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Read more →Life Insurance in Colombia: what you should know before hiring
September 10, 2025
8 min read
Life insurance is more than a policy: it's the guarantee that your family will be protected in the most difficult moments. In Colombia, having this protection has become essential to ensure the financial well-being of our loved ones.
What is life insurance?
Life insurance is a contract between the insured and the insurance company, where the latter commits to paying a determined sum to the beneficiaries in case of the insured's death. This financial protection allows the family to maintain their lifestyle and cover important expenses such as mortgages, children's education, and household expenses.
Types of life insurance in Colombia
1. Term Life Insurance
Offers coverage for a specific period (10, 20, or 30 years). It's ideal for young people seeking low-cost protection during their most productive years.
- More economical premiums
- Limited-time coverage
- Ideal for protecting specific debts
2. Permanent Life Insurance
Combines lifelong protection with a savings component. Although premiums are higher, it accumulates cash value that you can use during your lifetime.
- Lifelong coverage
- Cash value accumulation
- Possibility of loans against the policy
How much life insurance do you need?
The ideal coverage amount depends on several personal factors. A general rule is to multiply your annual income by 10, but also consider:
- Outstanding debts: Mortgage, personal loans, credit cards
- Future expenses: Children's university education
- Household expenses: Utilities, food, transportation
- Final expenses: Burial and legal procedures
Expert Advice
Review your coverage every 3-5 years or when important life changes occur such as marriage, birth of children, home purchase, or significant income increase.
Steps to hire your life insurance
1
Evaluate your needs
Calculate how much coverage you need based on your income, debts, and family expenses.
2
Compare options
Analyze different companies, policy types, and available additional coverage.
3
Request quotes
Get detailed proposals from at least 3 insurers to compare prices and benefits.
4
Complete the application
Provide truthful and complete information. Some policies may require medical examinations.
Common mistakes to avoid
- Postponing the purchase - the younger you are, the lower the cost
- Hiding medical information - can void the policy
- Not updating beneficiaries regularly
- Choosing insufficient coverage to save on premiums
Conclusion
Life insurance is one of the most important financial decisions you can make. It's not just about you, but about the future and peace of mind of the people you love most. At G&A Broker we help you find the perfect coverage for your particular situation.
Ready to protect your family? Contact us today and receive a personalized quote without commitment.
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