Life Insurance in Manama
Life insurance is a policy extended to one’s life by insuring companies. This policy covers various areas e.g. compensation to the holder’s family after they die or personal compensation following injury. It also includes investment plans that do cover future personal or dependants’ development.
Key benefits of buying life insurance in Manama
Personal compensation or their families in case of death or terminal injury;
Complete financial protection for you and your loved ones;
All your loans and mortgages are covered; and
Should you get terminally ill, the cost of treatment is catered for.
Types of life insurance plans
Term Insurance plan
This insurance plan covers loss of life and pays the proceeds of the insurance to the holder’s family if they die amidst the policy’s term.
Whole life insurance plan
Whole life insurance plan has a validity that runs throughout the holder’s life. Their family gets the insured premium and benefits after 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.
There is also provision for the policy holder to surrender the policy and be refunded their premium.
Investment insurance plan
It comes in handy as a double advantage of investment and insurance blended as a single package. The insurer pools the sum insured into a common fund and then makes prudent investments with it. When the term expires, you get back your premium plus an agreed interest.
Eligibility to buy life insurance in Manama
Even though there are a few differences in requirements among providers of life insurance in Manama, a great deal of the requirements issued by insurance companies in Manama are a standard procedure:
True details of one’s health conditions such as any terminal disease or HIV/AIDS;
True details of any risky lifestyle habits such as drinking or smoking;
Disclosure of one’s financial status; and
Truthfulness in giving all the necessary information in order to prevent policy termination.