Bringing more Transparency with Financial Comparison

By Insurance CIO Outlook | Wednesday, March 27, 2019

Term Life Insurance is one of the smart investment options for protecting the lives of loved ones although they deviate from conventional life insurance. Life insurance is all about protecting loved ones and securing their future, and term insurance guarantees that. However, when the policy term ends, there is no guarantee of premium rates for term insurance policies. Clients can either extend the coverage by new premium rates or renounce the policy. Prior to any kind of investment, it is important to know every small detail about it. Without deliberation, it's not good to choose a policy and then later regret it. That is why research on the term insurance policy of choice is imperative.

Smart Term Life Insurance, which provides up to AED 1 million in AED 3 coverage per day, was recently launched by yallacompare, leading comparison site of financing products. Policies may be purchased online with no medical tests and no complicated questionnaire, within a simple five-minute process. With Smart Term Life Insurance introduced yallacompare challenges in the industry with a 10-year policy which is one of the most affordable on the market. Primary allowances remain unchanged throughout the policy life and are payable in advance each year.

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This policy offers the opportunity to invest in a single life base plan or a common life basis plan. In a single life plan, only one person (usually the family's bread-winner) dies from the term insurance policy. In a common life plan, the policy covers two deaths (both husband and wife, for instance). Some of the terms of insurance coverage offer payment on both policyholders' deaths.

The amounts payable under Smart Term Life Insurance are clearly set, and insurers and their employees have little room for discussion. In the event of accidental deaths, the beneficiary is paid 100 percent of the insured amount, no matter how long the policy has elapsed. In the event of death due to existing diseases, the cover begins at 20 percent of the insured amount after six months, 60 percent after 12 months and 100 percent after 18 months.

Key InsurTech companies: ACDApp OrchidCHSI Technologies

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