(QCOSTARICA) According to statistics released by SUGESE, the insurance industry regulator, self-service insurance policies grew 44% in the last year (March of 2014 to March 2015).

Authorized sales platforms grew from 47 to 52, while now there are 131 registered products available to consumers. The policies are sold automatically with no prerequisites, background checks, or even insurance agent necessary, and the prices start at 5000 colones.

The policies are offered by certified insurers and are available at banks, supermarkets, pharmacies and other places that offer financial services like bill paying. The policies cover a wide range of circumstances.

The life insurance is offered by a number of insurers, and is available in differing amounts in US dollars and colones, this is mostly to cover funeral expenses, not a true life insurance policy in the traditional sense.

The INS offers a life insurance policy for traffic accidents, sold as an option on the annual marchamo — it costs 5000 colones and pays ¢5 million per person who dies in an accident involving the insured vehicle, plus another ¢500,000 colones for funeral expenses. The INS also offers property damage and roadside assistance with the marchamo.

Travelers can also get self-service insurance, that will cover accidents in other countries.

The prices and amounts vary, but they all cover things like death or dismemberment in accidents abroad, medical expenses for emergencies, funeral expenses, dental emergencies, trip cancellation or delay, lost luggage, or passport.

Banks cover their credit card holders and other debtors with self service insurance, that will pay off the debt in case the debtor in incapacitated in an accident or dies. In addition, these can cover risks with the use of the credit card, such as a lost or stolen wallet, or damage to merchandise purchased with the card.

Article by iNews.co.cr