Life Insurance

Segal Insurance - your agent in Israel

Life Insurance Israel – We focus on giving you the opportunity to provide for your family – for yours and their best future.

About Life Insurance Israel

Life insurance takes care of your family in a case of a personal tragedy. It is important to have the right amount of cover.

Today the cost of life insurance has been reduced due to changes in life expectancy For example, a non-smoker of 30 years old can get a million shekel cover, for only fifty (approx) shekels a month.

As the years go by, the risk grows and the premium obviously goes up. You can cancel the policy or change the cover at any time. Therefore, even if you have an existing life policy, you can probably do one at a cheaper cost or enlarge your cover.

Information that may interest you:
Frequently Asked Questions about Mortgage Life Insurance:
Frequently Asked Questions About Life Insurance

Who Needs Life Insurance?

Every now and then, a client or friend asks me, “Tell me, do I need life insurance?” To answer to this question, it’s worth making some order. There are several common types of life insurance, but the principle is the same for all: in the unfortunate event of a person’s passing, certain individuals, the “beneficiaries,” receive a sum of money as compensation.

There are two main types of life insurance:

1. **Pension as Life Insurance:**
This type of insurance is paid as a monthly premium. In the case of the insured passing before retirement age, the beneficiaries, usually the spouse and children, will receive a monthly allowance based on the monthly salary.

2. **Single Lump-Sum Compensation Life Insurance:**
This insurance is typically found in two cases. The first is a life insurance policy known as a “risk” policy, where the beneficiaries are usually the deceased’s family members. In the event of passing, the beneficiaries receive a one-time high sum. The second is mortgage life insurance, where the beneficiary is the bank. In this case, if the mortgage holder passes away, the bank is exposed to the risk of non payment of monthly payments . To mitigate this risk, the bank often requires the mortgage holder to purchase life insurance for the mortgage.

In both cases, when purchasing the policy, you receive a detailed payment schedule until the policy’s termination. This schedule is called the “premium development.” The premium is not fixed because the risk increases with age, so the premium also rises accordingly. However, in mortgage life insurance, there is a factor pulling the price down. The financial compensation covered, in fact, linked to the amount of the mortgage debt. As the mortgage holder pays off a portion of the debt every month, the financial compensation decreases proportionally.

In mortgage insurance, there is an increase in the premium over time due to the age increase but against that premiums less insurance is needed as the mortgage debt decreases.

It should be noted that there are also plans that offer a single payment over the years. In general, such a plan may be suitable for someone who knows they will keep the policy for many years and does not intend to cancel it in the future.

When comparing between insurance companies, whenever it’s the same compensation amount, the comparison is relatively easy. The main criterion is the price. However, when comparing the price, it’s important to compare not only the monthly premium at the beginning of the journey but also take into account the money that will be paid over the entire life of the policy. Sometimes a policy may seem more attractive because of its current price, but in-depth consideration reveals that over the years, it may actually be more expensive.

If someone depends on you financially—children, a spouse, or parents, for example—there is importance in purchasing life insurance. The compensation amount needs to be meaningful and able to provide support over the years. It’s important to check what the coverage is in the policy or ask the insurance agent. The fact that there is “life insurance” is certainly not enough. Some people receive a certain compensation as a benefit through work in the event of dismissal, but when examining the matter, it turns out to be a very small amount—50,000 or 100,000 shekels. It’s important to check the matter and purchase appropriate coverage. This is a very brief check, and the costs, especially at young ages, are relatively low. (For example, a 30-year-old man’s compensation of one million shekels can cost around 40 shekels per month only).

Life Insurance
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