Life Insurance

Life insurance pays the amount stated in the policy to the people you name (the beneficiaries) if the insured person dies during the policy term. It is meant to protect your family’s living costs, your children’s education and any outstanding loans if the unexpected happens.

Depending on the product, additional cover such as accidental disability, critical illness or unemployment can be added. The scope differs between insurers and plans; we compare the options with you at our office in Maslak.

• Annual (term) life insurance: taken out for one year and renewed each year. It has no savings element; it covers death and the additional cover you choose.
• Long-term life insurance: policies covering several years, usually linked to long-term debts such as a mortgage or to a family’s long-term needs.
• Loan-linked (credit) life insurance: pays off the remaining loan balance if the insured person dies while the loan is still being repaid.

No. You do not have to take the life insurance requested for a loan from the insurer proposed by the lender. You may buy a policy from an insurer of your choice, as long as it matches the loan amount and term and names the lender as beneficiary. Send us your loan details and we will prepare a suitable quote.

Mainly the insured person’s age, health, occupation, the sum insured, the policy term and the additional cover chosen. A complete and accurate health declaration matters: incorrect or missing information can cause problems at the claims stage. You will see the exact premium in the quote prepared with your details.

Life insurance premiums may be deductible from the income tax base within legal limits. Please ask your accountant or employer about the current rates and limits.

• Life insurance: covers death from illness as well as accident, subject to policy exclusions.
• Personal accident insurance: covers only accidental death, permanent disability and treatment costs.
• Private pension system (BES): not insurance but a state-supported savings system for retirement.

For medical costs, see our health insurance options.

• ID number (or passport / foreign resident ID number) and date of birth of the person to be insured
• Occupation and general health (health declaration)
• The sum insured and term you want; for loan-linked cover, the loan amount, term and lender
• The person or people you want to name as beneficiaries