Exploring the world of life insurance can be daunting, however, it is an important step to secure your family’s financial future. In Oman, our personal accident insurance commonly known as life insurance plans gives a safety net and ensures that your family and loved ones are secure even when you are not around anymore.
Term insurance is the most reasonable and straightforward life insurance type. Our term insurance plans in Oman give coverage for a particular period, usually 10, 20, or 30 years. If you pass away during this term period, we pay the death benefit to your beneficiaries. But, if you outlive the term, the coverage will end, and you will receive no benefit.
It gives lifelong coverage as long as you pay the premiums. Despite the death benefit, it also gathers a cash value that you can withdraw or borrow against. This makes it a more costly alternative than term insurance.
It is a flexible policy that mixes the perks of term insurance with an investment component. You can regulate your death benefit and premium payments and the cash value of this policy earns interest over time.
Group personal accident insurance gives coverage to a whole group of people, usually the company’s employees. It gives financial security in the event of accidental injury or death, which ensures that beneficiaries receive a lump sum benefit.
Term insurance gives coverage for a particular amount and pays our only if the insured dies within the term. However, whole life insurance provides lifelong coverage and comprises a cash value component that you can borrow against.
Many of our term insurance plans provides a conversion options that allow you to switch to a whole life policy without undertaking a medical test. This can be advantageous if you need lifelong coverage along with the perks of a cash value component.
Well, it basically depends on your financial responsibilities, like income replacement for your family, future education costs, mortgage, and debts. A basic rule is to have coverage that is 10-15 times your yearly income.
We have a grace period, usually 30 days, during which you can make the payment without losing coverage. If you don’t pay within this period, the policy may lapse. For more details, you can contact our team.
