Tips for choosing insurance – El Heraldo de Chihuahua

By Luis Arturo Gómez

The best insurance is the one that adapts to your specific needs today and in the future. That is why it is very important that you compare various options and select the right insurance for you. Here are some aspects to consider before hiring insurance:

1. What are you going to insure. In the world of insurance you can practically insure anything, some of the most common things are a car, a house, your children’s education, major medical expenses, among others. Therefore, before deciding to take out some type of insurance, you should carefully analyze what stage of life you are in and what you need to insure. If you are just starting your working life, the ideal would be to take out major medical insurance and a retirement savings plan. If you are at the climax of your productive stage, you must insure your car, your house, your life, your business and the education of your children.

2. Review, compare and decide.- There are similar services in different institutions, but many times there are some that have specific characteristics that could better meet your needs, so it is very important that you compare between different options, paying special attention to the insured amount, coverage and exclusions.

3. Evaluate the cost-benefit.- Check in detail if you really need everything that the insurance they are offering you includes. Generally we get carried away by the lower price, however, it may be that this type of insurance does not cover all our needs. Remember to compare options in order to choose the insurance that suits your particular situation.

4. Organize your income.- Insurance is not an expense, but an investment; For this reason, you must make a place for them within your budget and prioritize them above other expenses that are not so essential. Check how much you could allocate to pay the policy and look for payment plans that do not compromise other commitments and expenses that you may have.

5. Get informed.- You don’t have to be an insurance expert, but you do have to be familiar with some terms, such as:

1. Sum assured.- It is the maximum amount that the insurer will pay in the event of a claim.

2. Covers.- They are the specific risks covered by the policy you are contracting.

3. Exclusions.- They are all those risks that insurance does not cover.

4. Policy.- It is the contract that contains the general, particular or special conditions to which the insured and the insurer undertake.

5. Before.– It is the cost of contracting the insurance

6. Seek advice.- If you have already decided which insurance you are going to contract, approach the different insurance institutions so that they can guide you and explain your rights and obligations, as well as the general conditions of the policy.

Insurance is a fundamental part of a good financial culture, it represents an investment to protect your life, your health, your family and your assets, but you must choose carefully what you are hiring and understand perfectly how it works.

LAF and MF Luis Gómez

Financial analyst

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