How to insure life?

If you are married, have small children and you are the main breadwinner at home, life insurance may be one of the most important financial products you buy. If the worst happens to you, having a life insurance policy can ensure that your family is not adversely affected by the immediate financial difficulties that may arise.

In addition, it can help your loved ones pay attention to major expenses such as mortgage, utility bills, university fees, and other daily expenses.

Life insurance offers types of coverage that are appropriate for each situation - you can get coverage as an individual or a spouse, get coverage for an unpaid mortgage balance or get coverage that pays off in the event of a fatal illness. 

Life insurance is a method that many people resort to as a safe way to protect against future changes. These are the most important types of life insurance policies that can be resorted to in the event of this type of insurance.

1- Individual life insurance

Personal life insurance includes all documents that are issued on the life of one individual or on the lives of a very limited number of individuals with a specific connection such as documents issued on the life of a couple, spouses and children together, or documents issued on the lives of joint partners in the companies of persons. Of the individual life insurance policies in the health check of the insured or the insured.

 Individual life insurance is intended for individual insurance policies and there are several other conditions, the most important of which is that the insurance amount is less than a certain minimum, whose premiums are calculated on an annual basis.

2- Collective life insurance

Collective life insurance is the kind of life insurance that covers a group of people with a certain connection, often a working link, or joining a single trade union under a single document. Collective life insurance has the following characteristics, group selection as a whole, For medical disclosure to members.

Coverage of all members, or at least a certain minimum, 75% of them, for example. In all cases, the number of members of the group should not be less than a certain minimum of 50 members.

3- Life insurance

This insurance is issued based on the validity of the declarations received in the insurance application and all other documents issued by the contractor and the insured. The representations of the Contractor and the Insured in the Insurance Application, in the Medical Report and in all other documents submitted to the Company shall constitute the basis and integral part of this Contract. If the document continues to be valid in the insured's life for a period of two years from the date of its issuance, the dispute may not be contested or challenged on the grounds of concealing information or giving false statements in the insurance application or other documents when committed in good faith, except in cases of fraud. After two years, the insurance becomes void and the premiums paid to the company shall be retained as compensation if the case is subject to the provisions of section (3).

The contract of insurance shall not be deemed to exist until the document has been delivered to the contractor provided that the company has paid the first installment due and provided that the conditions affecting the acceptance of the insurance and the delay in the insurance application and in all the documents issued on the basis of which the insurance contract has not changed in the period Which have already passed until delivery of the document.

If the birth certificate of the insured shows that there is an error in the age of the insured, if the amount paid is less than the premium corresponding to its actual age in the tariff of the company used at the time of the conclusion of the insurance contract, the amount of the insurance shall be reduced by the amount paid to the installment that had to be paid.

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