Do I Need Life Insurance if already have Health Insurance?

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Have you ever thought about planning for your future? If yes, then buying health and life insurance in UAE must be on your to-do list. But, there are many people who think having one of the two is sufficient. Before discussing whether this statement is true or false, we would like to explain both of these insurance policies in detail. Keep reading ahead.

What do you mean by Life Insurance in UAE?

A life insurance plan works as the personal safety for the family at the time when the breadwinner is not around to support them. It is like an agreement between the individual who is getting insured and the insurer, which states that in the unfortunate event of the death of the insured, the life cover for which he or she has paid premiums gives returns to his or her nominees in financial terms.

The family of the insured gets the sum assured of the plan without any deductions. This insurance offers coverage for the entire life of the insured. You can consider this as the full-proof future savings policy for your loved ones.

Major Categories of Life Insurance in Dubai

1. Whole Life Plans

This category of life insurance usually comes with fixed premium payouts & offers a sum assured to the nominees. It costs lesser as opposed to a Universal life plan because of its low to no risk and consistency, but usually costs more than a term insurance plan. In a few cases, the policyholder also gets the option to take a loan through this type of policy.

2. Universal Life Plans

 This category of life insurance also offers a death benefit to the nominees; however, it can also be considered as an investment plan. The premium payouts are usually flexible. A portion of the payment is invested in adding more cash value to the amount of sum assured. Unlike the term plan or whole life plan, this kind of insurance plan is expensive, considering the nature of the investment for higher returns, which in turn can at times result in risks. Taking this into consideration, the premiums for these plans are flexible providing death benefits flexibly.

3. Term Life Plans

 This type of life insurance in UAE covers the insured person for a pre-determined tenure. If he or she passes away during the term of the plan, the nominees will receive the death benefit. However, no benefit will be given to the policyholder if he or she survives the policy term. These days, most of the insurance providers offer additional benefits or riders with the term plan such as critical illness benefit, waiver of premium, disability benefit, and more. 

What do you mean by Health Insurance?

Health insurance refers to an agreement between the insurance provider and the insured people for offering them a financial cover during medical requirements. The insured people make payment of the fixed premium for their health coverage.

In case you have a health plan, either you can get medical expenses that have been paid from your pocket reimbursed or your insurance provider pays your medical expenses directly on your part, both based on your health insurance plan. Some of the health insurance plans also provide coverage for the cost of prescription medicines.

Major Categories of Health Insurance

1. Individual Health Plan

An individual medical plan is a kind of policy that is customized for an individual for safeguarding and covering him or her from different diseases, hospitalization charges, accidents, and medical emergencies, which can come up in life. Moreover, individual medical plans also offer additional benefits such as OPD expenses, maternity benefits, and coverage for critical illness, and more.

2. Family Floater Health Plan

Family floater insurance is the kind of policy designed to suit the whole family under a single premium. That same plan protects & covers all the family members from hospitalization, accidents, diseases, and other medical requirements, which they might face during their lifetime.

3. Senior Citizens Health Plan

It is clear by the name that this type of health insurance plan is customized for those who are above the age of 60 years. This plan is designed considering the different psychological and physical requirements of the senior citizens and provides benefits like organ donation expenses, critical illness, domiciliary care, and more.

Features and Benefits of Health and Major Categories of Life Insurance in Dubai

Main Benefits of Life Cover Plans

  • Financial protection and security are the most important benefits of a life insurance plan.
  • The nominees of the plan offer a guaranteed death benefit.
  • A life insurance plan also offers additional benefits such as critical illness cover, disability cover, and more.

Main Benefits of Medical Insurance Plans

The main objective of a health plan is to provide the best medical assistance to the insured people without causing any stress on their finances. Health plans offer protection from unexpected and unpredictable medical emergencies. It offers many other benefits and additional covers for helping the customers to deal with all the uncertain events in life.

  • Critical Illness: In case you opt for a critical illness add-on, it will offer coverage for hospital expenses in the event of critical illness.
  • Maternity Benefit: If you opt for this benefit, you will get coverage for hospitalization and all the expenses incurred when the insured pregnant woman is admitted for delivering the child. It also covers the expenses of any treatment needed if any complications come up.
  • Daily Hospital Cash: This add-on helps you in managing the expenses beyond the medical bill in the event of a medical emergency.
  • Pre & Post Hospitalization Costs: We all know there are costs that are generally not covered in health plans such as X-rays, medicines, scans. The health insurance plan ensures these expenses also.
  • Accidental Hospitalization: This cover includes the expenses of Day-care processes, ambulance, pre & post hospitalization charges, which include medication, ICU, OT, diagnostics, physician fees, and more in the unfortunate event of an accident.

 Health Insurance and Life Insurance in Dubai- Difference

Health Insurance

Life Insurance

It is generally limited to just catering to your hospital/surgical/medical requirements, offering only medical emergency coverage as & when needed. It doesn’t go beyond medical cost care.

It is a comprehensive cover, which offers you insurance throughout your life and is not limited to some expenses. It is actually the coverage in the case of the death of the insured when the amount of sum assured is paid to the nominees.

The premium amount is usually fixed. Health insurance offers coverage for dealing with costs incurred during health emergencies. Investment isn’t the motive of such plans, security is. You can claim no-claim bonus in certain cases.

The premium amount is both fixed & flexible based on the kind of life insurance selected. Some life cover plans also include value for future investment plans for a better cash value.

It is a short-term policy.

It is a long-term policy.

The term for this type of insurance isn’t fixed. In normal situations, the insured individuals renew the plan annually so that they can continue having the security coverage it provides.

Life cover is usually for a fixed term. It is terminated normally once the term of the insurance ends.

Health policy is the protection cover for yourself and your family for avoiding any unfortunate events like death because of financial issues.

This type of insurance mainly protects your beneficiary/nominee/family financially in the case of the demise of the insured.

It does not include a death benefit. It only includes your present medical requirements.

Life coverage is based on the insurance you select. It offers both death and survival benefits when the insurance tenure ends.

At the end of the plan, no amount gets refunded. The amount comes back as reimbursement that also against the costs that you incurred during the tenure of the illness or other medical costs.

In a few cases, by making a little extra premium payment, the funds you invest comes back you at the time of maturity, if you outlive the plan tenure.

Health and life insurance in UAE are for all those who are stressed about their future, for their family, and for those who care. Health insurance plans get your medical needs covered and life insurance plans get your family covered for the time when you won’t be around.

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