During 2021, the GNP insurer paid close to 2,000 million pesos in professional insurance or the well-known educational insurance, these payments corresponded to policies that reached the end of the savings term and in which the insured obtained the savings in life.
This type of insurance is contracted for children from an early age and has an educational theme as a goal. Normally the sum saved is delivered when they turn 18 years old, in some products it can be up to 21 years old. In addition to the savings for education that is made, these insurances have life coverage, in case the contracting party or insured person dies, they also contemplate disability and in some cases issues due to catastrophic illnesses.
The cost of these insurances depends on the sum that is sought to accumulate in a set period (10, 15, 18 years) for the educational issues of the children, that is, they adjust to the goals that the parents or relatives acquire the product they have for the little ones at home.
“Education is a fundamental pillar of social development, which allows young people to achieve their professional and personal goals and at the same time contribute to the development of the country. However, a high percentage of young people do not have access to university education due to the costs of careers in private schools,” the insurer specified.
GNP reported that according to the 2020 University Guide, the cost of the main private universities in Mexico can reach up to 350,000 pesos per year. Considering that a career lasts an average of four years, the cost can exceed one million pesos, which does not include additional expenses such as registration, books and specific materials.