Life Insurance

General topics related to Living in Chile
Britkid
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Life Insurance

Post by Britkid » Tue Dec 01, 2015 5:33 pm

For life insurance for companies based in Chile (rather than an international service)....

Any companies to recommend/avoid?
Any stories you've heard/personal experiences?
Any likely issues to cover a foreigner. Does it matter how I earn money?
Any difficulties to anticipate?

I am sure I can't be the first to consider getting life insurance in Chile. If anyone has any thoughts let me know. That would be really appreciated.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

papageno
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Re: Life Insurance

Post by papageno » Tue Dec 01, 2015 11:28 pm

No personal recommendations, but a quick net search showed about 30. To compare financial strength, you might try A.M. Best for the larger, well-known players such as MetLife, etc. Try searching "life insurance Chile",and see what pops up.

jehturner
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Re: Life Insurance

Post by jehturner » Wed Dec 02, 2015 9:39 am

From what I've seen, Chilean insurance policies beyond typical house or car insurance (eg. life, travel, unemployment) tend to be spectacularly bad value for money and/or have worthlessly low limits. I might be wrong but I suspect they'll pay out a few thousand dollars in the event of your death for an exorbitant monthly fee & good luck finding hundreds of $k coverage. Just FYI, but it would be good if someone were to look into it properly and post better info. :-).

scandinavian
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Re: Life Insurance

Post by scandinavian » Wed Dec 02, 2015 10:26 am

I briefly looked into it a few years ago and came to the same conclusion as "jehturner" - very bad value for money. Now, if you buy a house, then the mortgage normally includes a "life insurance", which means that in case of death, the insurance pays off the remaining mortgage.
Besides from that, my conclusion was that the international ones were much better.

Britkid
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Re: Life Insurance

Post by Britkid » Wed Dec 02, 2015 11:12 am

papageno wrote:No personal recommendations, but a quick net search showed about 30. To compare financial strength, you might try A.M. Best for the larger, well-known players such as MetLife, etc. Try searching "life insurance Chile",and see what pops up.
What do you mean by AM?

Yeah have done a net search and made a big list and plodding through it. If anyone is interested, I'll post the list below. This is by no means a comprehensive list. It's also possible that a few of these are insurance companies that don't specifically offer life insurance as I haven't checked all yet.

Kind of boring reading through their websites, when you click on life insurance "seguro de vida" first of all it doesn't always seem to mean life insurance in the sense of what I would think, and want (payout on my death) but covers things like illnesses and other things while still alive.

And then you get various choices like "Seguros de proteccion" "seguros de ahorro" and not clear what the difference is, at least not to me.

And then asked a few locals including my wife and of course they have never had such a policy, it not being very common here, so they can't seem to help much.

I kind of figured picking up the phone and telling them what I want might be the best thing, although I haven't done it yet.

Corp Vida
BNP Paribas
Consorcio Nacional
Cruz del Sur
Sura
Chilena Consolidada
Bice Vida
Camara
Zurich Santander
Euro America
Principal
Penta
Security Prevision
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

Britkid
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Re: Life Insurance

Post by Britkid » Wed Dec 02, 2015 11:21 am

jehturner wrote:From what I've seen, Chilean insurance policies beyond typical house or car insurance (eg. life, travel, unemployment) tend to be spectacularly bad value for money and/or have worthlessly low limits. I might be wrong but I suspect they'll pay out a few thousand dollars in the event of your death for an exorbitant monthly fee & good luck finding hundreds of $k coverage. Just FYI, but it would be good if someone were to look into it properly and post better info. :-).
Thanks Jehturner and Scandinavian,

I do already have a life insurance policy of £100,000 ($150,000) with a UK company. I tried to extend it, but I wasn't allowed now I've left the UK. It's generally difficult to get new financial things as well after leaving the UK. In retrospect, I should have extended the existing policy before leaving the UK.

However, my Chilean wife did state a preference for a Chilean policy. It's going to be easier for her to dealt with if it comes to it.

There is really no point me signing up to something that would pay out US$10,000 or US$100,000. My son is only 3. It needs to be more like a million dollars, or half a million or at the very least 200-300 $k. I found a note on Sura's website saying 375 million pesos was the upper limit.

I'll try and remember to mention the limit at an early stage in the conversations if I call.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

papageno
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Re: Life Insurance

Post by papageno » Wed Dec 02, 2015 11:22 am

A.M. Best Company
http://www.ambest.com
Insurance industry financial rating evaluation services, among other things.
If you're on assignment from the U.K., perhaps there's a company back home that could write you a policy for your situation?

scandinavian
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Re: Life Insurance

Post by scandinavian » Wed Dec 02, 2015 12:14 pm

Santander has one that pops up now and then on my internet banking page, but yes, I found the same as Britkid. Maximums are not very high:

Cubre muerte natural hasta $48.345.000*(UF 2.000) y el doble en caso de muerte accidental.

46K / month if you are under 44 years old...

at46
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Location: Vancouver/Santiago

Re: Life Insurance

Post by at46 » Wed Dec 02, 2015 4:11 pm

Britkid wrote:And then you get various choices like "Seguros de proteccion" "seguros de ahorro" and not clear what the difference is, at least not to me.
Sounds like these might have more to do with tax reduction schemes, which is big business in places like Canada, for example.

jehturner
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Re: Life Insurance

Post by jehturner » Thu Dec 03, 2015 9:30 am

Britkid wrote:My son is only 3. It needs to be more like a million dollars, or half a million or at the very least 200-300 $k.
Sounds like you're in the same position as me (UK expat, 3+1 year old, need a few 100k to cover expenses until spouse isn't looking after small children any more). Fortunately, I have a better option through my US-based employer. Hope you are able to find something better than scandinavian mentions (I think that's several times what I pay for a quarter of the coverage, consistent with my impression of these things here). At least the 375M pesos you found is a workable limit if the price is tolerable.

Cheers,

James.

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Re: Life Insurance

Post by admin » Thu Dec 03, 2015 7:05 pm

From what I have seen dealing with insurance companies, it is better to have two $50,000 policies than one $100,000 dollar policy.

When it comes time to collect, one might drag it's feet, go insolvent, deny payment, whatever. a bit of Insurance for your insurance.
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Britkid
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Re: Life Insurance

Post by Britkid » Sun Oct 29, 2017 7:26 pm

REPLYING TO OLD THREAD

Here is some info about my unsuccessful attempts to get life insurance in Chile.

Disclaimers:
1. This topic is a quite tricky since there are different types of life insurance and it's not always clear exactly what's meant by life insurance or what other things it comes with. So double check everything.
2. Some of the info is from 2 minutes looking at their website. If I can't find the info I need in 2 minutes, I give up. So it's possible that some of the companies that I say I couldn't find info actually do offer something. Occassionally my Spanish level fails me.
3. This is a list of companies that I thought might have life insurance. It's quite likely a few of them don't even offer it.
4. The online checks, calls and visits listed were on and off over the last 2 years when I have a moment free, so some could be out of date.

So this is info is not very good. However I am probably never going to get round to doing a proper, thorough, decent write up, and this info is probably better that anything else out there (please provide URL if not) so I thought it would be worth including it.

Ones that I've discarded:

Corp Vida - I searched their website, and it doesn't seem to focus on life insurance and I couldn't find anything good, so I gave up.
BNP Paribas - Looked at website, very generic info, couldn't see how to quote, no relevant phone number found, not easy in 2 minutes to see how to follow up.
Consorcio Nacional - Got them to visit my home. Price very expensive at 15,000 UF pay out (400 million pesos) for a monthly payment of 584,383 pesos. 5,000UF at 182,000/mes. After seeing this very high price, did not investigate much further. Unclear until what age. I asked her to send me a policy for a shorter term and she has sent me a 20-year plan (until I'm 57 and my kids are in college/uni) with 15,000 UF and a yearly payment of 1,492,346 (UF 55,98) and monthly payment of 134,311 (UF 5,04). Much better price, but still too expensive.
Cruz del Sur - Couldn't find the right website for life insurance in 2 minutes.
Sura - 375 million Pesos cover max looks like (15,000 UF). "Protección: Cobertura principal de Fallecimiento entre UF 500 y UF 15.000." Too many exclusions.
Zurich Santander - Decided not interested in this one because the exclusions are ridiculous, and vague: "Práctica de deportes de alto riesgo" "Encontrarse el asegurado en estado de ebriedad." "Viaje o vuelo en vehículo aéreo de cualquier clase."
Principal - Could not figure out in 2 minutes which company this refers to, or associate it definately with a website.
Penta - Didn't like their website, didn't think the info was helpful for life insurance.
Security Prevision/ Vida Security - Vague exclusion about dangerous activity. "Seguro Temporal Plus" had 20,000 UF which sounds promising. Executive came to house. Expensive. One offered of 15,000 UF at monthly payment of 5.5UF (137,500).
Santander - Post earlier on the thread suggested uselessly low limit for my purposes.

Have tried to contact without success, may or may not do so again later
Chilena Consolidada - I filled in the contact form and no response, I called the office and no answer. Haven't tried to call again since.
Bice Vida - I called the office once and no answer. Haven't tried to call again since.

Haven't contacted yet

Camara
Euro America (may have 15,000 upper limit)
Banco Estado (I wouldn't normally go to a high street bank for this which is probably just a broker, but someone suggested they might have a reasonable deal, haven't checked yet.)

You can look on reclamos website to see complaints about the companies.

I think the comments earlier in the thread were correct. Life insurance in Chile is such bad value for money that it makes sense to either get a policy setup from an international provider in your home country, making sure it covers you for living abroad (ideally doing this before you leave), or failing that maybe even chancing it without life insurance.

I will edit this post later hopefully as I make more calls and so on, and post another comment if I have something really worth adding.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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