2023-05-12 07:27:37
Purchasing a credit card is almost inherent in having insurance that comes with it to protect the user, and while there are plenty of safehave you ever wondered Which ones are you entitled to? Whether or not you can choose them’ and how much do they cost?
Probably, you have only seen them in the conditions, but you have not detailed them, that’s why at LR we consulted some entities to tell you how this feature that their plastics include works.
First, it is worth understanding how this modality works. In the case of life insurance, the insurer that provides the service cannot be chosen since it is required to be acquiredHowever, others that are not do offer the user the possibility of choosing the company that provides the protection.
“Every time a person acquires a debt, in turn, acquire debtor insurance that supports the family so that they do not have to assume responsibility for payment in the event of disability or death of the holder”, indicates Álvaro Cobo, VP of bancassurance and digital business at Seguros Bolívar.
Cobo specifies that the banks are the ones who decide whether or not to include the value of the insurance in the handling fee, also indicating that they work with banks such as Davivienda, Banco Unión, and Banco Pichincha.
The latter, for example, only charges it “in the event that the client has a balance of more than $50,000 on the cut-off date and its value is $2,990 per month, regardless of the amount owed”, as explained by Ángela Durán, commercial VP of Banco Pichincha.
However, there is banks that the charges vary according to the type of insurance, for example, at Banco Popular the assistance insurance is free, as are those provided by the franchise, but The debtor’s life does have a charge from $3,649 to $5,175 per month, if the person has a debt equal to or greater than $20,000.
Here it is worth understanding that there are debtor life insurances, which are mandatory, since each bank includes them on the card in case the user suffers an accident, to cover the balance of the debt; and also, there are franchise insurance and those that fit each card such as travel, home, among others, which are usually voluntary.
“Regarding voluntary protection insurance for credit card customers, We have monthly plans that start at $22,900 or yearly with a cost starting at $251,900”, explains Jabar Singh, president of Scotiabank Colpatria.
It must be clear that insurers usually vary with each bank.
What other insurance can be found?
Although they are not as well known, the cards offer insurance, from health care, to cleaning and pet care. However, many of these have additional costs, as they are purchased whenever the person wishes. For example, Banco Popular is one of the entities that has a wide range of insurance according to its cards, which are offered with different insurers, such as IKE, Alfa, Cardif, among others, such as those that are linked to the insurance offered by the franchises with which they work (Visa and Mastercard). Precisely the charges with Cardif are made by monthly premium.
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