How do you secure your family's future?

Mr. Samy Beshay: Expert in all types of insurance

How do you secure your family's future?

If you intend to buy a life insurance policy, you must first think about your needs and understand the types of insurance available in the market.

This article aims to help you choose the right life insurance policy that suits your needs according to your financial capabilities, your age, the number of family members you support, future education needs, current and expected future family income, current obligations, and the standard of living that you want to provide for your family. You should focus well when purchasing an insurance policy Life because the cost of life insurance is determined by age and the medical examination results. Suppose you think of canceling your insurance policy after several years of purchasing it. In that case, the cost of insurance will often be higher than the cost due to the increase in age or a change in the medical examination results.

Insurance documents benefit the insured during his life, and his family benefits from the policy, such as Living Benefits. If the insured suffers from an acute or chronic disease, a terminal illness, or cannot perform two daily activities (Critical, Chronic, Terminal Illness) or Disability. The insured can He must benefit from a large percentage of the insurance policy during his life. There are many reasons to buy life insurance, including the following:

Insurance provides financial protection and security for the family members alive upon the insured person's death.

Insurance covers specific needs, such as paying the rest of the home premiums or other debts upon the insured's death, such as a credit card.

Business insurance to compensate a company for the death of a key employee or to provide a surviving partner with the resources necessary to purchase the deceased partner's share of the business.

Insurance provides funds to pay property taxes or other final obligations necessary to settle a deceased person's estate.

Insurance provides the necessary funds to cover the burial and funeral expenses of the deceased person.

We are providing income upon reaching retirement age and benefiting from legally available tax benefits.

We are providing the necessary funds to cover the expenses of university studies for the children.

Life insurance policies contain an excellent investment that allows the insured to accumulate cash value in the form of a tax-protected investment account through which the policyholder can borrow.

There are many insurance terms related to life insurance that are difficult for many to understand, such as

- Insured

The insured is the person whose life includes a life insurance policy, i.e., the policy owner.

- Rider

It is an item added to the life insurance policy in return for an additional amount in return for adding a benefit or advantage to the insured, such as

Waiver of premium, Child Term Rider, Long Term Care, Return of premium, Guaranteed Insurability

- Policy

The printed document issued by the insurance company to the owner of the record explains the terms of the insurance contract.

- Premium

The premium for the insurance policy must be paid for the purchase of insurance coverage and the continuation of the policy.

- Accelerated Benefit

This clause allows the insured to receive part of the death benefit early in his life if the insured person is diagnosed with a muscular, acute, or chronic disease.

- Accidental Death Benefit

An appendix or addition to the insurance policy allows the beneficiaries of the insurance policy to obtain additional amounts if the insured's death occurred as a result of an accident.

- Certificate

This means a certificate which is a document presented to an insured person under a group insurance policy that provides evidence of insurance coverage.

- Death Benefit

Death entitlement is the amount received by the beneficiary or beneficiaries of the policy in the case of the insured's death Insurability.

Proof of insurability, which is medical and other information about a person requesting the purchase of a life insurance policy. The insurance company maintains the confidentiality of this data and uses this data to determine whether the procedure can be issued and the cost of the insurance premiums collected.

- Face Amount

The amount is to be paid to the beneficiary when the insured dies after deducting any unpaid loans or interest on loans.

- Free Look

The life insurance policy owner has the right to have ten days or more to examine and review the insurance policy. If he is not satisfied, he can refuse to accept the policy and recover the paid amounts.

- Grace Period

A period of time usually 31 days after the premium due date When the late compensation is paid without penalty, the policy is valid and is not canceled.

- Guaranteed Insurability

It is a choice for the policyholder that allows the purchase of additional amounts of life insurance at certain times in the future without the need to submit documents or medical examinations.

- Illustration

A document used in life insurance sales presentations displays year-by-year figures of the accumulated cash amounts from the policy's inception year up to sometimes 120 years of age.

- Lapse

It means stopping the policy when the required insurance premium is not paid, but if the document includes a cash value, the payment is made through the amounts contained in the policy.

- Loan Value

The loan's value is the amount that the policyholder can borrow from the life insurance company against the guarantee of the policy that contains accumulated cash.

- Mode of Premium Payment

The method of paying life insurance premiums can be paid monthly, quarterly, semi-annually, or annually.

- Reinstatement

Restore the policy to become valid after it was canceled due to non-payment of the required insurance premium, bearing in mind that the insurance company is not obligated to return the excellent policy.

- Surrender

It means that you want to cancel or terminate the life insurance policy containing cash and collect the accumulated cash value contained in the policy, noting that there are fees added if the policy's termination occurs during the first years of the policy life.

When you buy a life insurance policy, ask the insurance agent all the questions that cross your mind or come to your mind so that the insurance agent can help you choose the appropriate document and never sign an incomplete or blank form or something you do not understand. For the company from which you will buy the policy, no less than A+

I welcome all your questions regarding all types of insurance to the following email.

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