Insurance is contracted by which, in exchange for the collection of a premium, the insurance company undertakes to compensate for the damage caused or satisfy a capital or rent in the event of an accident. Before hiring one, it is convenient to know what types exist, the insurance costs, and what they mean for our financial health.
The companies in the sector offer many kinds of insurance that cover all aspects of the life of a person and companies. These products are a good tool for planning and forecasting the future, but it is essential to bear in mind that their cost can vary greatly depending on the type of coverage and the country in which it is contracted.
They include all the risks that can affect a person’s physical integrity, health, or existence. They are classified in:
- Life insurance is used so that the beneficiaries can have economic security in the event of the death of the insured person or total or permanent disability.
- Personal accident insurance: these are care services and benefits. The insured can be compensated if he suffers an injury or disability due to an accident and also in the event of death.
- Health or illness insurance: offers health coverage when needed, in addition to capital benefit or reimbursement of health expenses.
- Dependency insurance: covers clients who have some diagnosed physical or mental limitation, due to which they need a person to assist them.
Property or damage insurance covers the risks of personal assets and companies. They are divided into:
- Car insurance covers the risks that can be run when driving and is required by law to circulate. Coverage against theft, fire, and damage to the vehicle can be included.
- Engineering insurance: they are specialized in property damage due to accidents caused by natural phenomena, human error, the action of things, or natural wear.
- Multi-risk insurance: they cover a wide variety of risks by contracting a single insurance policy.
- Credit insurance: covers losses due to insolvency of debtors.
- Theft insurance: they are contracted in the event of possible illegitimate theft (theft) of the insured property, mediating violence or intimidation.
- Transport insurance guarantees coverage for material damage that the goods or transport may suffer.
- Fire insurance covers the damage caused if the insured object catches fire.
- Civil liability insurance is contracted to indemnify the third party when the insured is civilly liable for the damages or losses caused.
Service provision insurance:
The insurer’s obligation consists of providing a service to the insured.
- Travel assistance insurance: covers contingencies in the realization of a trip.
- Funeral insurance: covers the expenses derived from the funeral of the insured and the procedures and procedures that must be carried out at the time of death.
- Legal defense insurance: they focus on legal and extrajudicial assistance services.
Before hiring a product with these characteristics, you should know:
- What are the risks that must be covered?
- How much would it cost to deal with them without insurance?
- How much could you save if you take out insurance?
To help with this task, there are tools, such as online simulators or calculators, which provide the user with all this data by simply filling out a simple questionnaire. These simulators allow you to compare the prices of the different entities, something that is necessary to do every time you are going to contract a financial product. If you need the advice of an expert, you can always turn to your agent, broker, or bank-insurance entity to serve as a guide when hiring.
BBVA Seguros launches a digital travel assistance insurance. The bank’s clients will be protected if an illness, accident, or other unforeseen event occurs during a trip to any country in the world and prevents them from enjoying the experience. In addition, thanks to technology, at the very moment of purchasing the trip, the customer receives a notification on their mobile to contract it quickly and easily.
Once you have opted for insurance, it is essential to decide how you will pay for it. It should be borne in mind that, on occasions, payment in installations can lead to an increase in the final price, so it is necessary to be well informed before signing.
The possibility of grouping all your insurance
BBVA has, at the disposal of users, all kinds of information about the supplemental life insurance it offers and a series of simulators that allow the cost of the premium to be calculated according to the situation of each one. Thanks to these tools, people who want to take out insurance through BBVA will know in advance the premium price, according to the variables they indicate. In addition, the entity offers the ‘ EstarSeguro Plan ‘to its customers, which allows them to group the payment of their BBVA insurance (home, health, auto, life, or work disability for the self-employed) in a single receipt, dividing their amount over twelve months, with no additional cost or commitment to stay and enjoy bonuses based on the number of policies included. In this way, it is easier to save by taking out various insurance policies and planning your finances so that your payment does not entail any headaches.
Financial health, BBVA’s strategic priority
Good personal, family, or business financial health is key to facing unforeseen events and meeting the plans to which one aspires.
BBVA believes that improving financial well-being should be within everyone’s reach and, for this reason, it has made financial health one of its six strategic priorities. The entity wants to support people and companies to achieve financial health through personalized solutions, motivating and empowering them to increase their peace of mind and security.
In addition, the bank understands financial health as a four-step journey, which begins with day-to-day control, continues with savings, continues with debt management, and ends with planning for the future. Many of the tools to accompany customers on this journey are offered through its mobile application, which brings together the power of technology, data, and the experience of its human team.
BBVA helps customers plan to meet their goals and live with peace of mind throughout their lives through advice on savings and investment products and solutions that add value and knowledge for better wealth management.