Top 5 Best Life Insurance Companies in Egypt (2020)
Not everyone needs life insurance, but it’s definitely a good option for specific types of people. In this article we cover the most reliable trustworthy life insurance providers in Egypt.
Before going to one of the below-mentioned companies we’d strongly recommend educating yourself on what the different life-insurance types provide in Egypt.
We’ll give a brief outline to help deciding below, however we’d recommend further research before speaking to a life insurance company as they tend to push/recommend more expensive (full life insurance) plans even if they aren’t the best option for you.
Choosing The Best Life Insurance Plan For You:
Before we get into the specific companies we’d say are the best in Egypt we want to include a brief introduction to the types of plans they offer. Unfortunately Egypt’s Insurance providers don’t offer many types of plans — we’ll briefly describe some they offer below. Generally we’d say to not get an education or savings “life insurance” as they’re horrible in most cases. Instead opt for a real insurance policy like a term life plan, or the more company-specific plans we’ll cover below.
The first type is Term Life Insurance — Term Life Insurance is generally the best option for folks who aren’t as settled down. If you aren’t the sole provider for your family, or own a home, and are single or married then this choice is likely the best for you, as it’s one of the cheapest for the benefit you get. This type of plan will give your beneficiary (family) a large lump-sum payment if you unfortunately, ahem, “expire.”
The second type we’d recommend would be a “family benefit plan” — Different companies call this different things, but this plan gives your family a set income per month paid from the insurance company for a set time period you choose when you sign up for the life insurance plan. This is good if you already own a home, or don’t want to be a home-owner and prefer to rent, and you have a family that you want to not have to worry about income if you died. This plan is particularly good if your partner/spouse isn’t very knowledgeable in finances and you want to make sure they don’t blow a lump-sum benefit and instead want them to receive a stable income that they’d be more likely to use on normal living expenses.
The third type we’d consider/recommend would be just a simple funeral plan — This one only covers burial/funeral fees/expenses. This is a decent option for single people who simply want to make sure if you did experience an “unfortunate incident,” then your parents/family wouldn’t be on the hook for funeral expenses as well as grieving your loss — we’d say this is a good option for single young people or older people who lack a savings, but it isn’t a very good choice for families in our opinion.
With this overview done we’ll cover the best insurance providers in Egypt — including the 5 that are the best overall and that we’d consider using ourselves. We’d recommend getting quotes from 2 -> 3 of the below companies for the specific plan you’re interested in, then choosing the cheapest option, as all of the below insurance companies are 100% trustworthy in our view and aren’t going out of business anytime soon.
Our Personal Choice For Life-Insurance in Egypt: Chubb Ltd.
Chubb is the life insurance we’d personally use in Egypt, as they’re without a doubt one of if not the best insurance providers world-wide and always will be able to pay out claims, and generally have fair straight-forward pricing.
They also have the best selection of plans for average folk in our opinion — not only including a generic term policy but also a “Income Continuation” policy that will space out benefits into monthly installments for your beneficiary. This is one of our favorite plans and is generally best for people with families or who financially support their parents, as it allows you to rest assured that if anything ever happened to you they’d not have to worry about regular living expenses for potentially years after your death. They also have a few other niche plans to choose from, all of which you could review on this page of their website.
Overall Chubb would be our choice and who we’d recommend our friends to get insured with in most cases.
Our Second Choice: Misr Life Insurance
Misr Life is probably our second choice, as they have a few good plans, including one that’s unique to them — Namely a plan for owners of small and medium-size businesses that’ll aide in paying off large debts the business may have if the policy owner (business owner) so happens to pass away during the contract period. This policy is very cheap compared to what it insures, but if you do not have debts and a business then it’s not for you.
Regardless Misr Life has many other good plans to choose from. If you prefer to deal in Arabic rather than English you’d probably prefer Misr Life to Chubb or others on this list, as Misr Life specifically only caters to the Arab world rather than all around the world, and thus they really focus on service in Arabic more than English — although their English is adequate as well if you prefer dealing in English.
The one thing I do not like with Misr is that their website isn’t very modern and easy to use, which makes viewing their current life insurance plans a little annoying, but other than that they’re great. They’re the largest life insurance provider in Egypt and have backing by the government of Egypt in many ways, so they’re definitely trustworthy — the only concern is how much the Egyption Pound will devalue over time, as they’ll definitely pay out what you insure with them.
An Overall Great Choice: Met life Insurance
If you don’t mind paying a little extra and want complete coverage in case of serious accidents, disabilities, critical illness (cancer), as well as death, then we’d say Met Life has the best policy for that hands-down as truthfully it’s the only/main policy they offer for life insurance. They provide a huge portion of Egypt’s life insurance policies, and generally are in fantastic financial strength, so over-all we’d say they’re a great choice.
The only thing we don’t like is that Metlife, well, they don’t really have any other plans offered publicly. They don’t have something to specifically cover debts you have out, or specifically cover funeral costs — instead it’s just this one term plan that pays a lump sum that your family could use to pay those down if they choose to, as well as the other benefits we mentioned above such as disability and critical injury.
We’d never fault someone for choosing metlife — and we’d acctually say they’re one of the best choices if you want great customer service, as we’d say they probably have the best customer service of any Insurance broker in Egypt. You can view their life insurance plan(s) through this link to Metlife’s website.
An Overall Good Choice: AXA Egypt
Overall they’re a pretty good insurance provider that does business throughout the entire world and is definitely trustworthy, but their plan options are relatively limited and standard — with only one real policy worth considering in our view, and that’s their normal term policy (they call it Shield). It’s a lower-cost term policy, so if you want to save a little money it’s definitely worth considering going with AXA.
They’re slightly cheaper, however the claims process from what we’ve heard is a tad bit slower and sometimes the customer service is spotty (sometimes good, sometimes just OK), so there are some trade-offs there. None the less I wouldn’t be concerned about not getting paid out — they always seem to pay out if the policy terms are fulfilled. It just may take an extra week or so to receive the benefits.
You can check out their policies on this page of their website, but like we said before the best value for money policy in our view is their “Shield” policy due to it’s cost-saving nature — not to say the other policies are bad, they just aren’t any better than what other companies we’ve mentioned offer such as Metlife.
An Overall Decent Choice: Allianz Insurance
We’d still consdier Allianz a respetable company to do business with that won’t scam you or go out of business, which is better than some other providers in Egypt, however we wouldn’t really put them as a top choice as their plans are generally higher-priced and don’t offer much more than other plans, and often include undesirable additions like built-in savings accounts with awful returns.
Because of this we’d say it’s better to go with one of the other companies in the list, however if you already are with Allianz we don’t believe it to be worth switching from them unless you’re just really unhappy with them.
The only plan we’d really consider from them is their regular Term Life plan, as it’s the only one that is fairly priced and doesn’t include bogus stuff that isn’t actually helpful in our opinion. You can check out that policy by clicking here, but it doesn’t really have any benefit over the other companies we mentioned here in our view.