There are many types of life insurance policies that are designed to suit people's different needs. It is well known that a life insurance policy can help protect an individual and his or her family in the event that an individual suffers damage of any kind that results in significant harm or death.
Determining your priorities before choosing among the types of life insurance policies is the best way to make the right choice, so if you are looking for more information, we offer you a thorough explanation of all the details about the documents provided by life insurance companies.
There are often no conditions required of an individual for life insurance in the case of individuals, only the individual needs to go to the insurance company and choose the insurance policy that suits the nature of his desire.
In the case of corporate individual life insurance, it may be necessary to inform the insurance company of the contract between the parties to prove the relationship of employment, or to request any of the other papers related to the documentation procedures.
There are many types of life insurance documents, and each of them covers the needs of a certain party and in return requires the payment of a certain amount, so the choice of the type of life insurance policy depends on the amount you want to pay, as well as your needs.
If you are looking for the most popular types of life insurance policies, here are the types of them and explain the details of each of them below:
Death insurance:
Temporary insurance.
Lifetime insurance.
Life insurance.
Comprehensive Life Insurance
Let's go into more detail about each of the previous types
1. Death Insurance
Life insurance is one of the most famous types of life insurance policies and is considered the most famous, in which the insurance company pays the insurance amount to the heirs in the event of the death of the person holding the insurance policy, and is divided into two types:
Temporary Insurance
It is one of the oldest types of life insurance policies and is concerned only with the life insurance of the individual in the event of death, according to a certain period of time.
In the event that the insured dies in that period, the insurance company shall pay the amount of the policy to its beneficiaries in the amount mentioned in the policy.
If the policy period expires and the individual is alive, it means that the insurance has expired and the policy cannot be used in any way, and the insurance company cannot be asked to bear any amount.
This type of life insurance policy is popular in travel situations that may put individuals at risk.
As indicated by the name, life insurance is not limited to a certain period of time but lasts for the duration of the life of the insured, in which the insurance company is obliged to pay the amount of the policy in the event of the death of the insured.
In this policy, the insured pays premiums for the duration of his life until the end of life, and after death, the beneficiaries can receive the full amount of insurance, but recently insurance companies have tended that contract at a certain age between eighty to ninety years.
2. Life Insurance
In this type, the insured pays the amount of the premium for the duration of his life, while upon his death he does not pay any installments. This insurance is also considered limited insurance, and it is aimed at a certain category of people who want to reduce the value of monthly premiums as they pay lower amounts compared to other types of insurance.
3. Mixed Insurance
Mixed insurance is a type that combines the advantages of the two previous types, meaning that the insured can receive the amount agreed upon with the insurance company after the completion of the insurance period.
In the event that the insured has been exposed to the risk of death, the insurance company will immediately refund
This type of life insurance policy is one of the most popular types, as it is considered as a saving throughout the insurance period, and the children of the insured can benefit from it after death.
There are many other types that are aimed at insuring certain measures such as pension insurance, and other situations.
The amount of life insurance varies depending on the insurance companies, as well as the type of policy that the person chooses, but it should be mentioned that there are some life insurance certificates that start with a monthly premium of 100 pounds.
In the event that the customer buys a long-term insurance policy - ranging from 20 to 30 years - at the end of the term, the company disburses the total amount of the policy plus profits to reach EGP 55,000, while the customer has paid EGP 25,000 for the policy.
The advantages of life insurance are that it gives the individual and his family financial stability in the event - God forbid - that you expose any of them or the individual himself, and more life insurance, where is granted that enables the family to achieve more benefits, such as:
Per capita income entitlement for years from the loss of salary.
Repayment of the mortgage if any.
Repay other debts, such as car loans, credit cards, and school expenses.
Provide funds for university education for children.
Assistance with other obligations, such as caring for elderly parents.