Life Insurance in Dubai
“Better to have it for lifetime and not need it, than to need it for a day and not have it.”
In UAE, only health insurance is mandatory, whereas Life Insurance and Critical Illness Cover are not. Getting life insurance is not only a sentimental decision but also a smart financial one. With the right policy, you can secure your family’s future. Life insurance ensures that yourfamily is able to live their lives to the fullest in case of your untimely death.
Life insurance is a type of contract where the insurance company assures to provide a lumpsum payment to the beneficiary or nominee, in the event of death of the insured. It ensures that your family’s financial future is secure by providing for expenses such as child’s education, ongoing loans and debts.
It is highly advised to get insured at a young age. You don’t burn a hole in the pocket because when you are younger, you are typically healthier and have a longer time horizon to pay premiums. You can get more benefits at a lesser cost with minimal documentation; it saves you and your family from the devastating effects of an untoward incident.
Different policies offer different options. Life Insurance can be for a particular term or whole life depending on one’s specific needs and budget. Term Insurance helps to overcome the loss of earnings during working years and is less expensive. Whole life insurance helps preserve wealth. There are life insurance policies that cover not only your family expenses, but help address business needs too. For those leading a hale and healthy life, life insurance helps attain a more peaceful post-retired life. If you find it difficult to make both ends meet, life insurance can supplement your retirement funds and help you lead a dignified life, post-retirement.
The need and type of life insurance change with age and time and based on finances and obligations. New Age Insurance Brokers can help you choose the policy best suited to your needs. When you think Life Insurance – Think New Age Insurance Brokers. Dubai’s leading Life Insurance broker is at your service.
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What is a High-value life insurance policy?
A high value life insurance policy is a flexible life insurance policy. Premium can either be paid as a lump sum or over a period of time. Because of certain in-built guarantees, many large financial institutions are willing to give loan to finance lump sum premium payment. Policy comes with very high sum assured (minimum is USD 1 Million) and accumulates cash value over the life of the policy.
What is the largest life insurance policy you can get?
The largest life insurance policy that you can get is up to USD 200 Million. The insurance amount depends on different variables such as the type of life insurance policy, age, health, income, net worth etc. etc.
Can you outlive a Whole Of life insurance policy?
Yes, you can outlive a WOL policy that typically goes up to the age 121. A WOL policy offers a maturity benefit if the insured lives the policy period.
Is life insurance worth it after 50?
Yes, life insurance is worth after 50 because this is the time when people start making serious money and taking bigger risks. Hence, you need life insurance for financial protection to protect your wealth and assets.
Should I get life insurance at 62?
Yes, you should get life insurance at 62, especially if you retire with debt, or have dependent children or a spouse. Life insurance is a good way to leave a legacy for the next generation, giving financial protection to them by replacing your income after your death.
What kind of life insurance is best for seniors?
The best kind of life insurance for seniors is Whole Life Insurance with Guaranteed Values. Major benefit of WOL policy is that it builds cash value over time – a fund that seniors can borrow against or withdraw for different reasons.
How long do you pay on a whole life insurance policy?
Whole life insurance comes with a flexible payment solution – from Single Pay to Whole of Life (WOL) Pay. You can either prefer single pay with a lump sum amount or pay for your whole life with smaller amounts. Typically, the payments are paid until the insured person reaches age 100 without affecting the coverage, which can continue till age 121.
What is better – term life or whole life insurance (WOL)?
Term life insurance is like living in a rented house because it protects you for a limited number of years. On the other hand, whole life insurance (WOL) is like owning a house because it provides lifelong protection and accumulates value if you keep up with the premium payments.
What is the downside of whole life insurance?
The downside of the whole life insurance policy is the high premium outlay. As the policy offers lifelong coverage, it comes with a significantly higher price tag.
Does every life insurance policy have cash value?
No, a term life insurance policy doesn’t have any cash value. It only offer death benefit pay-out as long policy is in force and death occurs during the term of the policy (typically till age 85). On the other hand, WOL or Indexed Universal Life (IUL) policies accumulate value over the period of time.
Should you choose a life policy with cash value?
Yes and No. If cover requirement is for a definite / short term (i.e. to cover bank loan /mortgage), then Term Insurance is the best solution. On the other hand, WOL/IUL policies offer life-time protection and build values that can be used for retirement/legacy planning/face uncertainties.