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10 Reasons to insure Your Life
We all try hard to materialise our dreams, accomplish our aims, create a safe environment for those we love and achieve a high standard of living.
This guide to life insurance explains everything you need to know about this highly important cover. 1.What is life insurance? A life insurance policy is a contract between the policyholder and the insurer, wherein the latter promises to provide your beneficiaries with a sum of money upon your death, or pay off an existing mortgage. In return, you make periodic payments called premiums, which are based on factors such as your age, medical history and the kind of life insurance you purchase.
Life insurance is a personal insurance that allows to receive a material compensation in case of unforeseen events such as accidents, illness or death of an insured person. All expenses will be compensated by the insurance company, so in some cases life insurance can be considered as a good way to increase an income. Life insurance consists of 2 groups: classic life insurance and endowment or mixed life insurance. 1) Classic life insurance (also known as "classic risk insurance") refers to simple insurance policies against an accident (death or disability) or any other specific event determined by an insurance contract.
1. How many UK citizens live in Cyprus? According to a 2018 census, the total number of foreign nationals living in Cyprus is 155,600 (meaning approximately 18% of the total population living in the areas under the control of the Republic of Cyprus). According to the same census, approximately 25,000 UK nationals living on the island. These figures are definitely underestimated due to the fact that a large number of European citizens, including Britons, who own a house in Cyprus, have not so far applied for certificate of permanent residence.
Pitsas Insurances provides life Insurance policies with the following additional benefits: Waiver of Premium Supplementary Premium Protection Additional Term Insurance Permanent Total Disability Monthly compensation due to Permanent Total Disability Maximum Critical Illness Benefit Accidental Death Waiver of Premium People aged between 20 and 55 are insured and coverage is provided until the insured reaches the age of 65. Benefits are paid until the policy expires or until the disability ceases or until the anniversary following the insured’s 65th birthday.