Nicaraguan Life Insurance
All individual life insurance rates from any company anywhere in the world boil down to two factors: pure cost of insurance and company expenses. Pure cost of insurance is based on the mortality rates used by the company and expenses include commissions, underwriting expenses, premium taxes, re-insurance cost and profit. As such, Nicaraguan individual life insurance is not a good buy. It can be three to four times more expensive than international life policies issued by subsidiaries of large insurers in the United States and Europe.
Nicaraguan group life insurance on the other hand is cost competitive and easy for the Nicaraguan insurance companies to offer. Rates can vary drastically and it’s best to have us quote all five local insurance companies.
Health Insurance in Nicaragua
Medical care in Nicaragua is reasonably good at the private hospitals in Managua. Metropolitan Hospital, the older Baptist Hospital and the Military Hospital can handle most of more common inpatient procedures and at a price that is well below that of North American medical providers. Out patient care is wonderful. Nicaraguan doctors, often trained in the United States, Canada, Europe and Mexico are the primary care givers here as apposed to medical techs and nurses in the United States.
Health Insurance is available from a few of the local Nicaraguan insurance companies. Nicaraguan health insurance policies can be in either dollar or Cordoba based and provides benefits patterned on US type health insurance products. Prices are generally lower that health insurance coverage from the United States and are inline with many international expatriate health insurance policies.
Nicaraguan health insurance is very heavily underwritten. Most all locally issued policies require medical exams to see if an individual is healthy before a policy is issued. This practice may change in the future as the local companies gain a larger pool of insured’s and premiums, but for now the applicant has to prove his or her healthy state before being accepted.
The way Nicaraguan health insurance companies deal with pre-existing conditions is…. they don’t. They are excluded, or if the pre-existing condition is seen as serious the policy is not issued. Below are sample tariffs from one local company for a million dollar policy that pays benefits in Nicaragua as well as the rest of the world.
| PLAN A | PLAN B | PLAN C | PLAN D | |
| DEDUCTIBLE Inside Nicaragua / Outside Nicaragua |
US$ 500/ 1000 | 1,250/2,500 | 2,500/5,000 | 5,000/10,000 |
| Ages | ||||
| Kids 0-19 | $427.00 | $363.00 | $313.00 | $250.00 |
| 20 to 29 | $1,030.00 | $880.00 | $720.00 | $577.00 |
| 30 to 39 | $1,217.00 | $1,033.00 | $847.00 | $680.00 |
| 40 to 49 | $1,557.00 | $1,327.00 | $1,033.00 | $830.00 |
| 50 to 59 | $2,057.00 | $1,810.00 | $1,450.00 | $1,157.00 |
| 60 to 64 | $2,670.00 | $2,353.00 | $1,880.00 | $1,503.00 |
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