Life Insurance in Muscat
Life insurance is a policy extended to one’s life by an insurance company. The policy usually covers wide areas that extend to compensation to the policy holder’s family after their passing away or personal compensation following their incurring of permanent or terminal injury.
Key benefits of buying life insurance in Muscat
Individual compensation or their families should the policy holder pass away or incur permanent injury;
Financial indemnity for policy holders and their precious families;
All of the holder’s loans and mortgages are covered; and
Should the holder get terminally ill, hospital bills are catered for.
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 pass on before the policy expires.
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 passing of the policy holder.
This plan has provisions for the holder’s beneficiaries to be paid the benefits if it happens that the policy holder passes on before the policy comes to a full cycle.
Investment insurance plan
This plan combines investment and insurance under one roof in order to give the policy holder the benefits of the two sides of the same coin at the lapse of the policy term.
Eligibility to buy life insurance in Muscat
There are a few differences in the compulsory requirements set by most of the providers of life insurance in Muscat. However, a great many of these requirements end up passing for a standard procedure in the industry:
Honesty of information in regards to one’s health condition such as terminal illnesses;
Honesty of information in regards to any risky behavior such as alcohol addiction or substance abuse;
Honesty in disclosing one’s financial position; and
Truth in all the vital information provided so as to avoid policy termination.