One of the areas of opportunity to achieve good long-term financial health is to improve the savings habit. According to data from the National Survey of Financial Inclusion, prepared jointly by the National Institute of Statistics and Geography (Inegi) and the National Banking and Securities Commission (CNBV) in 2021, only 49.1% of Mexicans between the 18 and 70 years old had a formal savings account.
On the other hand, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) mentions that the percentage of the population that decides to save does so in order to be able to face emergencies, achieve some patrimonial goal or objective or to count with a retirement fund that ensures your well-being in the future.
Within the Mexican financial system there are different tools and savings strategies that provide the opportunity to improve the management of personal finances so that the future can be adequately planned, such is the case of mixed endowment insurance.
In this type of insurance, the contract combines insurance as a savings component with ordinary risk insurance. In other words, the advantages of savings insurance and the protection provided by life insurance are within reach. In this modality, unlike other life insurance, its collection is not conditioned to the death of the contracting party, however, in the event that he/she were to die before the established term, the beneficiaries would receive the total amount of the insured premium, which it is determined by the target savings that it is decided to achieve.
Similarly, it is important to mention that the total premium can be paid in a single installment or fixed periodic payments can be made that are previously agreed with the insurance company until a goal is reached, which can be equivalent to a period of time or a specific amount. That is, the contracting party can decide the amount that he wants to save, as well as the time horizon in which he plans to do so. Normally the period of time ranges between five and 20 years. Even this modality allows you to choose the form of savings, which can be in pesos, dollars and even in Investment Units (UDIS).
It could be said that endowment life insurance, more than insurance as its name implies, is a financial tool that helps to have guaranteed savings for the fulfillment of medium and long-term goals and is very useful as an instrument for planning the financial future thanks to its great versatility. With them, you can reach adulthood in good financial health and protect your family’s future by insuring your assets.
It is important to keep in mind that planning for tomorrow with the help of various savings tools and strategies is one of the most intelligent and important decisions that can be made.
*Macarena Bernardo Mendoza is an Insurance Discipline Associate at BBVA Seguros.
