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Life Insurance Eligibility - How to get life insurance at Low Price?

By PolicyBazaar

Buy a term plan and secure your family

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Hands down, life insurance has become a crucial part of every individual’s life. It is a protection plan that offers coverage from the untimely demise of the insured individual or after a particular tenure, that is, upon the maturity of the policy. However, the question is who all can invest in a life insurance policy while living in the UAE?

The answer is simple- all those residents in the Emirates who fulfill the eligibility requirements as decided by the discretion of the concerned insurance company can apply for life insurance in UAE.

Listed below are some of the most basic eligibility requirements for a life insurance policy.

  1. The policy seekers should have a minimum age of 18 years and a maximum age of 75 years to be able to become a part of insurance agreements.
  2. The applicants should be a UAE resident should have residence proof in the form of documents to become eligible for life policies.
  3. The applicants should be earning a reliable and regular income source.

Note: Always remember that the eligibility criteria for life insurance may change from one insurance company to another.

Other than meeting the eligibility criteria, the applicants of the policy also have to submit the required documents that are listed below to be able to purchase a life insurance plan.

  1. Emirates ID
  2. Expats have to submit their passport with the residence for UAE Visa
  3. Passport-sized photographs
  4. Address or residence proof such as utility bills

Note: Always remember that you may have to submit some extra documents as per the discretion of the concerned insurance company.

How to get affordable life insurance in UAE?

Finding a sufficient and affordable life insurance can be a daunting task as there are many types of policies and various options to choose from. While you look for a life plan, you should know the factors that have an impact on your life insurance prices, some of which are listed here.

1. Gender and age of the individual

The applicant’s age is amongst the most important factors that are taken into consideration while determining the insurance prices. The lesser the age of the applicant, the lower would be the insurance premium as per his or her medical situation. This is because, with age, the health of an individual starts declining, which in turn increases the risk in their life. Also, there are various insurance providers who consider the applicants’ gender to decide whether or not to approve their policy application. The reason behind this is that there are many studies that suggest that females generally outlive males.

2. Complete health history of the applicants

Your insurance provider will conduct a proper medical check-up on the applicants to evaluate their complete health condition. The result of the medical test is considered while determining the insurance premium that is to be levied on the applicant once he or she becomes a policyholder for life insurance in UAE. The better your health turns out to be, the lesser would be the insurance premium charged.

3. Family’s history of health

It should not come as a shock if the concerned insurance company asks the applicants about their family’s health history. A lot of people suffer from some genetic health problems. Getting to know about the health history of the applicants’ family will assist the insurance company in getting a clear understanding of the health condition of the applicants and their longevity. But the most crucial factor in the insurance application of the applicants is their own health.

4. Profession and career

The professional life of the applicants is also a factor for the insurance company to determine the life insurance prices. The company will check how stable your present career is and the sector you are working in to determine the involved risk and therefore, determine the insurance rates.

5. Applicants’ regular lifestyle

The lifestyle of the insurance applicants is also an important factor, which is considered while determining the insurance rates. If the applicants are involved in various types of adventures and other high-risk activities, the insurance prices will be more than what they would have been paying otherwise.

6. If the applicant is a smoker or not?

We all know that smoking is injurious for our health; and hence, it adds up to the cost of insurance premiums. When an individual quits smoking, he or she will be surprised to witness the amount of money that can be saved on the life insurance in UAE. 

Typically, people start to get stressed about life insurance plans when they start their family life, buy their new house, and suddenly realize that they are grown-ups now. It is essential to choose an economical life plan such that they do not put too much amount from the other objectives like saving for college and retirement.

The best way of finding an economical life insurance plan is by comparing different policies offered by different insurance companies. For making things simpler for you, there are many online tools for comparison or web aggregators where you can find the best insurance options from various insurers in the market. You can simply select the one that is the best suitable for you and your pocket.

In a Nutshell!

Since life insurance in UAE has become like a necessity for the people, all the UAE residents can apply for the life policy; however, they have to fulfill the basic eligibility requirements and submit the required documents as mentioned above.