Important Reasons To Buy Term Insurance in UAE Cover of Up To 100 Years

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In today’s uncertain times, life insurance is one of the most important investments you can make. It is a misconception that life insurance is only for elderlies and you can plan it later. Buying insurance earlier can fetch you lower premium costs and a host of other benefits. UAE houses numerous insurance companies that provide a wide variety of insurance plans, including term and whole life insurance. A term life insurance in UAE remains active for a pre-decided tenure, while whole life insurance is a term life insurance that covers you until 100 years of age. Term insurance plans are low premium cost plans and generally don’t provide you with any returns. On the other hand, whole life insurance can act as a wealth generator in the long run and replace your salary altogether after retirement. 

If you are planning to buy life insurance in the UAE, consider whole life coverage that offers you comprehensive protection and long-term benefits. The article below sheds light on reasons to buy term insurance cover in UAE for up to 100 years (whole life insurance).  

Top Reasons to Buy Term Insurance in UAE for up to 100 years of Age

The concept of term insurance for up to 100 years arose in recent times when people started working beyond the age of 65 years. Earlier, term insurance was adequate and affordable for them as it provided security up to 60-65 years of age. Along with the whole life coverage, the term insurance plans in UAE also offer several other benefits as mentioned below -

  • Secures your family after your demise - The most important reason to buy a term insurance plan for up to 100 years is it provides security to your family throughout your lifetime. If you are the sole earner of the family, a whole life insurance plan can be a suitable choice as it gives you the surety that your family members are always protected even when you are not there. The death benefit would help them pay for daily living expenses, school and college fees for the kids or marriage expenses. Overall, life insurance would provide them with enough financial assistance that they won’t have to compromise with their lifestyle. 
  • Help you to achieve long-term goals - The whole life insurance keeps your investment active till you are alive, ensuring greater savings over time. This would help you achieving term goals like planning a dream vacation, purchasing a house, etc. A few policies are compounded with various investment products that provide you with a dividend at regular intervals. Such insurances are also known as unit-linked investment plans. The profit in these insurance plans is subject to market fluctuations. You should understand the terms and conditions thoroughly before buying such plans. 
  • Amplifies your retirement savings - The term insurance plan for up to 100 years provide you multiple opportunities for investments in various investment-linked plans. Apart from your retirement saving plans, the whole life insurance would also add some savings after you retire. That would eventually augment your overall retirement savings and you can enjoy your retirement the way you want without compromising your lifestyle. 
  • Helps to tackle your debts - As a responsible bread earner, it’s your responsibility to secure your family after your demise. The debts can put an additional burden on their shoulders without an insurance plan. However, if you have chosen the right life insurance, all the expenses would be met through the assured sum of your policy. 
  • Your life insurance also secures your business - If you buy life insurance as a business owner, your business partner can buy a portion of your share in the company by entering into a buy-sell agreement. It would help them save your business from falling apart after your demise. The death benefit would go to the deceased partner’s nominee, but they won’t get an additional stack in the company. 

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Benefits of Term Life Insurance for a Cover of up to 100 years 

As you are now aware of various reasons to buy whole life insurance in UAE, let us have a look at the benefits of the insurance policies - 

  • Assured Sum Payment- Irrespective of your insurance plan, whole life insurance would provide an assured sum to your beneficiaries after your untimely demise. The family can use the death benefits to tackle the financial issues that might arise after your death. 
  • Grows your wealth - Whole life insurance can provide a diverse investment option that would help you generate wealth over time. Wealth generation may not be the purpose of whole life insurance; however, getting an additional source of income after your retirement is always a better choice. 
  • Emergency Liquid Funds - Your whole life insurance can help your family acquire quick funds during emergencies. A loan may take a longer time and lots of paperwork to get you the required fund. You would never want your family to get into the hassles of applying for a loan. A term life insurance can be extremely useful in such cases. 
  • Customisable plans - Insurance providers offer their clients to customise their whole life insurance plans in UAE according to their requirements. Apart from the basic coverage, you can include various add-ons to get comprehensive protection that suits your security needs. 
  • Security, Confidence and Mental Peace - An insurance plan gives the policyholders a sense of safety, adds up to their confidence and gives them mental peace. They remain assured that their family is secured should the worst happen and are prepared to tackle any issue even when they are not around. 
You may also like this - Why Buying Term Insurance in UAE Early is a Right Choice?

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Conclusion

Securing your family from the worst is one of the most important duties for you. Life insurance in UAE provides the type of security you need to protect your loved ones. Among various options, you can opt for term life insurance or whole life insurance. Term insurance is the basic insurance that would only provide your family with death benefits. Whole life insurance not only provides you with comprehensive protection but also gives you multiple opportunities to grow your investment over a period. If you are looking for some additional income source after retirement, a term insurance cover for up to 100 years (whole life insurance) would be the best option for you. 

You may also like this - Why Should You Consider Buying a Term Insurance Plan in Your 30s?

To know more about various life insurance plans in UAE, you can reach out to our support team and find the best insurance plan as per your needs.