From International Financial Advisor Gary Scott's Dec. 12 newsletter "Spotting Trends in Insurance Change":

Change is taking place at an increasing pace. Spotting trends can help us live and invest better. One big change is that many people are changing residences. More and more people choose to live in countries other than where they were born and have lived.

With the current exodus out of USA and Canada, many new residents are coming to Latin America.

Often an important factor in determining whether a person can move abroad is finding good health insurance.  Moving to Ecuador or Panama or wherever and leaving current health insurance behind is a difficult decision. Remember, Medicare does NOT cover you outside the USA. There is a solution!

Por: Nicolle Ferguson

Because of the inauguration of Panamá Motor Show 2005, in Atlapa from the 14 to the 23 of October, we want to give you a heads up on the acquisition of car loans and insurance offered by banking institutions.

Although your Panama insurance policy is in Spanish, a "deducible" is the amount of money which the insured party must pay before the insurance company's own coverage plan begins. It is practical for insurance companies to include a deductible in their policies to avoid paying out benefits on relatively small claims. A typical Panama auto insurance policy, for example, may carry a $500 deductible for "colision". If the owner of that car accidentally hits another car while parking and both drivers agree the damage is minimal, he or she would pay the $500 repair bill out of his or her own pocket. Insurance companies would not encourage a claim for such minor damages.

It was an honor and a pleasure to be included among the panel of experts at yesterday's IL seminar here in Panama City.

Following our mayor, Juan Carlos Navarro's eloquent welcome to the Expat visitor/attendees, I was invited to speak to the group about "Insurance in Panama". The response was warm, friendly and based on the questions I was asked, this is a very informed group of achievers who have done their homework on Panama.

After my talk, it was my pleasure to personally meet many of the potential new residents/investors. It was a very rewarding afternoon. Our little country is definitely on the move!

Below you will find a web page describing several local health insurance plans that I believe are acceptable. http://www.amundial.com/es/planes-sal-ind.aspx You should know that local companies change rates and coverage often, so please don't hold me to these as chiseled in stone. Be very careful of "coverage" sold by local hospitals, they are not insurance contracts and these "agreements" may change at the whim of the hospital. They are woefully inadequate for any serious condition and most will only pay up to $15,000 lifetime. Remember, most intensive care facilities are $800.00/day. MORE...

From EXPATS IN PANAMA "Expat Friendly Businesses"

http://www.expatsinpanama.com/exptfrndlyins.html

Although most vehicles sold in Panama do NOT have US specs, you must still consider the import duties when assigning an agreed value to your automobile.

Visit these sites to get an idea of the current value of your vehicle. I use 33102 (Miami) as a Zip Code.

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).

More...

Auto insurance in Panama is similar to coverage issued in the USA/Canada and Europe. Protection for Basic third party liability, Medical payments, Collision and Comprehensive/Fire/Theft are available at very reasonable rates.

Fire + extended coverage (Earthquake, Windstorm, Explosion, Lightning, Smoke, Flood & Water Damage, Falling Objects and Debris Removal after an incident) for structures and homeowners contents insurance in Boquete is similar to that offered in Panama City. Living in this mountainous region of Panama, you may wish to add "landslide" to the coverage.

The rate and coverage may differ slightly for theft and electronic equipment on contents or restricted to a lower % of the face amount.