Buy a term plan and secure your family
For many people, getting married marks the start of a new chapter in their lives. It’s a promise to share an entire life through the goods and the bads. To make your starting stronger, you should ideally discuss your current financial situations and future financial plans with each other accordingly. It’s also a right time to discuss financial priorities and budgets with your partner to make sure that the other partner is well supported in case of a mishap.
Planning for tragic and unexpected events by opting for life insurance in UAE is imperative and should be the very first step to your financial planning. As an adage goes - ‘a stitch in time saves nine’; financial planning well ahead of time keeps your free from unnecessary worries of future.
Joint life insurance policy or life insurance policy for couples offers financial protection to the insured and the spouse in one single insurance plan. This kind of policy is aimed at securing the surviving partner’s future by offering the assured sum.
A life insurance policy for married couples offers a wide range of benefits, some of them are as follows:
Life insurance for couples or joint life insurance plans are similar to traditional life insurance policies in most terms. However, you can see the minute difference in a few details like most insurance companies often use the term “Principle Life Assured” and “Spouse Life Assured” in order to showcase the two parties in a life insurance policy. The principal policyholder could be a wife or a husband. Moreover, premium payment can be paid on a regular basis as done in traditional life insurance policies. It is usually the principle life assured who is provided with the flexibility to choose the policy tenure and sum assured.
In an event of the principal life assured’s demise, majority of life insurance plans allow for a waiver of premium, and the sum assured is paid to the surviving spouse.
These life insurance policies can be purchased by both newly weds and people who have been in a relationship for a while. Since it protects your future financially and ensures that the need of your loved one will be taken care of even in your absence. Though, one can buy it at any point in their life, irrespective of how many years they have spent together. Joint life insurance can also be gifted by the family for a safe and secure future.
It is common for couples to feel confused while buying life insurance in UAE is that they should opt for a single life insurance policy or a joint life insurance policy.
Life insurance for newly married couples or a joint life insurance plan provides better insurance benefits as compared to two different individual insurance policies as one is able to save money on premiums. Premiums for joint life insurance plans are cheaper compared to two individual policies, helping one to save more money for other expenses.
In addition to this, if one partner dies during the policy tenure, the other partner could get a waiver on premium which will help in reducing the financial burden on the surviving partner. You can also get wider insurance coverage as compared to an individual insurance plan.
If you are a newly married couple, then opt for a joint life insurance in UAE without giving a second thought to make your lives financially secured.