Initial age rate lasts all life. It is a flexible policy: you can modify the insured sum, change the beneficiaries, change the way the insured sum is paid to the beneficiaries, etc. Values generate interests which can be added to the insured sum. Additional Benefits

Exoneration of policy payments due to total disability Double indemnification for accidental death Policy paid in life due to total and permanent disability Advance of the insured sum for a serious illness Savings which can be withdrawn without affecting your policy Reimbursement of premiums at the end of a temporary policy or at death Values which can be used as a guaranteed loan or as a guarantee for the duration of the policy *Permanent life insurance does not include these benefits – you have the option of adding benefits.

Values: What are they?

It is an amount of interest on the value of the policy that can be used as a guaranteed loan (with a minimum interest rate) or be rescued from the policy (either partially or totally). It is necessary to consider that the values of the policy is what guarantees that the policy will last, in other words it is necessary to replace the loans taken from the policy or the policy will last less years.

How do they work?

All companies have a minimum wait period before you can rescue the values or get a loan. Usually it is 10 years. Before that you are penalized. You must leave a minimum amount. If your values do not reach the minimum you will not be allowed to ask for a rescue.

Companies charge minimal penalizations (for administrative fees).
If the insured passes away with a loan on his policy the beneficiaries they will receive the value of the policy having discounted the amount of the loan and the interests.

Funerary expenses

Family income

To guarantee your children’s education

Mortgage guarantee

Retirement

To preserve a business

VISIT - OUR MORTGAGE AND INSURANCE WEBPAGE

REQUIREMENTS FOR MORTGAGE LOANS IN PANAMA

(Los Faros Hotel and Residence Proyect – Punta Pacifica)

In the US and other countries banks require title insurance as a requirement to obtain a mortgage loan. Here for commercial or private loans, banks require a person to obtain fire and life insurance policies as a guarantee that if the person passes away the insurance company will reimburse the bank for the unpaid portion of the loan. The property you are buying is not sufficient collateral for banks in Panama.

You have the option of buying these insurance policies from the bank or getting them from a broker.

THE LAW

Article 36 of the Law 59 of 29 of July of 1996.

Clients of private and state banks, financial companies, fiduciaries, credit institutions, and automobile agencies, have the liberty to decide and designate their insurance companies and their insurance brokers (natural or juridical) in those transactions in which the purchase of an insurance is needed.

(Big World Villas – Santa Catalina – Top 3 Surf Spots in the World)

There are numerous advantages of obtaining life and fire policies from a broker!

THE BENEFIT OF HAVING AN INSURANCE BROKER

An insurance broker is an intermediary between the client and the insurance company and/or the bank. We believe in creating lasting relationships with our clients and in order to do so we have to provide our clients with the fastest service and the lowest premiums that satisfy their individual needs. After doing a need analysis, we give our clients a few options with different premiums for them to choose which one they find more suitable.

When it comes to bank mortgage or loans we do this on a daily basis, so we know the importance of being reliable and fast. We handle all the paperwork required by the insurance company and after the policy is emitted we take it to the bank, so it’s more convenient for our clients.

LOWER PREMIUMS

We offer term policies for mortgage loans. What this means is that unless you choose to get a permanent policy, we do policies specific for the time of the loan. You can bring us the quote on the policies the bank offers and we will always beat that price!

MORE OPTIONS

Wouldn’t it be nice if besides having your life covered, you could get financial benefits out of your life policy? Well now you can!

Reimbursement of premiums at the end of the term

Accumulation of values at a guaranteed and projected interest rate

Also:

Coverage doubles because of accidental death

Exoneration of premium payment and/or rent due to total disability

Savings within your policy that you can withdraw at any time without the need to reimburse to the policy

Coverage until age 99 for permanent policies

All these options must be added on to the initial policy, if not they do not apply.

LEVELED COVERAGE FOR THE WHOLE TERM

We do not sell decreasing coverage. The premium you pay stays the same for the whole term of your mortgage and so is the amount you are covered for. This is a way of protecting your loved ones, since you are guaranteeing that the reminiscent of the loan will be taken care for and your family will receive the rest of the insured sum.

YOU PAY PREMIUMS ACCORDING TO YOUR AGE

We believe that your policy should be calculated on your age risk, not of an average age risk. This guarantees lower premiums. The premium you are quoted at the time you are getting the mortgage will be the same throughout the rest of the term.

YOU CAN GET YOUR LAB AND/OR MEDICAL EXAMS IN YOUR COUNTRY OF RESIDENCY OR DONE IN YOUR HOTEL / RESIDENCE

(Radisson – Decapolis Hotel – Panama)

We understand that your time is valuable

This is why we design everything to fit your commodity. Many of our clients prefer to do their exams in their own country since their stays in Panama are short. To do this we have arrange a network of labs and doctors in most countries of the world. All we need to do is know where you live permanently and we will send you to one of our providers. The costs of the lab and/or medical exams will be reimbursed using as a reference the cost for those exams in Panama.

If you have a longer visit it is preferable to do those exams here in Panama. Our lab specialist and/or doctor will come to you at no cost or you can go directly to the clinic and/or lab. Let us know to coordinate an appointment. The exams should not take more than a few minutes.

Lab and medical exams are required for insured sums greater than $150,000. Also they might be required depending on the person’s age.

Exams can be done in your home country (if you do not live in Panama) using our medical network. Any exams done outside of Panama must be pre- approved.

Medical and lab exams can be done in your home or hotel.

The cost of the exams will be covered completely by the company in Panama and outside of Panama exams will be reimbursed according to the cost of exams in Panama.

Advise for People Taking Lab Exams

The exams which require fasting means no eating or drinking for 10 to 12 hours prior to the exam.

Do not work out the day of your exams.

Women must make sure they are not in their menstruation or the days following it because there can be a fake positive for blood in the urine.

Drink Cranberry juice before doing the urinalysis to clean your system.

Courtesy of Laboratorio Clínico Fernández www.laboratoriofernandez.com Centro Comercial La Florida, Calle 53, Marbella Tel: (507) 269-4413 Fax: (507) 223-4431

Group Life Insurance

It is a temporary contract that protects a group of people joined by a common interest (occupation or place of work).

Key Man Insurance

Protects a business against the economic loss that would occur as a consequence of one of the company’s vital member’s death or total incapacity.

Can be deducted from taxes.

Insurance of Businesses, Partners, or Societies

Protects a business against the economic damage that can occur due to the death of one of the partners.

It is a credit guarantee.

Can be used to buy out the share of one of the partners in case he/she passes away.

Can be deducted from taxes.