Types of Life Insurance in Egypt Blog Image

Types of Life Insurance in Egypt

28 October 2023

Insurance is a brave thing whereas it is the factor not the only which makes people live their happier life but also with more peace of mind about their future as the factor does not let a person to worry about much. It is not hard to guess that the life insurance is the thing which gives protection to families that is why it is so essential. It has been on of the best security system since it not only gives storing but also makes the insured ready for the grotesque accident, for example, road accident or serious illness that might ruin the whole plan. However, considering the great advantages that different types of life insurance plans may involve, the decision, as you will see, will be only yours, depending on your own personal and family's needs. Today, we are going to examine different kinds of life insurance policies and the reasons each is uniquely irreplaceable. In this case you'll enjoy the opportunity of not making a compromise and you'll be able to pick the pedestrian one that will suit your family type, therefore, no compromise will be made.

Insurance Life types?

1. Health Insurance: The health insurance provides you with a stress free mind regarding your medical expenses, these needs can apply to everyone therefore when you go to the doctor, stay in the hospital buy your medicine these being a cough syrup.

2. Life Insurance: Insurance for the dependents in case of death of the policy holder that permits reliable compensation.

3. Auto Insurance: Being important in a sense that it covers up about 90 percent of the entire world's population, auto insurance is lowers the losses due to a crash a theft, or car damage, with the premium that is paid used each time renewing the insurance policy.

4. Homeowners Insurance: Home insurance provides you with the most effective cover (policy) for what could be the largest investment – your home. Here it compromises fencing with the notion of the 'stealth' of third party liability in the close quarter of another person's personal space.

5. Renters Insurance: Owners insurance is known as renters insurance which also does cover the tenant's personal property and protects the property with damages caused by due to the actions of a renter.

6. Property Insurance: It is not only about homeowner's policy, which is a form of insurance taken to protect the home or asset from the risks of fire, theft, or damages. Business properties can also have business building cover, property coverage for business rental spaces available to tenants; and another vacant plot that can be purchased in the future.

7. Travel Insurance: Travelers are amazing how plus coverage will be there for accompanying unexpected some travel events which could arise, include canceling the trip, getting medical attention, or losing luggage.

8. Business Insurance: Meanwhile, commercial insurance works in the same way as personal insurance does but in another context; when a business owns a property that gets damaged, or anyone that uses the property gets injured or gets their property damaged, or when there is an interruption in the business operation.

Which is the best insurance company in the market of Egypt?

AXA Egypt: What makes the whole thing even better is the fact that we have a globally recognized insurance company operating in the market now, like AXA Egypt which in turn offers a variety of insurance solutions – such as health, life, and property insurance services. Needless to say, such a company definitely must be providing an invaluable support for the tourism industry as a whole.

Misr Insurance Company: Misr Insurance was a bank owned subsidiary and it was set up in 1934. It thus gave a solid stand to all the trustworthy providers who joined the online insurance exchange and offered a variety of services to satisfy different needs of their clients. Offering a diversity of health care plans, which insures for the risks of being ill or dying, of losing your belongings or the risks associated with car ownership and utilization, risk of injury or theft and the damages caused by negligent driving.

Suez Canal Insurance Company: This company is involved in insuring all kinds of vessels from yachts and cruise ships, to freight ships and tankers. property and liability where the picture of cultivating risk management view and protecting customer satisfaction is being maintained.

Tokyo Marine Group: With its array of capabilities, Tokyo Marine Group managed to take over numerous difficulties that it faced, and interactions with their customers have always been done in a trust-independent manner. They have continued to take care of customers and community in the times of calamities as well as the days after ensuring there is progress in the weal of regional resilience.

GIG Insurance: GIG Egypt - Hayat Takaful is the first Takaful insurance company in the Egyptian insurance market, which has a solid basis, an integrated and ambitious team, and strong ethical, professional work approach. They forever strive to identify the most efficient and effective tools that will allow them to deliver the best customer service and thus provide a good influence on the market of Egypt.

For what reasons is it advantageous to have a life cover plan?

Financial Protection: In the near future, your death insurance will help your benefactors have a palpable sum, so called the death benefit, if you died. Such a cushy amount of savings may often be even bigger than the income lost due to the decease hence would cover the expenses related to it and further solve debts, pay funeral expenses and cover the day to day needs for the mourning ones.

Debt Repayment: More than a set of mortgage, car loans, or credit card debts, you need to have the application of life insurance documents that will absorb any debts and create enough of a breather for your expressed ones as far as the death is concerned.

Income Replacement: With the premiums that you pay, life insurance may serve as that important exercise you do as part of your daily routine to save the lives of families that solely depend on the income you earn. The lump sum death benefit plan is useful for this purpose as it takes care of your debt and the lost income that your loved ones can use for their daily expenses and achieving their other long-term goals and aspirations.

Estate Planning: Along with life insurance being so important is that it is vital part of estate planning which ensures you cover your estate taxes and your beneficiary inheriting the assets comes easy and smooth.

Business Continuity: The role of life insurance, for a business owner, may be to purchase off the decease partner’s share of the business’ equity or to repay debts.

Tax Benefits: The major point to be highlighted is that the tax incidence of life insurance proceeds is not significant, which means that the beneficiaries can continue to enjoy the benefits without incurring any other financial consequences.

Flexibility: Normally your life insurance policy can be made to meet the needs of your individual financial status, preferred cover, premium, and depend also on life insurance expenses.