Mr. Samy Beshay: Three types of life insurance policies

Mr. Samy Beshay Expert in all types of insurance

Three types of life insurance policies

 1- Term Life Insurance

This policy is considered the least expensive type of life insurance, and the beneficiaries of the life insurance policy benefit from it in the event of the insured's death. This policy includes life insurance coverage for a specific period starting from 5 years and up to 30 years, and the monthly or annual premium is fixed throughout the life insurance policy period.

The primary purpose of purchasing a life insurance policy is to provide the necessary funds for the family in the event of the death of its family to pay home installments, pay off debts, cover funeral expenses and cover living expenses.

And the insured can benefit from some life insurance policies during the insured's life.

There is also a Term Life Insurance policy that the insured can recover the premiums that he paid in full in the event of his being alive at the end of the policy term. This document is called Return of Premium; for example, if the insured pays $ 1000 per year as a premium for insurance. The life insurance policy period was Thirty years; the insured gets thirty thousand dollars at the end of the policy period if he is alive.

One of the features of the Term Life Policy document is that the insured can transfer it to the other two types of life insurance, such as Universal Life & Whole Life, before the end of the policy without any medical examinations because of the results of the medical test at the time of purchasing the term life insurance document.

2- Universal Life

This policy is characterized as permanent life insurance, guaranteed to pay the beneficiaries of the Universal Life policy until the age of 100 years, or 90 years, or another period, according to the insured's choice. And it is higher in the cost of the monthly or annual installment than the Term Life Policy. There are several types such as Variable Universal Life, Traditional Universal life, No Lapse Guaranteed, as well as Indexed Universal Life, which is one of the best documents with a high-interest rate of up to 9% per year because the investment is in 500 S&P, which means investing in the shares of the 500 largest companies in the world. The United States of America.

3- Whole Life Insurance

It is one of the types of permanent life insurance and is valid throughout the insured's life. The insured can pay the tips of the insurance policy for specific years such as ten years, 20 years, or even the age of 65 years according to his choice with The cost of the insurance premium varies with each option. The Whole Life Insurance document is characterized by the fact that it contains accumulated amounts of money that increase year after year, as shown in the paper.

Everyone who owns a house or has a life partner and children needs life insurance to secure his future, the future of his family, and his property.

With my best wishes for good health to you all.

I welcome all your questions to the following e-mail.

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