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Insurance companies also issue another type of temporary insurance, which is deferred temporary insurance, according to which the insurance company is obliged to pay the amount of insurance specified in the policy to the beneficiary or beneficiaries specified in the policy in the event of the death of the insured in his life during a specific period after the delay period in the equivalent of the insured paying a single premium or annual installments On time. This type of document is valid for young people who seek insurance protection from the risk of death as of the age of certain.
Characteristics of temporary life insurance: –
Several distinct characteristics of temporary insurance can be identified, including the following:
1. Insurance protection is temporary for a specified period of time.
2. The ability of the temporary insurance contract to renew, as there is the possibility to renew the temporary insurance contract without the need to prove the insurance authority of the insured, that is, without the need for a medical examination. And the temporary insurance premium increases at each renewal due to age. But for example, some insurance companies limit the number of renewal times without a medical examination, and some insurance companies give you an additional five years only as a renewal of the 20-year temporary insurance policy without a medical statement, so you must return to the insurance laws in your country and must negotiate with the insurance company at this point.
3. The possibility of transferring temporary insurance to other types of insurance such as life insurance or mixed insurance without the need to provide proof of insurance validity.
4. Temporary insurance policy holders are characterized by death rates that are often high, and therefore we find that some insurance companies place conditions when dealing with temporary insurance, the most important of which are:
a. Determine a maximum limit for the provisional policy amount, so that a provisional policy may not be issued with an insurance amount in excess of this limit.
B. Set a maximum age for the insured over his life, so that it is not permissible to issue a temporary insurance policy for those over the age of this maximum.
C. A medical examination is required for those who wish to purchase this type of insurance.
