yallacompare, the Middle East’s leading comparison site for financial products, recently launched Smart Term Life Insurance, which offers up to AED 1 million in cover for AED 3 per day.
Policies can be purchased online in a simple, five-minute process with no medical tests and no complex questionnaire to fill in..
According to a press release, with the introduction of Smart Term Life Insurance, yallacompare challenges the industry status quo with a 10-year policy that ranks amongst the most affordable in the market. Premiums remain unchanged throughout the lifetime of the policy and are payable annually in advance.
“yallacompare has helped to transform the way financial products are sold in the Middle East and we are now bringing that spirit of positive change to the region’s life insurance sector,” said Jon Richards, CEO, yallacompare.
“Smart Term Life Insurance is a refreshingly straightforward product that everybody seeking to provide for their loved ones should consider purchasing. In the unfortunate event of a policy holder’s demise, their family is guaranteed a financial cushion at a difficult time in their lives.”
The amounts payable under the Smart Term Life Insurance policy are clearly set out, with little room for dispute between the insurer and the deceased’s dependents.
In the case of death by accident, the beneficiary receives 100% of the amount insured regardless of the amount of time elapsed on the policy. Should a policy holder die of a pre-existing illness, coverage starts at 20% of the amount insured after six months have elapsed on the policy, 60% after 12 months and 100% after 18 months.