This guide can be useful to clients of the Mexican bank BBVA, who were forced to sign up for the Meta Segura service when opening an account. Although BBVA's basic banking packages do not include Meta Segura insurance, quite often bank managers actually impose this insurance upon opening an account. If the bank manager refuses to open an account without taking out insurance, contact another branch. If you do have insurance included in your banking package, read on.
Meta Segura — is an insurance product from BBVA México that combines a US dollar savings plan and life insurance. It allows clients to accumulate funds over a certain period of time, providing financial protection for themselves and their loved ones. The client independently determines the period during which funds will be accumulated, but usually this is 1 year. Upon expiration of the insurance policy, the client receives the accumulated amount in US dollars. If the insured dies during the policy period, the beneficiaries receive 100% of the insurance coverage.
Meta Segura Cancellation Rules
Waiting period – insurance can be canceled only 7 months after opening the account. There is no information in open sources that the policy can be canceled only after 7 months from the date of its issue. This is due to internal contract requirements or company policy. However, this condition is contained in the contract itself that the client signs.
Account balance – during these 7 months, you should always have money in your account for automatic debiting of payments.
Termination of payments - if at the time of write-off within a period of 2-3 months you do not have enough money, the insurance is canceled, but the money is not returned.
How to cancel insurance
Step 1: Call the bank
This is the only way to cancel Meta Segura. If you don't speak Spanish, a friend or acquaintance who speaks the language can help you. He should introduce himself to you, since insurance can only be canceled in person.
Insurance cannot be canceled at a bank branch.
Step 2: Shaping to Call
You must contact the insurance company BBVA Seguros at from Monday to Friday from 8:30 to 19:00. You can also make calls through the BBVA app, following the instructions of the voice assistant. You will have to listen to a lot of information, press several buttons and choose to close the Meta Segura policy. Prepare the required data in advance:
- Policy number. If you do not know the policy number, check it in advance at the bank branch where you opened the account.
- Date of birth
- Phone number
- Address
- CURP or RFC
- Beneficiary's name and telephone number, if specified in the agreement
Step 3: Talk to the operator
Be prepared that the bank employee will try to convince you to keep the insurance. Come up with a compelling reason for refusal, say: «I already have another insurance policy» or
«I am not sure about the stability of the peso and the dollar, for this reason I want to cancel.»
Step 4: Purchasing a Cancellation Form
After the conversation, the operator will send you a form to cancel your insurance. It will be sent to your email. In addition, you will be given a cancellation number (folio de cancelación) - write it down, you will need it for further actions. Sometimes, instead of a form file, BBVA sends a link, and in addition to downloading the form, you will need a folio de cancelación.
Step 5: Filling out and submitting the form
The form is very simple:
- First and last name
- Phone number
- Account number for refund
- Date and signature
- Issues of agreement with norms
Send the completed form and a copy of your ID (passport or resident card) to . This must be done within 72 hours of receiving the folio de cancelación.
Step 6: Waiting for a refund
After submitting your application, you will receive a notification that your request has been accepted for processing. Within about a week the money will arrive in your account. The amount will be less than what you paid for 7 months, but there is no other option to return at least most of the money.
What to do if the money does not come for a long time? In this case, you will have to call the bank again, but now you will already have a folio number, which will simplify the proceedings.