If you are suddenly unable to support your family, will they still be ok? We know you love your family and are always there for them. Unfortunate events cannot be expected and can occur at any time and any place. Life insurance policy offers you and your family peacefulness and stability through financial security during unexpected events resulting in the loss of your income.
Your insurance can use to:
- Make up for lost income
- Pay for children’s education
- Make any outstanding loans or credit cards
- Pay off the mortgage
Image Source: Murray Securus
Life Insurance Type
There exist different kinds of life insurance policies in UAE. Usually, the final aim of all the life insurance policies is to provide benefit to the family of the policyholder if something should happen to them. Each kind of insurance coverage has its own unique set of features and benefits. Following are some types of life insurance policies:
Term Life Insurance Policy
Term life insurance policies offer insurance that covers only for a defined term. It may be one year or more depending on the system. The death benefit will pay to the family of the policyholder in case of death of the policyholder during the policy period. Protection will offer as long as the payments clear. Though the plan terminates after a specified period, some policies have an option of renewal.
Whole Life Insurance Policy
Whole Life Insurance Policy also referred as straight life insurance policy is probably the only life insurance policy that offers cover up to the age of 95 years. The customer/ investor can avail the benefits of protection from the system for whole life by paying payments only for a period.
Universal Life Insurance Policy
It is a life insurance policy that will let the policy holder adapt their strategy by adding a full range of options. The policy has a broad variety of benefits including a tax benefit, death benefit, and much more.
Personal Accident Insurance Policy
It is an optional insurance feature that can add to your general life insurance policy. This insurance policy will support the family of the policyholder with expenses such as funeral cost and other expenses after the death of the policyholder. There are certain limits on this policy.
You should keep in mind before trying an insurance policy:
- Avoid any kind of smoking including cigarettes and cigars can double insurance premium. Stop smoking for 12 months then you can double present yourself to potential insurers as a nonsmoker.
- You are likely to get a better deal if you simply add critical illness cover to an existing life insurance policy rather than run an independent system.
- Be sure to complete critical illness cover with other Income Protection Insurances. In future, if you are looking to cover a period when you cannot work because of accidents, sickness or injury, their insurance options are available both short and long term.
- Many life insurance policies ask you to write your plan “in-trust” which means that when you die your system is not under consideration as the part of your Estate, therefore avoid Inheritance Tax. So, talk with an expert because there are frequently delicate complexities when it comes to whom you need to get legally involved.
- Don’t forget to review your annual Life Insurance Policy. Life insurance is no different especially as you will need to keep your insurer accurately updated on changes in many of your living conditions to confirm that your policy remains valid.
Benefits of Life Insurance Policies
There are many benefits of life insurance policies. Here some advantages are listed below:
Life cover protection
With the help of life coverage benefit, your family can meet any financial requirements or responsibilities in the event of your death.
Low premium costs
Life Insurance Policies provide high coverage at low cost.
Customers can choose three major currencies, USD, GBP and EURO in Dubai. In the case of death of any policy holder, his or her family will get the smash sum in the selected currency.
Life insurance is an affordable financial policy which confirms that your family can pay off all your liabilities in the event of your death.
Offers renewable terms
Most life insurance policies provide renewable terms. If you choose a five-year renewable term policy, you cannot only enjoy coverage for the said period but also renew the policy for the same duration. The plan can convert into a permanent program.
Insurance Rules for Desert Safari
Insurance is necessary for those vehicles which used in Desert Safari Dubai. Without insurance, you cannot use any vehicle neither in Morning Safari Dubai nor Evening Safari Dubai. Insurance policies could be proving beneficial in many senses. For example, your family can meet any financial requirements or responsibilities in the case of any accident or mishap.