Term Insurance for Spouse in UAE - Features & Benefits

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Term insurance in the UAE is an affordable option to secure your life and provide financial assistance to your family during unforeseen events. Due to its popularity and affordability, the insurance companies come up with various customisations to the basic plan to suit the customer’s needs. Among various options, the insurance providers offer term insurance plans for spouses, protecting both the husband and wife under a single insurance plan. 

The spouse term insurance plan provides comprehensive protection to the husband and wife in case of the untimely death of either of them. In addition to being cost-effective, these plans also offer a larger insurance benefit at a lower premium. Along with extensive protection, you also get various benefits and additional riders offering customisation to your plan. These factors make spouse term insurance a viable option for working couples to opt for joint term insurance in the UAE. The article below provides details of term insurance for spouses along with its features and benefits. 

Term Insurance Plan for Husband and Wife in the UAE

For working couples, term insurance plans are available as joint insurance plans, offering extensive coverage against untimely death and other life threats. Earlier, the term plans were mostly opted by the working male member of the family. However, with equal employment opportunities today, women as working professionals also need life protection to secure themselves and their families during untimely events. To resolve the issue, the insurance providers in the UAE offer joint term insurance plans for husbands and wives. Being a joint plan, the spouse term insurance is affordable and easy to manage. It also offers various add-on riders that couples can opt for to customise their protection plan by paying an additional premium. 

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What is a Spouse Term Insurance?

A term insurance plan is a specific life protection plan that provides security for a fixed tenure without any return on investment. Due to this reason, term insurance plans are cheaper in comparison to other life insurance plans. However, opting for separate term insurance for both husband and wife can be a bit expensive and also harder for the working spouses to manage their premiums. 

To eradicate such problems and provide better term insurance for spouses, several insurance companies offer spouse term insurance plans in the UAE. With a joint term insurance plan, you can secure yourself and your spouse under a single term life insurance plan while enjoying extensive protection against various life threats. In the event of the untimely death of one of the spouses, the other gets death benefits to meet the funeral expenses and to look after the children. As a spouse term insurance policyholder, you can opt for payouts at regular intervals or choose a lump sum payment depending on your requirements. You can also opt for various add-on riders that cover critical illnesses, permanent disability and other life threats.

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Key Features of Spouse Term Insurance in the UAE

Along with life protection, the spouse term insurance plan provides various other features enhancing your insurance plan. The key benefits of spouse term insurance plans are mentioned below. 

  • Higher Insurance benefits - With joint term insurance for husband and wife, the nominees can avail themselves of higher death benefits if any of the policyholders dies. However, you need to ensure that the term plan provides coverage for both spouses instead of just one. The spouse term plan thus provides a better insurance benefit compared to separate term plans for husband and wife.
  • Cheaper Premium - Term insurance plans are the cheapest among all the life insurance plans in the UAE. However, buying separate life plans is not a cost-effective option since you need to pay premiums for yourself and your spouse separately. With joint term insurance, you and your spouse are covered simultaneously in a single plan, making it economical to pay a single insurance premium. Additionally, you can together avail of several add-ons and coverages with a nominal increase in premium.
  • Convenience in Managing Your Policy - Managing several policies at the same time can be a daunting task, especially when both spouses are working professionals. Additionally, you need to maintain and track regular premium payments, including the paperwork and claim filings. With separate term insurance plans, executing these tasks is a tough and tiresome job. However, having a spouse term insurance plan makes your paperwork and policy management convenient. In addition, you can enjoy a range of other benefits including flexible premium payment options at affordable prices. Since the terms and conditions of the joint term insurance plan remain similar for both husband and wife, it is easy to understand the fine prints, making your policy selection precise and convenient. 
  • Waiver of Insurance Premium - One of the important reasons for preferring a spouse term insurance plan over a separate plan is the premium waiver. In the event of the untimely death of one of the spouses, the other policy member doesn’t need to pay premiums to keep the term plan active. This means that for the entire insurance tenure, the living spouse will continue to get the coverage without paying any premium and their nominees will get the death benefits in the event of his/her death. 
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Benefits of Spouse Term Insurance Plans in the UAE

Some benefits of spouse term insurance plans in the UAE are given below. 

  • The spouse term insurance plans are cost-effective in comparison to buying separate term plans for husband and wife. Additionally, with a joint term insurance plan, the non-working spouse can also avail of a term plan simultaneously with his/her working counterpart. 
  • Separate term insurance plans for husband and wife do not offer a premium waiver if one of the spouses dies. And to keep the policy active, the living policyholder needs to continue the premium payment. While in the case of a spouse term insurance plan, if one policy member dies, the other member gets a premium waiver. It reduces the financial burden on the non-working spouse in the event of his/her working partner’s demise. 
  • The assured sum in a joint term insurance plan is higher in comparison to separate term plans for the spouses. Additionally, there is less documentation and paperwork to manage the spouse term insurance policy. 

Who Should Buy a Spouse Term Insurance Plan?

Young and married couples having a nuclear family are the best-fit for spouse term insurance plans in the UAE. Due to financial constraints and fewer savings in comparison to established families, both spouses need to work to meet their expenses. In such cases, choosing affordable life insurance becomes crucial to stay protected. 

A joint term insurance plan not only provides a larger sum assured but also gives them the flexibility to pay their insurance premiums. The plan protects both the working members against death and disability while also securing their beneficiaries (children and dependent family members). 

Alternatively, young parents with active loans should also opt for spouse term insurance so that their children remain burden free financially during any unforeseen event.

Best Term Insurance Plans for Spouse in the UAE

With numerous term insurance plans available in the UAE, several insurance companies offer insurance plans for husband and wife. However, finding the best spouse term insurance plan that suits your needs can take time and effort. So, we at Policybazaar.ae have compiled a list of top spouse term insurance plans to ease your selection process. 

Insurance Provider

Name of Insurance Plan

Alliance Insurance 

Solidarity - New Joint Insurance Plan

LIC International

Double Cover Joint Life Insurance

Zurich Insurance

International Term Assurance

AXA Insurance

Simple Life 

Alliance Insurance Solidarity - New Joint Insurance Plan

Solidarity - New Joint Insurance Plan from Alliance term Insurance protects both the husband and wife simultaneously. If any of the policy members die during the insurance term, the insurer provides assured benefits according to the policy terms and conditions.

Following are the key benefits of Alliance Insurance Solidarity - New Joint Insurance Plan. 

  • In addition to flexible payout options, the insurance plan provides the following additional benefits:
    • Accidental death benefits
    • Accidental dismemberment benefits
    • Triple death benefits
    • Premium Waiver
    • Family Income
    • Critical illnesses cover
    • Permanent total disability cover
  • With a premium waiver add-on, you can revoke your insurance premium due to your inability to work because of an accident or sickness. 
  • The policy covers critical illnesses, meaning your hospitalisation and treatment expenses for critical illnesses are borne by Alliance Insurance.
  • You can conveniently purchase the insurance plan online. 

LIC International Double Cover - Joint Life Plan

With a Double Cover Joint Insurance Plan, LIC International term Insurance offers affordable term insurance to married individuals for securing their family during unforeseen events. The plan simultaneously covers the husband and wife under one term policy and pays the insurance benefits to the living spouse to meet financial needs. 

Following are the key features and benefits of LIC International Double Cover - Joint Life Plan:

  • In the event of the demise of one partner, the company pays death benefits immediately to the surviving partner. 
  • The company revokes the insurance premium for the surviving partner while still providing life coverage. 
  • If both spouses survive the insurance tenure, the company pays the maturity amount along with bonuses.
  • You can raise a loan against your joint term insurance plan after it has acquired a paid-up value. The maximum loan you can avail of is 90% of the total surrender value, and the company pays it at half-yearly intervals at competitive interest rates. 
  • The policy pays double death benefits, meaning in the event of an accidental death, the company pays two times the insurance benefits. The maximum payable amount for accidental death is USD 100,000. 
  • You can conveniently transfer the insurance policy to LIC India on moving to India. 

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Zurich International Term Insurance

With Zurich Term Insurance, you can cover yourself and your spouse simultaneously with a single insurance plan and enjoy better life coverage and peace of mind. The joint term plan pays the death benefits if any one of the policy members dies during the policy tenure. However, to include your spouse in the insurance plan, you will need to pay a slightly higher premium. 

Following are the key features and benefits of Zurich International Term Assurance (ITA):

  • With the ITA plan, you get convenient premium payment options in monthly or yearly installments. 
  • The plan also offers a waiver of premium add-on that revokes the insurance premiums in the event of the sudden demise of one of the spouses. 
  • As spouse term insurance policyholders, both the policy members can avail of the life plan for a tenure of up to 35 years. 
  • As an additional rider, you can also avail yourself of critical illness cover. 
  • Zurich International Term Insurance plan is also available in multiple international currencies. 
  • You can choose to pay the death benefits to your nominated family members or the bank if you wish to repay your mortgage. 

AXA Simple Life

AXA Simple Life is one of the most affordable and beneficial term insurance plans covering both husband and wife in a single plan. With the spouse term insurance plan from AXA, you get coverage of up to AED 3.6 million with a premium of as low as AED 10 per month. You can conveniently buy the AXA Simple Life joint insurance plan online and conveniently pay your premiums in monthly or yearly installments. 

Following are the features and benefits of AXA Simple Life Insurance: 

  • Simple Life term insurance secures the policyholders against natural and accidental death during the policy tenure. 
  • You get discounted premiums for simultaneously securing yourself and your spouse under a single plan. 
  • The policy provides you freedom without the commitment of premium payment. This means that you can stop paying your insurance premiums anytime without penalties. 
  • You have the freedom to cancel your policy anytime without paying any cancellation fee. 
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Conclusion

With a spouse term insurance plan, you not only get coverage for both husband and wife but also get to pay discounted premiums. Additionally, the joint term insurance plan provides better coverage, securing your dependent members during tough times. As a spouse term insurance policyholder, you get several add-on covers like premium waiver, critical illness cover, and permanent disability cover. These factors make spouse term insurance a feasible choice for young married individuals with nuclear families.

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