Individual Life Insurance

Individual Life Insurance Benefits

In the UAE’s dynamic and rapidly-growing economy, securing your financial future is more than a necessity. Life insurance plays a vital role in protecting your loved ones from financial hardships, ensuring long-term stability. Whether for residents or expatriates, having a life plan provides peace of mind and financial security in case of unforeseen events. 

The following are individual life insurance benefits —

• Financial Security for Your Family – Individual life insurance ensures your loved ones are financially protected in case of your absence. The lump sum payout is designed to ease the financial burden by helping cover daily expenses, outstanding debts, and future financial needs, easing the burden on dependents
• Education and Future Planning – With education being a priority in the UAE, an individual life policy ensures children’s education remains uninterrupted, even in difficult times
• Debt Protection – It helps settle outstanding loans, mortgages, or credit card debts, preventing financial strain on the family
• Business Continuity & Estate Planning – For business owners, individual life insurance ensures a smooth ownership transition and financial stability. It also simplifies inheritance for expatriates, allowing wealth transfer without legal complications

Best Individual Life Insurance Plans

Here’s the list of the best individual life insurance plans in UAE —

Types of Individual Life Insurance Policies

We have mentioned the basic types of individual life policies —

• Term Life Insurance – If you are looking for an affordable individual life plan that offers life coverage, term life insurance is worth exploring. This type of insurance substitutes the lost income if the life assured passes away during the policy tenure. However, if the life assured survives the plan, maturity benefits are now provided 
• Whole Life Insurance – If you want an individual life policy that builds cash value along with providing a financial safety net, whole life insurance is just for you. This is a permanent life policy with a comparatively higher premium than term insurance but worth exploring, for it accumulates cash value over time throughout the life
• Universal Life Insurance – This is another individual, permanent life insurance. It offers cash value and lifetime cover for the whole life. The only difference is that it has flexible premium payment methods

Factors Affecting Individual Life Insurance Plans’ Premiums

Individual life insurance premiums are influenced by various factors, some of which you cannot control, such as age. However, making healthier lifestyle choices can help lower your premium. Here are the key factors that impact individual life insurance costs —

• Age – Your age is the most significant factor in determining your premium. Younger individuals typically pay lower premiums since they have a longer life expectancy and are at a lower risk of health issues. Some policies may have age limits, making it harder to qualify after a certain point
• Gender – Statistically, women tend to live longer than men, which means they usually pay lower life insurance premiums. Insurance providers use these life expectancy trends to calculate rates
• Smoking – Smokers face a higher risk of health problems, leading to significantly higher premiums—sometimes more than double compared to non-smokers
• Health Condition – Most individual life insurance providers require a medical examination to assess your health. Key factors like blood pressure, cholesterol levels, and heart health are taken into account. Managing conditions such as diabetes or high cholesterol can contribute to securing lower rates. Some insurers offer “no medical exam” policies, but these tend to be more expensive
• Lifestyle and Occupation – Engaging in high-risk activities like racing, scuba diving, or rock climbing can increase your premiums. Similarly, working in hazardous professions, such as mining or law enforcement, may result in higher insurance costs
• Family Medical History - A history of hereditary conditions like heart disease or cancer in your family can lead to higher premiums. Insurers assess the medical background of your parents and siblings, especially if these conditions contributed to early deaths. Some insurers weigh this factor more heavily than others. By maintaining good health, avoiding risky activities, and quitting smoking, you can improve your chances of securing an affordable life insurance policy

How to Buy the Best Individual Life Insurance Plans in the UAE?

You can easily purchase individual life insurance in the UAE through Policybazaar.ae, a one-stop platform for all your insurance needs. Instead of searching multiple websites, you can find and compare top policies from leading providers in one place. Buying a policy here offers several benefits —

• Customisable life plans
• Claim process assistance
• Expert guidance
• 24/7 customer support

Enjoy a hassle-free experience while selecting the best individual life insurance plan to secure your future. 

Frequently Asked Questions