Life Insurance in Amman
By simple definition, Life insurance is a policy extended to one’s life by an insurance company. A Life policy covers wide areas that extend to compensation to the holder’s family after their death or personal compensation following injury.
Key benefits of buying life insurance in Amman
Personal compensation or their families in the event of death or permanent injury;
Complete financial protection for the policy holder and their families;
All your loans and mortgages are covered; and
Should the holder get terminally ill, the cost of treatment is taken care of.
Types of life insurance plans
Term Insurance plan
This insurance plan covers death and pays the proceeds of the insurance to the policy holder’s family in case they die in the middle of the policy’s term.
Whole life insurance plan
Whole life insurance plan has a validity period lasting throughout the holder’s life term. Their family gets the insured premium and benefits following the death of the policy holder.
This package carries the provision for one’s beneficiaries to be paid the benefits if the policy holder dies before the policy comes to maturity.
The policy holder may also surrender the policy and get refunds for their premium.
Investment insurance plan
It comes in handy as a two-edged sword of investment and insurance coupled together. The insurance company pools the premiums into a common fund and then makes prudent investments with it. When the term elapses, the policy holder gets back their premium plus interest.
Eligibility to buy life insurance in Amman
Even though there are a few differences in requirements among most of the providers of life insurance in Amman, a great deal of the requirements issued by insurance companies in Amman is a standard procedure:
Credible details about one’s health conditions such as any terminal disease;
Credible details about any risk-carrying habit such as alcoholism or drug addictions;
Credible disclosure of one’s financial status; and
Credibility in giving all the needful information in order to prevent policy termination.