Everything you need to know about insurance


Have you considered what would happen to your money if you bankrupt the financial institution where you have it saved? However, it is best to be cautious. Yes, it is very difficult to have a financial bankruptcy. We are not immune to crises and sometime could happen either through mismanagement because the financial situation the country is going through a bad time. That’s why it’s important to be clear on how you can protect your savings or investments and what you can do in any given case.


But do not worry, you will not have to allocate another part of your income to pay for insurance that will back your money. To that end, a state entity was assigned the task of helping to protect its deposits. Fund of Guarantees of Financial Institutions is the financial authority attached to the Ministry of Finance and Public Credit that is part of The Security Network of the Colombian Financial System. This entity aims to protect the savings of citizens deposited in different financial institutions.

The insurance is free and automatic this means that when you buy a product with the bank. You are immediately accessing this benefit without having to pay extra money or to do paperwork that involves loss of time. The resources to respond for their money come out of the pocket of financial institutions. As they must pay a premium that corresponds to $ 3 for every $ 1,000 they receive from their audience savings.

According to Jorge, former director of and new Financial Superintendent appointed at the beginning of May 2017. Only savings that are within the financial system can be protected because the resources are not public, the financial entities pay. So it’s best for people to formalize their savings. If so far has not had to respond to anyone where is the money that has received from financial institutions?

It turns out that this money has become a reserve in February 2017, reached $ 15 billion, which have been invested 83% in foreign assets with fixed income securities and 17% in portfolios of pesos. The insurance can guarantee the total or partial deposit this depends on the amount of money you have saved and the amount covered by the insurance. This means that if for example you have $ 30 million in your account. You will be refunded this amount in a maximum of seven days without having to wait for the entire liquidation process of the entity that went bankrupt.