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Life insurance for individuals is considered the strongest supporter of the family in the event of the death of its "insured" breadwinner and compensates his heirs with an agreed amount of money that guarantees their future, through premiums paid by the insured on a regular basis or paid in combination once.
Many people often want to buy an insurance policy for individuals – especially the head of the household – in order to ensure that there is a financial return for the family that makes them remain financially secure after their death, which is what a life insurance policy usually provides to individuals.
In the event of the insured's death, this type of insurance policy provides payment coverage for the beneficiaries of family and relatives that can be used to cover any number of expenses.
The biggest advantage of individual insurance policies is that you have a financial envelope that insures your family for funeral costs, living expenses, and debts that you leave behind.
What is life insurance for individuals?
Individual life insurance is a type of insurance policy that is included between you and the insurance company, depending on the payment of monthly or annual premiums in exchange for providing a lump sum of money to the family or parents in the event of the death of the insured person.
The goal of life insurance is to deduct a sum of money per month in exchange for a large amount in cases of death, this money returned helps parents and loved ones to cover unpaid medical expenses in cases of death in the hospital as well as funeral expenses and in many times contribute to improving family income after death.
The previous insurance policy for individuals is divided into three types:
Term plan "permanent life insurance": It includes financial compensation for the insured in the event of death during the period of validity of the policy, and the insured can at the end of the policy renew for a new period of time or convert it to permanent coverage.
Investment plan "Temporary Life Insurance": includes financial compensation for the insured in the event of death, and in the event of non-death, the insured receives an agreed amount of money after the expiry of the period of time of the policy.
Transferable life insurance.
From here we show you the full details of each type of previous insurance policy for individuals
What is Permanent Individual Life Insurance?
Comprehensive life insurance policies for individuals are valid until the death of the policyholder, in other words, they do not expire as long as the policyholder is still alive and pays the premium.
In addition, the amounts of most individual life insurance policies are considered entirely within the framework that allows you to pay insurance premiums or withdraw or borrow money against the policy once you have accumulated enough funds for this, and comprehensive life insurance premiums are usually much higher than temporary life insurance premiums.
If someone buys a full life insurance policy with an annual premium of EGP 5,000, it means that they will pay an annual premium of EGP 5,000 for the remainder of their life.
Keep in mind that life insurance policies for individuals have certain restrictions such as suicide clauses and other restrictions, but ultimately this insurance policy dictates that your insurance premiums will eventually return to their beneficiaries for compensation in case of death.
What is Temporary Individual Life Insurance?
From its name, life insurance policies for individuals last for a predetermined period of time – usually between 10 and 30 years – before they expire.
The entitlement of the insured to the value of the policy is determined by certain policies - that is, by assessing the cause of death and accident - while the amount of the policy decreases or increases as the policy ages.
Suppose someone buys a 20-year life-insurance policy with an annual premium of EGP 1,000. In that case, they will pay an annual premium of EGP 1,000 for 20 years, and death compensation will only be paid if the policyholder dies before the end of the 20-year period.
What is a convertible individual life insurance policy?
If you have a transferable life insurance policy, it means that you have preferred to buy a temporary life-insurance policy and you have also purchased a conversion policy, which allows you to switch to a permanent The previous insurance policy for individuals, i.e. for life, in the event that the term of the temporary insurance policy expires without death.
If someone buys a 20-year convertible individual life insurance policy, they will pay the annual premium for 20 years with an option upon expiry to switch to the whole life insurance policy, in which case the insured will pay higher premiums than the premiums specified for the temporary policy.
Who are the candidates to purchase life insurance policies for individuals?
The life insurance policy for individuals is a necessary need for people who want to leave a sum of money to their loved ones after their death, and here we offer you the most suitable people for this policy:
Parents of toddlers
If you have children, getting an individual life insurance policy provides your family with financial support, especially in cases of an unexpected death, this money can be used to pay for childcare or to pay for the child's education or as the parent sees fit.
In this case, the life insurance policy is a good option to consider, as it is considered the first resort for the family and children after the guardian.
Adults who have large debts
If you're an adult with a lot of debt – whether through a mortgage, loan, or credit card – life insurance for individuals offers your family and loved one's protection from taking on debt in the event of death.
Seniors who want to pay for their funeral
After a certain age, the elderly look for an insurance policy that allows them to cover funeral expenses and so on in cases of death, from here insurance policies become very useful, as they reduce the financial burden borne by the family upon death.