Term Insurance with Living Benefits - Secure Your Future

What are the Types of Term Insurance with Living Benefits?

Given below are the types of term insurance with survival benefits —

Critical Illness Cover

This insurance provides a lump sum payout if the insured is diagnosed with a critical illness such as cancer, heart attack, or stroke. The coverage helps in covering medical expenses, treatment costs, or lifestyle adjustments needed during recovery.

Terminal Illness Cover

Terminal illness cover pays out the insurance benefit if the policyholder is diagnosed with an illness that is expected to result in death within a specified time. The lump sum allows the insured to manage end-of-life expenses like medical treatments or paying off debts.

Chronic Illness Cover

Chronic illness cover provides a payout when the insured is diagnosed with a condition that permanently impacts their ability to perform everyday activities. Common qualifying conditions include severe cognitive impairments. 

In the UAE, this cover helps with long-term care or any necessary lifestyle changes, offering financial assistance to manage prolonged medical treatments.

Disability Waiver of Premium

Short term disability features ensures that the policyholder's insurance premiums are waived if they become permanently disabled and are unable to work. Consequently, the policy’s coverage is maintained even if the insured can no longer afford to pay premiums due to the disability. 

Such a cover prevents policy lapse and ensures that the insured continues to receive protection without financial stress during challenging times.

Why Choose Term Insurance with Living Benefits in the UAE?

Here are the top reasons to opt for term insurance with living benefits —

Living Benefits Options

Term insurance policies in the UAE have living benefits such as critical illness cover, terminal illness cover, chronic illness cover, and disability waiver of premium. These options provide a payout if the policyholder is diagnosed with a serious illness or becomes disabled. Such provisions allow you to manage medical expenses, replace lost income, or adjust to new financial responsibilities.

Affordable Premiums

Term insurance offers high coverage at relatively low premiums compared to other types of life insurance. For UAE residents, this is an affordable way to ensure financial protection for family members in the event of the policyholder’s death. 

The premiums are fixed for the entire policy term, providing stability over time. So even if you include any add-ons in your plan, you can still get quite affordable plans.

Financial Protection for Dependents

With term plans with living benefits, financial coverage is provided, whether the breadwinner of the family passes away or faces any critical illness. This ensures that the family has the necessary funds to maintain their standard of living, cover expenses, or even pay off debts such as mortgages or education loans.

Coverage for a Fixed Period

Term insurance plans are designed to offer coverage for a specific period, such as 10, 20, or 30 years. This flexibility allows you to choose a term that aligns with your financial obligations. For instance, if you want to cover your family while your children are growing up, you can select a term that matches these goals, i.e. around 15-25 years’ policy.

Flexibility in Coverage Amounts

You can easily tailor term insurance policies to suit your specific financial needs. Whether someone is looking for coverage to replace several years of income or just enough to settle any outstanding debts, term plans offer flexibility in determining coverage amounts. This ensures that you only pay for the protection you require.

Protection Against Outstanding Liabilities

Many UAE residents have financial liabilities such as personal loans, credit card debts, and mortgages. In case of an untimely death, these debts could become a burden for surviving family members. 

Term insurance ensures that beneficiaries can settle these outstanding liabilities without hampering their personal savings or other resources.

In a Nutshell

In the UAE, the living benefits of term insurance provide financial security beyond just death benefits. These policies offer critical illness cover, disability income protection, and terminal illness payouts, helping you manage medical expenses and income loss during challenging times.

By receiving a portion of the sum insured (or an additional amount) while still alive, you can focus on recovery without any financial stress. Living benefits of term life insurance ensure peace of mind for policyholders and their families, safeguarding their future against unforeseen events and promoting overall financial stability.