Insurance

Why Panama

What You Should Know About Insurances in Panama

Fire Insurance - Building
Perils covered

  • Fire and lightning
  • Earthquake
  • Windstorm, hail, tornado, hurricane
  • Falling aircraft
  • Strikes, riots an civil commotion
  • Malicious Damage
  • Vehicle Damage

Rate: .12% to .15% of sum insured



Homeowner’s Policy

  1. Covers contents of personal effects
    • Perils covered
    • Fire and lightning
    • Earthquake
    • Windstorm, hail, tornado, hurricane
    • Falling aircraft
    • Strikes, riots an civil commotion
    • Malicious Damage
    • Vehicle Damage
  2. Other risks
    • Flood and water damage
    • Burglary (forcible entry)
    • Assault inside and outside the premises
    • Comprehensive personal liability
    • Glass insurance
    • Personal accident
  3. Annual premium:
    $80.00 for every $10,000 of insurance


Automobile Insurance

  • Annual premium varies according to:
    • Year of car
    • Value of car
  • Restrictions for driver less than 25 year of age
  • Third party liability limits recommended
    • BI $100,000 per person
    • 300,000 per accident
    • PD. $50,000 per accident
  • Added Values
    • Car rental for 10 days
    • Road Assistance (24 hours)
    • Reduction of deductible on collision if a woman is driving the car
    • Return of the deductible if you are not at fault
    • Substitute automobile (Liability only)
    • Legal assistance
    • Tow service due to mechanical failure

Automobile Premiums

Value of Vehicle (new) Annual Premium (full coverage)
$ 12,000 $475.00
$ 15,000 $700.00
$ 25,000 $825.00



Premium for Third Party Liability only with suggested limits

  • Bodily Injury Liability
    • $100,000/person
    • $ 300,000 per accident
  • Property Damage Liability
    • $ 50,000 per accident
  • Medical Payments
    • $ 10,000 per person
    • $ 50,000 per acciident
  • Anual premium:
    • $320.00 plus 6% tax
    • $ 395.00 plus 6% tax including Medical Payments

Life Insurance

  • Premium is according to:
    • Age
    • Period of loan
    • Amount
  • Best option
Term Insurance TERM LIFE INSURANCE
Monthly Premium
Sex Age Life insurance Term Requirements
100,000 150,000

Female

60 73.13 108.41 15 years

Medical Examination, Electrocardiogram and laboratories.

65 114.89 171.06
70 189.47 282.93

Male

60 108.56 161.55
65 172.24 257.08
70 269.13 402.40



Health Insurance
Things you should consider when buying health coverage in Panama

  1. Must present medical history and/or have a physical checkup
  2. Maximum age of eligibility:
    local coverage: 64 years
    International coverage: 75 years
  3. Applicants must reside in Panama for at least ten months. Others options for no-residents
  4. Preexisting conditions are excluded
  5. Claim are adjusted in US$
  6. Make sure you have an insurance Broker
  7. Once you are covered there is no termination date


Medical Plans Available

  • PPO Plans – Local Benefits Only
    With a copayment from US$100 to US$250, the following are covered 100%
    • Doctor´s visit copayment from
      US$18 to US$20
    • Emergency room
      Accident: 100% with certain limit
      Detailed Illness: Under Co-payments
    • Ambulatory surgery copayment of 30%
    • Lab and Xrays tests copayment of 30% or
      after deductible.
    • Prescription drugs
      80% after deductible
    • Maximum Benefit
      Vary from US$100,000 to US$500,000
    • Deductibles
      Vary from US$250 to US$1,000

      Must use hospital facilities and doctors on the network.
      Local Benefits Only

  • International and local coverage with local carrier
  • International coverage with international carrier



Traditional Plan

  • All expenses paid
    80/20 after the deductible –
  • Deductibles:
    Vary from US$1,000 to US$20,000
  • Maximum sum insured:
    Vary from US$1millions to US$5millions
  • Must use hospital facilities and doctors on the network in most plans.
  • Local and international benefits


General requirements for applying under a Health Insurance

  • Insurance Application
  • Medical evidences
  • Credit card or Bank account discount form
  • Legal insurance regulator form
  • Passport copy
  • Current migration card copy in some insurance
  • Foreign form
  • Medical report or questionnaire insurer format for pre-existing conditions