Today, people take loans and financial facilities from banks and financial and credit institutions to develop their businesses, but one of the daily concerns of these people is how they will be reimbursed in case of death. Because if the borrowers die, their families will not be able to pay the loan installments due to lack of financial ability in many cases, Middle East Life Insurance has put a solution to solve this problem, this solution is called debtor’s life insurance.
In this insurance policy, the borrower can obtain this insurance policy by paying a small premium, and if the insured person dies during the repayment period of the loan installments or becomes permanently disabled, the rest of his loan installments from the date of death to the end of the loan period will be paid in cash. The bank or lending institution will be paid by the insurance company, and the family of these people will not face the problem of repaying the remaining installments.
Other points of this insurance policy
- A type of term life insurance with a limited period
- Payment of insurance premium in one lump sum at the beginning of the contract
- An insurance policy for people from 15 to 90 years old
- Lacking any financial reserves
- Middle East Insurance Company’s obligation to pay the remaining amount of the received loan in case of death of the insured or total disability
- Assurance of lending institutions to receive installments of loans paid to individuals, in case of their death
- Creating a sense of peace of mind regarding the non-transfer of the borrower’s debts to his family after his death
- Death capital request up to 10 billion of dollars
- The selected death capital is equal to the loan amount plus the loan interest, which is determined by the bank or lending institution
- The capital ceiling of this coverage is 10 billion dollars.
- This coverage can be purchased from birth to the age of 74.
- This coverage can be provided up to the age of 75.
The main coverage of this insurance policy is death due to an accident, and its optional coverages include a capital increase in case of death due to an accident and payment of compensation for disability due to illness, based on which the insured person, in case of permanent and complete disability, is exempted from payment Insurance premium will be waived.
For which persons is the debtor’s life insurance suitable?
Debtor’s remaining life insurance is generally suitable for all people who use bank facilities and institutions, for this purpose, managers of most organizations for whom the future of their organization is an important issue this insurance policy so that in case of death, they are not worried about these types of problems. Do not go to banks and institutions.
How to buy and advise Middle East life insurance
To buy or get a free consultation, just fill out the form by clicking on the option below, and we will contact you within 8 working hours and guide you.