With life insurance, you have the assurance that those who depend on you will be provided for in case something unexpected happens.
How does Life Insurance work?
Although not the most sought after policy by foreigners living in Mexico, Life Insurance is a relatively affordable option here, compared to policies in other countries. The life insurance category in Mexico encompasses a few different types of policies, and can help you and your loved ones in a number of different situations.
There are many reasons to get a life insurance policy in Mexico. Maybe you just purchased a property with a mortgage and the bank is requiring a policy that matches the amount and/or length of time of your mortgage. Maybe you have married with a Mexican spouse, and have Mexican children, and you want them protected in Mexico should anything happen to you.
Within these policies, if the beneficiary is a dependent minor, you can choose the age you wish for them to receive the payout, so it can essentially become a trust fund to be used for higher education, etc. There are also some insurance policies that work as a retirement plan, where you get the payout at the end of the term.