans do not have any life insurance , this is because in Mexico there is a bad belief that life insurance is a “luxury” product , but the surprising thing is how much it costs to contract it, since it is much more cheaper than you imagine.
You can protect yourself for amounts ranging from 500 thousand to one and a half million pesos; that can be hired for up to 150 pesos per month.
Its cost is directly linked to aspects such as the insurer’s criteria, additional coverage, the age of the insured, whether they practice activities or have a high-risk profession, whether they have or have had a serious illness or have addictions such as smoking or alcoholism.
Consider that insurers can also include services to complement your policy such as:
- Repatriation (in case of experiencing an accident abroad).
- Savings plan or retirement fund.
- Protection for your children’s education.
- Estate insurance, etc.
What is the annual price of life insurance?
The price will depend on the sum insured you want and the complements you request when contracting it, as this may vary the annual cost of your life insurance. Prices can be between $7,000 and $20,000 annually and in some cases you have the option of paying monthly, quarterly or semi-annually.
To find out in more detail the price of life insurance, you can enter the page of the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) by simply providing the age, sex and amount of the insurance.
Benefits of life insurance
As we have said previously, with this policy you will provide protection for you and your family.
But also, one of its purposes is to avoid an economic impact and be prepared in the short, medium and long term.
Among the benefits it offers are:
1. Compensation
The beneficiary receives a financial amount from the insurer.
2. Flexibility
The conditions of the policy can be adjusted or changed to suit the different needs of the beneficiary.
3. Free from embargoes
The insured sum is delivered in full, even if the deceased had debts.
4. Tranquility
This is one of the main reasons why many people decide to take out life insurance .
One of the great benefits of life insurance is that, if due to an accident or illness you have to leave your job, life insurance is a great way to ensure that you and your family have nothing to worry about.
Mortgages and life insurance
This product guarantees the insured that, in the event of death or permanent disability, their immediate family members will be compensated with the financial amount established.
Or to the beneficiaries of the policy and if you have a debt such as the mortgage , this will also be responsible for covering it.
They are contracted at the time the mortgage loan is approved and their maximum duration is the time the loan is active.
Although they are not mandatory, they are highly recommended as they allow the family and beneficiaries to be protected from possible future unforeseen events.
As such, the price of mortgage life insurance cannot be fixed, but quite the opposite, it will depend on certain factors, such as: your age and how much you need to insure.
Plan your future
Therefore, when searching for your protection, always take into account that the most important thing is to cover the backs of your loved ones and, to do so, if it is your objective, you will sign the most complete contract.
And the calculation is done the same as for any type of insurance because the risk that is measured is the same, in this sense, there should be no difference in price due to the concept of the product.
How to apply life insurance for my mortgage?
Having life insurance for a mortgage is a great advantage, since the burden of that loan, which can be a large outlay, disappears. Well, in the event of death, life insurance for mortgage, the heirs are free to face the debt.
In summary, taking out life insurance is a benefit that you can obtain for your family, protect yourself!
Remember that the price of this insurance is not what is important, but the integrity of your loved ones, because no one knows what will happen tomorrow.
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