Frequently asked questions about BMI life policies in Colombia

BMI Seguros Colombia offers six life insurance policies. Three combine protection and savings: BMI Ahorro, Nova and Best Indexed. Two provide term protection: Term 100, for the family, and Vida Deudor, for loans. Horizon en Pesos is for people who cannot purchase traditional life insurance due to their health.

It depends on your profile. BMI Ahorro is the simplest option: a fixed premium in pesos and digital purchase. Nova, in dollars, is for a conservative profile and generates surrender values in less time. Best Indexed, also in dollars, links returns to stock market indexes and is designed for the long term.

There are both. BMI Ahorro, Horizon en Pesos and Vida Deudor are managed in Colombian pesos. Best Indexed, Nova and Term 100 are denominated in dollars, which lets you protect your savings or coverage in a strong currency.

Yes, in policies that accumulate value. With BMI Ahorro you can withdraw 50% of the savings from year 2 and 100% from year 3. Nova allows loans and partial withdrawals, Best Indexed allows partial withdrawals and Horizon en Pesos generates surrender values. Term 100 and Vida Deudor do not accumulate value.

It depends on the policy. BMI Ahorro and Horizon en Pesos are purchased without medical exams. For Vida Deudor, exams are required from $600 million. For the other policies, the need for exams depends on underwriting.

BMI Ahorro is a life insurance policy with a built-in savings plan. With a fixed monthly installment, part of the payment funds your beneficiaries' protection and part goes to your savings. Purchase and management are 100% digital, from the website or the app, and no medical exams are required.

Approximately 50% of the monthly payment goes to your savings plan and the other 50% funds the life insurance. Plans start at $75,000 per month, and you can make extra contributions whenever you want.

Your savings grow at an interest rate of 6% effective annual and have a guaranteed minimum return of 3.5% effective annual.

From policy year 2 you can withdraw 50% of the surrender value. From year 3, 100%, with no penalty. If you surrender all the capital, the policy and its coverage end.

The saved capital is added to the policy coverage and both are paid to your beneficiaries, according to the terms of the contract.

Best Indexed is a U.S. dollar indexed universal life policy that combines protection and accumulation. Its accumulated value is linked to the S&P 500 or the NASDAQ 100, with a guaranteed minimum return. Life coverage starts at USD 100,000, with flexible premiums and partial withdrawals.

It has a floor of 1% effective annual and a cap of 12% effective annual. Within that range, the return varies according to the performance of the S&P 500 or the NASDAQ 100 and BMI's participation rate.

Neither is better than the other. The choice depends on your profile and how much risk you are willing to take on. Your advisor can help you decide.

Yes, up to 3 times the actuarial premium amount, in the periods and under the terms set by the policy.

Nova is a universal life insurance policy that combines protection and savings, with a guaranteed minimum return of 3% effective annual. It lets you adjust premiums and the sum insured, and gives you access to loans and partial withdrawals from the surrender value. The minimum sum insured is USD 50,000.

Yes. The 3% effective annual rate is the guaranteed minimum. The return credited above that minimum depends on the performance of BMI's investment portfolio.

Yes. You can increase or decrease it without having to buy a new policy.

Nova is for a more conservative profile: it guarantees 3% effective annual and generates surrender values in less time. Best Indexed links returns to the S&P 500 or the NASDAQ 100, with a range of 1% to 12% effective annual, and is designed for longer-term accumulation.

Horizon en Pesos is a whole life insurance policy for people who cannot access traditional life insurance because of their health or medical history. It requires no medical exams or proof of insurability and covers death from any cause. The sum insured ranges from $80 million to $2,000 million.

People aged 18 to 69, including those whom other insurers have declined or consider uninsurable. It is issued without taking into account medical history, diagnosed illnesses or ongoing treatments. It is not intended for terminally ill patients.

The benefit varies during the first 10 years. If death occurs in the first year, the sum insured is not paid. Between the second and fifth year, the beneficiaries receive the total premiums paid, excluding the policy issuance fee. From the sixth year they receive 20% of the sum insured, which increases each year up to 100% from year 10 onward.

No. Both the premium and the sum insured remain level, in pesos, for the entire life of the policy. The policy generates surrender values.

Term 100 is dollar-denominated term life insurance that protects your family for a term of 1, 5, 10, 15, 20 or 30 years. The base coverage premium remains level during the contracted term, and the sum insured starts at USD 20,000. Companies also use it to insure key executives or partners.

No, it is not an accumulation product. If you purchase the return of premiums rider, at the end of the term you receive 75% of the premiums, calculated at the current TRM exchange rate. The rider is only available on 20- and 30-year terms and does not apply to renewals.

Total and permanent disability, partial return of premiums, critical illnesses, hospital income and accidental death, among others. Riders must be included when the policy is issued; they cannot be added later.

Credit Life is peso-denominated term life insurance for people with a loan. If the insured dies or suffers total and permanent disability, BMI pays the outstanding loan balance to the financial institution, which is the beneficiary. If there is money left over, a remainder may go to the family.

Yes. As a financial consumer, you have the right to freely choose the insurer that backs your loans. Credit Life meets the requirements set by financial institutions.

For loans from $20 million to $3,000 million. Medical exams are required from $600 million. For a standard risk, the policy can be issued in 4 hours.

Yes, because these are conditions required by financial institutions. Renewal is automatic.