The Colombian Association of Insurance Brokers as a result of the pandemic and the impact it was for Colombia due to the deaths that occurred recommended to many companies who have a better service, in prices, coverage, quality and have all the information they would need so that people can be more informed and can count on life insurance to prevent any emergency and be prepared in case it is ever time to return To go through something similar, that is why they recommended having life insurance. Next, we will give you more detail about what it is to have life insurance, the benefits and the types that exist in Colombia.
WHAT IS LIFE INSURANCE?
Life insurance is an agreement with an insurance company to access compensation for death, an accident that leaves us unable to continue with our jobs, illnesses. However, to receive that support we need to pay a premium, of course depending on the type of insurance we have.
It is an ideal option and we need to have our families protected so we can avoid that concern to our loved ones if we die or suffer an accident.
This is a benefit for ourselves and for our family at any time this is a backup at the time we suffer an accident, illness that will cause death as we had mentioned according to the insurance information institute, these economic supports for our family to not leave them helpless There are a variety of types of insurance, The insurance that we would like to join depends on our age, gender, our health payments can be made monthly or annual, take into account to affiliate The important thing is to know very well the type of insurance we have hired, make the doubts we have with the staff that gave us the information, the amount we must pay, What contains the type of insurance that we decided, which is what covers our family so much if something happens to us do not leave our family without any support.
HOW DOES LIFE INSURANCE WORK?
Life insurance works this way, when we decide to have this protection we must explain to the beneficiary we have chosen so that they know how to act at the moment that is required.
In the first place, you must be clear with the company the agreed amount, the type of insurance to receive compensation in case of death or if we suffer an accident or illness of the insured.
Secondly, take into account the necessary documents to present and thus be able to demand compensation from the contracted insurer. So you can have the money in the time that the policy was agreed depending on the situation.
WHAT DOES LIFE INSURANCE COVER?
The breadth covered by each insurance depends on the type of insurance we have chosen as we explained a moment ago, despite all this insurance covers natural death, accidental death, disability and what it protects in case we have an accident hospitalization, medical expenses, medicines, whatever is needed.
You may also have wondered if you can buy insurance if you have an existing health condition. We can answer you with a IF we have one that is different from the life insurance of a person who does not have an illness, that is, when these cases happen the insurer has a plan with an increase in the base insurance premium, increases a surcharge to cover a circumstance of a greater risk for the insurance, That is why, the state of the existing disease must be notified, otherwise the chosen person can lose the agreed compensation if they prove that there was a pre-existence.
With everything that has been happening people have become aware at any time they will no longer be part of this world, they are concerned about the future of their relatives that is why they are obliged to seek life insurance to have support and financial stability so that they can continue enjoying their lives.
WHAT TYPES OF LIFE INSURANCE EXIST IN COLOMBIA?
INDIVIDUAL LIFE INSURANCE.
This insurance is more heard among people. The coverage contracted under the established conditions. It usually protects against deaths, accidents and illnesses. It is advisable to add a bonus for hospitalization, psychological counseling in case of accidents and among others. It is a fixed period of validity.
FAMILY LIFE INSURANCE.
It acts in the same way as individual life insurance, with the difference authorizing that direct relatives can be included in assistance for illnesses. Each insurer has its own indications, but spouses, children under 25, and parents under 66 may be able to be protected.
LIFE INSURANCE WITH SAVINGS.
This type of insurance allows us to add an extra to your fixed fee that is assigned to savings. In this way, in addition to the amount for which we join this policy, the designated persons will receive what was collected from us in case of an accident or an illness, death. Not all products allow us to set the amount from time to time.
WHOLE LIFE INSURANCE.
The important thing about this insurance is with just the payment of only one installment we have the peace of mind that will ensure us until an advanced age. If at the end of the policy we are still alive and have not used under any circumstances we can withdraw the amount at the time we want in our contract.
LIFE INSURANCE FOR DEBTS.
This gives us the same support as those we have been mentioning, adding this insurance offers us financial help to be able to back the debts we have at the time of our death. Therefore, our family should not worry about commitments or payments we have with a bank.
HOW TO CHOOSE BETTER LIFE INSURANCE?
To begin, it is a support to leave our family extra money, to protect your income in case something happens to you and you can no longer continue supporting your loved ones, so that we can choose the best insurer in Colombia we must analyze the information provided, make the corresponding inquiries before joining one and thus be able to choose and make a decision with all the security, We must be very clear that insurance depends on what we are really looking for and meets what is necessary.
PROTECT OUR FAMILY’S STANDARD OF LIVING
All options can work for us since they all provide compensation to the beneficiary in case of death. The main thing is that the agreed amount for our compensation can be correctly decided, taking into account the condition of your family. There is no comparison to the capital that is needed if we live renting or if we own a domicile.
IF YOU WANT AS AN INHERITANCE.
If no person depends on us financially, we can purchase life insurance to leave an amount of money to our family in the event that we have died. We also work any of the opportunities in the market, to comply with the conditions agreed at the time we made the affiliation.
INVESTMENT TOOL.
If we see this insurance as an investment we can hire the insurance with savings. Likewise, we can have a profit, receive a return, having a profit from time to time and having flexibility to make withdrawals of money. We must pay attention to the conditions agreed with our insurer to be able to choose the one that suits us best.
PROTECT YOUR ASSETS.
The most considerable are the additional ones that we hire from our life insurance, many insurers provide us with a bonus for hospitalization, oncological therapies. The best way to have our assets safe without jeopardizing the financial stability in our family is to have support for the situations that may arise.
STEP BY STEP FOR THE CONTRACTING OF LIFE INSURANCE
I. CHOOSING THE TYPE OF INSURANCE
First, we have to determine the type of insurance that meets the prospects we want. Take into consideration each of the benefits offered by the insurer with the different options and choose just your loved ones the best option.
II. FILL OUT A FORM
Secondly, we must complete the insurance application on the page that they tell us how they also send us to our personal email as we make us feel comfortable the way to get the form. They require us to include all the necessary personal and medical information, the type of policy chosen and some more data that will ask us to close the contract.
III. WAIT FOR CONFIRMATION AND THE AGREEMENT AGREED WITH THE INSURER
Finally, the life insurer that we have chosen to join is within the right to review our background and compare our information provided if everything is correct, the insurer will contact us to completely close the commitment. Some organizations that provide these insurances from the moment they confirm the conditions, even before having the policy in our hands.