Life Assurance may sound like something associated with old age, something you only think about when you get older; but there is a variety of reasons for buying Life Assurance early in your working career. Life assurance.
Life Assurance provides you and your loved ones with financial security and protection against the financial risk associated with Death, Total and Permanent Disability, Terminal Illness, Critical Illness, or other specified unfortunate events.
Life Assurance can also help you build wealth and reach your financial goals, through the varieties of plans/products Arabia offers.
We invite you to get to learn more about Arabia's offering, but also to get some valuable insights about Life Assurance from our FAQ's.
- How can my family survive if something happens to me?
- How can I secure an income to myself and to my family if I am caught with a long term illness or disability?
- How can I plan for my retirement?
- How can I plan for my children's College Education?
These are concerns that most, if not all of us, have due to the uncertainties that the future might hold.
Arabia Insurance, in order to find a solution that might reduce the impact of these uncertainties on our lives, have developed “ARABIA LIFESTYLE”, which is a unit linked,flexible Life Assurance policy that provides a guaranteed Sum Assured, the Cash Value of the policy or both, whenever they become needed.
Indeed, with Arabia Lifestyle, you can tailor, according to your needs, the plan that will protect you and your family against the unexpected events that could occur in your lifetime and, at the same time, will help you build up a capital, by offering different options of investment strategies, that can be used to cover your children's college tuition fees, or to serve as your retirement income at your golden age.
Arabia Lifestyle could be taken on a Single or Joint Life basis and the plan benefits extend from the basic Death Cover to include Terminal Illness, Total and Permanent Disability, Waiver of Premium (Any or Own / Similar Occupation) and Critical Illness where we cover 20 of the most frequent sicknesses, in addition to the Accident and the Passive War Cover
Term Assurance is the simplest form of Life Assurance. It covers you during a specified period of time – in the event of the Assured’s unfortunate death. Having no savings elements renders this kind of Life Assurance more affordable to financially protect your family.
Life ins rates
It comprises the 3 following types of covers:
-Decreasing Term Assurance
-Family Income Benefit plan
The Level Term Assurance is a plan that pays to the named beneficiaries/dependents a fixed amount, called Sum Assured, in the event of the Assured’s unfortunate death during a specified period of time.
Typically used to protect a loan repayment (car loan, personal loan, mortgage loan, etc.). This plan offers a decreasing Sum Assured equal to your outstanding loan amount, that will be used to settle your loans to your debtor (bank) in case of your unfortunate death, and therefore you will be releasing your family from the burden of your debts.
The Family Income Benefit is a plan designed to provide security and peace of mind to you and your dependents. In case of your unfortunate Death, this plan will pay your dependents, a fixed income for the remaining term of your policy, according to your choice of income payment frequency and amount.
In case of Total and Permanent Disability, the company will waive all future premiums to be paid on your Life policy.
You can add this option to include claims resulting from military, war operations and terrorist acts.
In case you become totally and permanently disabled, Arabia will pay an amount of money that will help you overcome the loss of your income. Total and Permanent Disability means the complete incapacity to perform either your own/similar occupation or any occupation.
ACCIDENTAL DEATH OR PERMANENT DISABILITY
This option allows you to increase the indemnity amounts in case of death or permanent disability resulting from an accident
Critical Illness Insurance helps you cover the indirect costs of suffering a serious illness like life-threatening cancer, stroke, heart attack or major organ transplant with money you can use for anything you need. Critical Illness Insurance provides money when you need it most. It can free you from worrying about finances, letting you focus on getting well.
The odds of suffering - and surviving - a critical illness are high. Critical Illness Insurance protects the increasing number of people who survive certain life threatening situations. This kind of cover:
- Pays the contracted Sum Assured upon the diagnosis of any of the predetermined critical illnesses, and subject to the Assured staying alive at the end of a 30 days period commencing from the diagnosis date.
2. A rider to an Arabia Lifestyle policy
3. A standalone Arabia Lifestyle policy
- Pays, in case of unfortunate death, under 2 & 3 above, the cash value at the date of occurence
Accidental Death Benefit
Total Permanent Disability:
Partial Permanent Disability:
Due to Accident (continental scale)
Due to Sickness (continental scale)
Temporary Total Disability / Weekly Indemnity:
Total Permanent Disability
Terms related to life insurance
Partial Permanent Disability (continental scale)
Critical Illness Additional cover
Total Permanent Disability
Workmen’s Compensation while on Duty (Kuwait only):
For Permanent Total Disability due to Accident
For Permanent Partial Disability due to Accident
Accidental Medical Expenses Reimbursement.
Covers the school tuition fees for all the remaining years the student has at school in case of Death or Permanent Total Disability of the custodial parent’s within the period of contract.
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