Life insurance is an agreement between an insurance company that promises to provide your beneficiaries with a certain amount of money upon your death. In return, you make periodic payments, called premiums.
A premium is paid as a limited premium or a single premium. With suitable life insurance coverage in place, one can ensure their family’s future financial stability and security.
Few life insurance companies in UAE offer a broad range of life insurance plans such as endowment policy, term plans, whole life insurance, ULIPs, etc. Applicants can easily get the best life insurance coverage at the right price if they indulge in proper market research and analysis by comparing best life insurance quotes. The premium rates for life insurance UAE vary from policy to policy, and it is based on the applicant’s age, medical history, sum assured, income, and several other factors.
As per a survey, it has been found that nearly 51% of the UAE residents do not have a Life Insurance policy; 36% of people said that it is too expensive, while the rest of the people are not familiar with this term. Though life insurance is not a popular product, a good cover certainly covers the financial security of the insured’s family, and it is an essential cover to lead a secured life.
Types of Life Insurance in UAE:
Benefits Of Life Insurance Policy
There are many benefits of life insurance for consumers. Some of the primary benefits of life insurance policies are highlighted below: