Life insurance in UAE can be a life saver when weakening finances condition couple with complications in health. However, life insurance should not be bought without a careful comparison and analysis of options and features, as the smallest characteristic of your UAE life insurance can have a life altering impact when it is needed.
Start by going through different insurance companies in UAE, and take out the time to understand their procedures. Never sign until you are fully aware of their terms and conditions. This figurative “shopping” of life insurance must be based on following important points:
Permanent vs. Term Life Insurance
The first thing to consider is whether you want a permanent policy or a term policy. 'Permanent' means that it will remain active and valid until your demise, while terms can be for a specific period, say 20 or 30 years. You will find that Permanent life insurance in the UAE usually costs more, while the price of Term varies with the selected length of validity. People unsure about permanent (or those who don't feel the need for life-long life insurance) generally opt for a long term life insurance policy, and simply pick more years to ensure better coverage.
Buying your UAE Life Insurance Policy Early
It is preferable that you to wait until you get a dependent. If there are no dependents and you are perfectly healthy (which is the case for most people in their twenties), you should wait. However, make sure to start looking around to compare options when you hit 30.
You might get an pocket-friendly rate if you are in your early thirties and have no records of smoking, drinking and risky activities. Also take your occupation and the impact it experiences from inflation into consideration. Factor in your savings goals and make a realistic evaluation of the threats and opportunities that may impact your future during your chosen Life Insurance policy tenure.
In a Nutshell: Roll up your Sleeves and Research
Do a little homework before you sign up. Get medical check-ups and talk to an experienced professional if you find any health related complications as the nature of any illness/sickness your tests reveal can impact your Life Insurance and the benefits your dependents can enjoy when the insurance policy kicks in.
Ask your peers about their life insurance features, and look into your rights as a Life Insurance customer to understand your needs and obligations, before you sign on the dotted line to get your UAE Life Insurance.