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It is my opinion that TERM insurance is the best life insurance for most occasions. While term life insurance rates in Panama are still on the high side, they are considerably lower than Whole Life or Universal Life products.

As part of the Mortgage/loan contract, banks and other lending institutions will require life insurance from a Panama licensed insurance company (will not accept your USA, Canada life policy as a guarantee).


Most Panama lending institutions will require Fire/Auto and Life Insurance for property loans. It is not sufficient that the Home/Condo or Automobile guarantee you pay back the loan……the financial institution lending you money also wants to be covered if you die, the property is destroyed or you stop paying them. We will seek the lowest Life, Fire and Auto rates to help you guarantee the loan!

The Panama insurance company issuing the life/property insurance contract is obligated to notify the lending institution, if the premiums are not being paid. They will not change the beneficiary of the life insurance policy without permission from the bank where the policy is assigned.

It is my opinion that you should NOT automatically include insurance in any loan contract (buy your own from a broker), you may wind up paying 5 years premium in advance and interest on the insurance premiums. Many local banks profit more on the insurance they offer inside the loan, than they make in interest. Be careful!

Banks are compelled to accept the lower cost policies that we provide. Before you accept any insurance coverage from a lending institution, call Kevin 322-1603 or Carmen 322-1605.

Panama Kevin