Navigating Insurance in Panama though Covid-19
Does my insurance policy in Panama cover covid-19 or related medical expenses? This is a question we are receiving a lot in the insurance industry.
As Panama continues to fight this pandemic, now is as good as time as any to get clear on your insurance coverage.
At J2L Insurance, our goal is to offer peace of mind. With that being said, we want to provide comprehensive answers to all your insurance questions. So let’s get started.
1) Does my insurance policy cover me if I contract Covid-19 in Panama?
Generally speaking, all life insurance plans in Panama will cover you for medical expenses related to the pandemic, unless it is specifically stated otherwise. This is a general statement, and there are always exceptions, therefore a quick chat with your insurance agent is a good idea to ensure your coverage really has you covered. Having insurance is just step 1, having a deeper knowledge of your policy is step 2. This is where having good communication with your insurance agent can help, as they can take on navigating any exclusions, depending on the contracted company providing the coverage and the specific plan purchased.
2) What type of insurance policy is best in Panama?It is our goal is to help you navigate your insurance coverage in Panama and guide you to the most “involved" policies available in the country. These are policies that offer you personal coverage for medical expenses, lost earnings, and civil liabilities. In most cases these policies are not much more expensive than basic coverage. While a Pandemic is the catalyst for wanting more coverage from your insurance, we always advise choosing a major medical expense policy. We stand by our statement that “insurance policies are an investment in you and your family.”
However, it is not only about the type of coverage that counts. Another valuable investment is to maintain active insurance policies, regardless of the current situation. If you keep your policies in force, you will most likely be covered by your policies for anything “new” that arises, for example Covid-19. Now, for new contracts there is already a Covid-19 waiver document, this means new policies taken out during the global pandemic, are not offering coverage, while existing policies continue to offer coverage.
3) What else should I consider when reviewing my insurance coverage?
Know that the Coronavirus is not the only risk. Risks exist everywhere. They always have. The good news is that we can prepare by identifying these risks. That is what a comprehensive insurance policies can do for you. But not all insurance policies are the same. Chose wisely, and make choices based on proper criteria. Prepare for the worst, that’s the essence of good coverage.
At J2L insurance we want to help you navigate through the coronavirus in Panama and beyond. Let’s create our new normal together with a focus on prevention.