Vaccinating against Financial Risks
Explore the latest developments in vaccinating financial risks and their impact on business transformation and innovation.
Once again, we see news of banks or operators in trouble in national media. This causes many problems in the Mexican banking system and all its account holders. Panic movements begin and this generates a lot of uncertainty.
For this reason, I share some key similarities and recommendations connecting this topic with the world of life and medical expense insurance:
1. the Idea of “vaccinating” Also Applies to Protecting Family Assets721
Life and medical expense insurance function as a financial vaccine against unexpected events that can drastically affect assets if you are not insured, such as: death, illness, or accident.
2. Golden Rules Applicable to both987
In investments they say that “the higher the return, the higher the risk.” However, in insurance, “The more protection, the more peace of mind.” But it also applies to researching and seeking advice. Do not buy policies only for price or for unsupported promises.
3. Importance of Investigating before Signing1292
Just as it is recommended to investigate companies before investing, in insurance it is important to check if the insurer is regulated and registered with the Condusef and the National Insurance and Bonds Commission (CNSF).
In turn, it is necessary to read the policy conditions well: coverages, exclusions, terms and scope. As well as ensuring that the advisor is certified by the CNSF and has proven experience.
4. Diversification and Planning1760
Always remember the issue of putting all your eggs in the same basket or putting everything in a single investment is not ideal. In the field of insurance, it translates into having a comprehensive plan: life, health, savings, retirement. Do not depend only on one product or the public health or pension system.
In all these investment and insurance issues, it is vitally important to seek professional, independent, and objective advice. In insurance, it is key to have a reliable advisor who thinks of the client’s interest before commissions.
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