How to Choose an Insurance Company

When evaluating how to Choose an Insurance Company, it is convenient to make sure that the insurance company:

-          Is reliable

-          Has an excellent financial backup

-          Is consistent between what if offers and what it provides

-          Extends constant training and updating to its staff and agents

-          Specializes in the particular required area

-          Is registered with the National Insurance and Bonding Commission, organism in charge of regulating insurance companies.

-           Is endorsed by a renowned certifying company.

-          The policy expresses what it offers clearly and in writing.

-          Is backed up by national and foreign insurance companies.

INSURANCE MISCONCEPTIONS 

-          Insurance is useless

-          Insurance companies don’t pay.

-          My dad (or grandfather) bought insurance and in the end they fell through

-          I know a better way of investing my money.

COMMON REASONS FOR WHICH INSURANCE COMPANIES FAIL TO PAY

-          Policy was issued but not paid.

-          It was only paid for a couple of years, put away in a drawer, someone found it while cleaning the deceases' belongings and decided to claim it without knowing the precedents.

-          It was a temporary insurance or benefit from a company for which the holder worked.

-          It was hired exclusively for an accidental death and the demise was due to an illness.

-          It was hired, never updated and lost its purchasing power as time went by.

POLICY EXCLUSION

-          Insurance Premium is not paid for.

-          The holder takes part in brawls or rebellion and war acts, causing damage to him or herself voluntarily.

-          Omissions, inaccurate statements or suicide, when the seniority of the policy is under two years.