80% of Mexicans are unprotected and at risk of falling into poverty due to the lack of insurance that safeguards their health, vehicle, housing, family, and assets from potential damages caused by events such as accidents, illnesses, natural disasters, thefts, and earthquakes. According to Juan Luis Ordaz, director of Financial Education at Banamex, it is crucial to have a policy to ensure daily peace of mind and financial security.
Insurance is a financial tool that transfers certain risks to an insurer, which will cover total or partial damages caused by an unforeseen event. It helps to face different expenses after the insured's death and to plan the family estate in the long term. In Mexico, having car insurance is mandatory to drive on federal highways and in Mexico City.
To ensure a sustainable quality of life during retirement, it is suggested to consider additional savings or a pension plan that provides economic stability during that stage. The National Survey on Financial Inclusion reveals that only 20.7% of the Mexican population has various types of insurance, leaving the remaining 79.3% vulnerable to unforeseen events.
The advice before purchasing any insurance is to carefully review the clauses of the policy, ensure what aspects it covers, and what its scope is. It is essential to compare different insurance options, verify their backing from competent institutions, and confirm that the insurance agent is officially registered.
An educational insurance guarantees a savings plan for the education of children in the event of the parents' death or financial difficulties. On the other hand, homeowners insurance protects the home and its inhabitants against thefts, natural disasters such as earthquakes, floods, fires, and other material damages. Likewise, car insurance covers from total theft to damages to third parties and physical harm to the occupants of the vehicle.
Regarding medical expense insurance, it offers peace of mind to face health-related eventualities. It is essential to educate oneself about coverage, costs, deductibles, and coinsurance, as well as to compare different options to choose the one that best meets the needs of each person and their family.
