Frequently Asked Questions About Life Insurance

1. Does everyone need life insurance?

No. If the absence of your regular income poses an economic risk to someone, the answer is yes. If the answer is no, then no.

2. How much do beneficiaries receive in case of death?

It depends on the policy terms and the purchased amount. In the case of a life insurance policy known as “risk” (single payment), the beneficiaries usually receive amounts ranging from one to several million shekels.

3. Can only family members be registered as beneficiaries?

No. Any person can be registered as a beneficiary at the policyholder’s discretion. Life insurance funds are protected from debts and are not part of the inheritance; they are transferred in full to the beneficiaries without any tax liability.

4. Who determines the beneficiaries?

The policyholder determines the beneficiaries at the time of purchasing the policy. Updates can be made during the policy’s lifetime according to the insured person’s needs.

5. I have life insurance, but I don’t know how much I pay and the compensation amount. What should I do?

If you search “Government Insurance Mountain” on Google, you can access the personal area and see the monthly payments for life insurance in case of death. However, the compensation amount is detailed in the insurance policy, available from the insurance agent or through your personal area at the insurance company.

6. What are the criteria for determining the insurance price?

The main criteria are age and the insurance amount. As age increases, the risk level rises, and therefore the price also increases. The increase in the insurance amount directly affects the price. Other factors influencing the price are the gender and smoking status of the insured.

7. Can the policy be canceled anytime?

Yes, the policy can be canceled at any time. Furthermore, it is possible to continue holding the policy but adjust the compensation amount over time, increasing or decreasing as needed.

8. Does life insurance cover all cases of death?

Yes. Even in cases of terrorism and war, there is no exemption, and beneficiaries receive full financial compensation. The only exception is suicide in the first year after purchasing the policy. After one year, beneficiaries are entitled to full financial compensation even in the case of suicide.