Top 3 Safest Life Insurance Plans in the UAE
Opting for life insurance is the best decision an individual can make financially. Yet, there are very few people who actually know the significance of opting for life coverage. If all the members of a family financially dependent on a sole individual of the family – their ability to pay off debts manage daily household expenses, along with sustaining their current standard of living can be largely affected in the unforeseen scenario of the insured individual’s demise. This is what makes it extremely important to opt for the best life insurance in UAE.
Life insurance can help in securing the financial future of the policyholder’s loved ones by providing a financial safety net.
What is Life Insurance?
A life insurance policy is a contract between the policyholder (i.e. insured) and the insurance provider (i.e. insurer) that guarantees a payout of the sum assured to the nominees in case of the demise of the insured individual. In return for the premium paid over the course of the policy, the beneficiaries that are named in the policy contract will receive a fixed sum assured from the insurance provider in case of the sudden death of the insured.
The Safest and Best Life Insurance in UAE
When it comes to opting for the best life insurance in UAE, there is a wide array of insurance providers that cater to such needs of the policy. Below mentioned are a few providers out of the many that offer the safest and the best life insurance in UAE:
Zurich Life Insurance
Zurich's life insurance helps in giving the policyholder’s family members the financial help that they require in case of any unforeseen occurrence that may lead to the demise of the policyholder. There are 4 types of Zurich life insurance plans available in the market:
- ITA or International Term Assurance
- IDTA or International Decreasing Term Assurance
Additionally, the policyholder can increase the scope of coverage of the policy by opting for the various optional add-on benefits offered by Zurich such as critical illness, waiver of premium, accidental death benefit, permanent or total disability, among others.
Metlife Life Insurance
Metlife offers the life insurance policy seeker with a selection of protection solutions that are simple and flexible to protect the financial future of his or her loved ones. The following are the 3 different types of life coverage policies offered by Metlife:
- Live Life
- Future Protect
- Decreasing Term
Union Life Insurance
Union Insurance Company offers policy seekers with different options when it comes to life coverage. The numerous plans offered by Union are tailored to meet the different requirements of every customer seeking to secure their life. The following are the 3 different types of Union life insurance plan available as shown below:
- Group Life Insurance
- Flexi Life
- Sure Term
Why is Life Insurance Important?
Most of the people are not well aware of the importance of holding a life insurance policy. Here are some of the reasons why you should consider opting for a life insurance plan:
Helps in Dealing with Debts
In case of any unforeseen occurrences, nobody wants to put their family in a position where they have to deal with any sort of financial problems. If you opt for the best life insurance in UAE, then any debts that are outstanding – be it a home loan, a car loan, or a personal loans – all of it will be looked after by a life coverage policy.
Protection for Loved Ones
Nobody out there wants any sort of financial problems coming in the way of his or her family members. If something unfortunate were to happen to you, you wouldn’t like for your family members to be dependent on someone else. Be it paying for a child’s education or securing the life of your spouse, a life coverage policy can help in securing the financial future of your loved ones.
Supplement the Retirement Goals You Have
All of us want our retirement savings to last, obviously. And they will last if you go ahead and invest in the best life insurance in UAE. With the right plan, you can manage to get a regular stream of payouts every month. The idea behind such plans is like a pension plan, wherein you get a steady source of income on a monthly basis after your retirement.
Helps Achieving your Long Term Goals
Opting for a life insurance policy is an investment for the long-run that can help you in achieving your long-run financial goals. Before opting for a policy, consider your various options. Select the best life insurance in UAE that you think will help you reach your desired goals for the long term in the best manner.
Helps Save Your Business
Life insurance not only protects your loved ones but also protects your business. There are some policies out there in the market that are designed to look after your business. If you own a business and if there is any unforeseen occurrence in the future, then your share of the business can be bought by your partner. These business partners of yours will enter a buy-sell agreement. The payout in this case will go to your appointed nominees. However, they will not be eligible to get any stake in the business.
Might Not Qualify for One Later
The life insurance plans function on uncertainties. You might be in the best of health now, and paying the premiums on the best life insurance in UAE might seem like an added burden. But if something were to happen to you in the future, you will regret not opting for life coverage earlier. However, at that point in time, you might not be allowed to opt for a plan. This is what makes it best to opt for a life plan as early in life as possible because it will still be in force even if you start to develop some health issues.
It is important for one to invest in the safest as well as the best life insurance in UAE so that they can be at peace knowing that their loved ones are financially secure in case the policyholder is to be no more.