Term life insurance
For whom?: Families with dependent children, borrowers — Annual premium: 600-8000 MAD/an
Term life insurance guarantees capital payment to beneficiaries in case of insured's death during contract period (1-30 years). Pure protection product: no savings, 'lost' premium if insured survives. Cheapest death coverage.
Coverage details
Death capital from 100K MAD to several millions (per income). Payment to designated beneficiaries (spouse, children, parents). Fixed duration (10, 15, 20, 25 years). Constant (level) or increasing premium. Total permanent disability (IAD) guarantee often included.
Benefits
- Lowest premium on market (≈ 600-2,000 MAD/year for 500K MAD capital at 35)
- Strong family protection at low cost
- Beneficiaries exempt from inheritance duties (beneficiary clause)
- Essential complement to CNSS AMO which doesn't cover death
Limitations
- No savings constituted (pure protection contract)
- Premium increases with age (costly renewal after 50)
- Classic exclusions (suicide 1st year, high-risk activities)
- Sometimes restrictive medical questionnaire (history)
2026 taxation
Premiums not IR-deductible (unlike life savings insurance). Capital paid to beneficiaries totally exempt from tax and inheritance duties in Morocco (standard beneficiary clause).
Eligibility
Age 18-65 at subscription (contract valid until 75). Simple medical questionnaire if capital < 500K MAD, thorough exams above. High-risk activities (pilots, military, firefighters): surcharge or exclusion.
Concrete example
Man 35, non-smoker, good health, subscribes 500,000 MAD death capital over 25 years: premium 1,200 MAD/year (100 MAD/month). In case of death at 45, beneficiary receives 500K MAD net.
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