Buy a term plan and secure your family
A life insurance premium is an amount paid by the policyholder to the insurance company. In exchange for this amount, the insurance company pays the sum assured to the policyholder’s beneficiary in the event of their disability or demise. The insurance companies calculate the life insurance premium amount based on different factors such as age, gender, and employment status of the applicant.
The insurance companies offer various payment methods for policyholders to help them pay their premiums with great ease. They can pay the same monthly, quarterly or yearly depending upon their financial preferences.
You can also calculate the life insurance premium using online insurance premium calculators. To find the payable insurance premium amount, you need to provide some basic details, including monthly income, age, gender, location and more. Keep reading to find out the factors that affect the life insurance premium.
The insurance companies in the UAE consider various factors while calculating the insurance premium for the applicants. Here is a precise list.
As per various insurance experts, the right time to buy a Life insurance policy is when you are young. The insurance companies offer lower interest rates for young applicants because they are healthy and less prone to getting sick. Most insurance companies make applicants go through various medical tests to check their existing medical conditions. At a young age, you have fewer or no health issues and can get good insurance rates.
Another reason why age impacts the life insurance premium is that at an older age, you have more responsibilities and would need more financial protection to support your family. On the other hand, you have lesser responsibilities and a few dependants at a young age, so even the lower sum assured works for you. As a result, small insurance coverage leads to lower insurance premiums.
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The Bottom Line
Finding the best insurance plan with the lowest insurance rates is now just a few clicks away. We at Policybazaar help our customers get the best possible insurance rates based on their preferences and the amount of coverage they choose.
You can visit the life insurance policies section on our website to find the best-fit insurance plan for yourself. If you need help in understanding the premium amount break-up, you can give us a call anytime. Our financial experts will explain everything to you in detail and help you buy the chosen life insurance policy without any hassles.