The circumstances in which you need an insurance policy!

Material loss can be sudden and devastating, as such it is preferable to safeguard yourself so that you’re not as affected by the loss as you normally would be. Having an insurance policy protects you and makes sure you have reliable backup when in need.

What is an Insurance Policy?

It is a policy you purchase from an insurance company to guarantee and protect your life and/or belongings in case of accidents through the payment of monthly or yearly premiums. An insurance policy may cover anything or anyone you specify. You may also own more than one insurance policy with one or more different insurance companies. 

What kind of situations necessitates the need for an insurance policy?

1-If you require Life Insurance

Life insurance or Personal Accident Insurance is one of the most popular insurance policies, the purpose of which is the protection of self in case of accidents.

There are 2 types of Life Insurance:

• Life Insurance policy: the insurance company pays the specified amount to the beneficiaries only if death occurs while the policy is valid. If death does not occur during the time the policy is active the premium is kept by the insurance company.

• Life Insurance and Savings Policy: similar to the previous type in that the insurance company pays the specified amount to the beneficiaries if death occurs while the policy is valid, however, if death does not occur during the specified term the insured receives the entire amount -which is considered like a pension of sorts – themselves.

2-If you require Property Insurance

Property or Home Insurance is primarily geared at safeguarding your possessions against theft or fire (including homes and cars).

Get the Home Insurance now through Faydety's Website.

Compulsory Car Insurance Policy: implemented in Egypt in 2007

3-If you require Car Insurance

Because your car may be in an accident at any time and you may not have the price to fix it at hand, it is better to insure your car the second you buy it to be on the safe side.

There are 2 types of Car Insurance:

• Compulsory Car Insurance Policy: implemented in Egypt in 2007, it is compulsory for every person who obtains or renews a car’s license to purchase a policy from the various insurance companies’ kiosks located within each local Department of Motor Vehicles.

• Supplementary Car Insurance Policy: this type of policy must be in the name of the car owner (i.e.: the person whose name is on the license). Most people who take out a bank loan to buy a car also purchase a supplementary car insurance policy. In this case, the insurance payment if a car accident occurs goes to the bank in question, however in cases of car theft the bank sometimes allows the car owner to receive the payment instead.

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