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Seven points to consider when choosing the insurance

The pandemic taught us the need to prevent and protect ourselves from any unexpected situation, the purchase of some insurance seems to be a good response to these situations, however with such a wide range of opportunities this seems perhaps a bigger exercise than those that We think, how to choose the most complete, the one that best fits or one that fits my expenses.

There are quite a few types of insurance, however, before going to an advisor in search of more information about insurance offers, the most important thing is to get to know us in order to choose the appropriate insurance, an exercise recommended by the Financial Education Committee of the Association of Banks. Mexico is summarized in these seven steps.

Steps to choose insurance

  • The first step is to recognize what stage of life you are in: a young man with an independent life who begins his working life in a stable way, or a consolidated adult with a longer time in a job, as well as an older man who is about to enter to your old age or already enjoying your retirement.
  • Identify who your economic dependents are, in many cases it may seem that not having children translates into not having any economic dependents, however your parents, partner, friends, or some other type of relative who could be part of your financial dependents and they must also be taken into account.
  • Recognize the type of income you maintain, this can be identified in two categories: fixed income or variable income.
  • Once you have reviewed the type of income you have, remember to start a table of expenses, buy your expenses and your income, in this way you ensure that you do not have an expense greater than the income received.
  • Consider your short, medium and long term goals, this results in knowing what type of insurance has that coverage that you will need in the future, from buying a car, or having a partner, your own business.
  • There are always risks, however, it is good to identify what risks exist due to the activities we develop, whether at work or if we practice any sport outside; Maybe your work is totally in the office but you practice cycling, motorcycle rides, or weights during the weekends, which are a type of risk that you should take into account.
  • Another type of risk involved in insurance coverage are those related to the environment, possibly the risks are greater for a person who travels every day by car from city to city, the risk of living in flood zones will also be different. or earthquakes.

With these points we will be able to recognize what type of insurance we need for our home, health, automobile, and look for the one that meets the highest coverage according to individual needs and concerns.