Life Insurance in Jeddah
Life insurance is a policy extended to one’s life by an insurance company. The policy will usually cover wider areas that extend to compensation to the policy holder’s family after their passing on or personal compensation should they incur permanent or terminal injuries.
Key benefits of buying life insurance in Jeddah
Individual compensation or their families should the policy holder pass away or incur permanent injuries;
Financial indemnity for policy holder and his family;
All of the policy holder’s loans and mortgages are covered; and
Should the holder fall terminally sick, their hospital bills are sorted.
Types of life insurance plans
Term Insurance plan
This plan covers death and pays the proceeds of the policy to the holder’s family should the policy holder die in the middle of the policy’s term.
Whole life insurance plan
Whole life insurance plan has a validity period running alongside the holder’s life span. Their family gets the insured premium and benefits after the death of the policy holder.
This plan contains provisions for the holder’s beneficiaries to be paid the benefits if it happens that the policy holder passes on before the policy runs its full course
Investment insurance plan
This plan is a symmetrical combination of investment and insurance in order to give the policy holder the privileges and advantages of the two dichotomies when the policy’s term elapses.
Eligibility to buy life insurance in Jeddah
There are a few discrepancies in the basic requirements used by most of the providers of life insurance in Jeddah. However, a great many of these requirements end up passing for a standard procedure in the industry:
Credibility of details pertaining to one’s health condition such as terminal illnesses;
Credibility of details pertaining to any risky behavior e.g. alcohol addiction or substance abuse;
Credibility in the disclosure of one’s financial position; and
Credibility in every essential detail provided so as to avert policy termination.