Life Insurance in Kuwait
Life insurance is a policy extended to cover one’s life by an insurance company. The policy in most cases covers wider areas that extend to compensation to the policy holder’s family after he or she passes on or personal compensation should they suffer permanent or terminal injuries.
Key benefits of buying life insurance in Kuwait
Individual compensation or their families should the policy holder pass away or incur permanent injuries;
Financial indemnity for the policy holder and his family;
All of the policy holder’s loans and mortgages are covered; and
If the holder falls terminally sick, their hospital expenses will be cleared.
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 before the policy’s term winds down.
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 has a provision 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 benefits of the two worlds when the policy’s term winds down.
Eligibility to buy life insurance in Kuwait
There are a few minor differences in the basic requirements stipulated by most of the providers of life insurance in Kuwait. Nevertheless, a great many of these requirements are a standard formality throughout the insurance industry:
True account of health condition such as terminal illnesses;
True account of risky habits such as alcohol addiction or substance abuse;
True disclosure of one’s financial position; and
Truth in every essential detail disclosed in order to avoid policy cancellation.