For most of us elsewhere in the world, getting a life insurance, or a medical insurance at least is a necessity. A must.
I am bringing up the topic about life insurance because a Filipino in Saudi Arabia died in an accident while at work a couple of days go. And then I wondered whether he is covered by any type of life insurance provided by the company or the Saudi government.
It turned out that his family will be receiving a social insurance benefit worth around SAR300,000 or roughly Php3,300,000 from GOSI (General Organization for Social Insurance) without him even contributing a single halala (peso) when he was still alive. The Company pays for the contribution of all its expatriate employees. So basically, expatriates in Saudi Arabia are generally protected as long as their companies are complying with their government’s Shar’a requirements related to GOSI.
In addition to that, I have learned that the employee’s company medical insurance has a “silent” life insurance coverage and that his family will be receiving an estimated amount of SAR250,000 or roughly Php2,750,000. Continue reading Buying A Life Insurance Is A Sin?