BAC Costa Rica Offers Low Cost Life Insurance

©image: BAC BAMER

Another characteristic of this kind of policy is that there is no need to renew it every year and it covers natural and accidental death, total or permanent disability due to accidental causes and funeral expenses.

“People can choose whether to purchase the insurance in colones or dollars up to a maximum of ¢50 million ($94,000). For example, a ¢5 million ($9,400) policy costs ¢3,764 per month ($7),” reported Nacion.com.

Source: Nacion.com

More on this topic

Insurance Competition in Costa Rica a Reality

May 2009

Beginning in June, Seguros del Magisterio SA (Teacher’s Insurance) will be the first competitor for the INS, offering eight personal insurance policies.

The new insurer, owned by the Teacher’s Life Insurance Society reported that transactions will begin no later than the second half of July, thus becoming the first competitor for the National Insurance Institute.

Pan American Life To Sell Insurance in Costa Rica

June 2010

Pan American Life Insurance was finally authorized by the Insurance Superintendence to operate in the country.

The company will sell individual life and health insurance, as well as group life, accident and health insurance. One of its core products is a policy for large medical costs, which will allow individuals to get expensive health care both in Costa Rica and abroad.

Competency in Insurance Already Exists in Costa Rica

February 2009

Magisterio S.A. insurance is the first business authorized by SUPEN to operate in the market of national insurance that was up to now a monopoly of the state, INS.

The business is owned by Sociedad de Seguros de Vida del Magisterio, which already offered life insurance to the members of the teaching community and their relatives – a sector which included 22.000 individual clients and more than 40,000 in group insurance - in which they were the only exception to the monopoly of the National Institute of Insurance. Now, it will be authorized to offer its products to all of the domestic market, without restrictions.

Seguros del Magisterio Authorized to Sell Insurance

June 2009

The Costa Rican regulating entity granted the insurance company approval to market their insurance policies today.

The general manager of the Magisterio life insurance company, Georgina Díaz, reported that the company is in the phase of the process in which they can notify the public and conduct marketing for their services.