Life insurance is an agreement between an insurance company and a policy owner. The insurer promises to pay a set amount to designated beneficiaries if the insured person dies, in exchange for premiums paid by the policyholder.
The best life insurance companies are financially strong, have minimal customer complaints, high customer satisfaction, various policy options, optional riders, and easy application processes.
How Does Life Insurance Work?
Life insurance is a contract where you pay a small premium to ensure a large sum for your family in case of your untimely death. It typically covers a specific period — if you pass away within that time, the insurer pays a death benefit.
If you outlive the term, you may receive a maturity benefit, depending on the policy. Whole life insurance plans are more likely to pay a death benefit than a maturity benefit.A life insurance policy has 2 main components: a death benefit and a premium. Term life insurance includes these two components, while permanent or whole life insurance also has a cash value component.
Death Benefit: This is the money that the insurance company pays to the beneficiaries when the insured dies. The insured chooses the amount based on the beneficiaries' future needs. The insurer, meanwhile, assesses the insured's age, health, and activities to determine the eligibility.
Premium: Premiums are the payments made by the policyholder for the insurance. They are based on factors like the insured's age, gender, health, and lifestyle risks. Premiums are higher for larger death benefits, higher-risk individuals, and permanent policies with cash value.
Cash Value: Permanent life insurance accumulates cash value, which the policyholder can use for savings. It can be used to pay premiums or take out loans. However, keep in mind that outstanding loans reduce the death benefit.
One of the top life insurance companies in Dubai, Zurich aims to empower you and help you secure your life financially at every new nook. The company has been operating in more than 35 countries and offers some of the best life insurance plans in the UAE.
The life insurance company offers 3 major life insurance plans —
Critical Illness Protection — This insurance plan pays you a lump sum if you, the policyholder, are diagnosed with a serious medical condition. It gives you financial security in that you continue to get an income flow to pay your living expenses and focus on treatment and recovery.
Term Assurance — This customisable life insurance plan pays a lump sum on the policyholder's death. The policy can be customised into a joint-term insurance plan.
Futura — This is a customisable comprehensive life insurance plan.
You can certainly choose to buy insurance from this life insurance company in the UAE for the following reasons —
Quick claim settlement process with 98.1% of claims settled in the previous 3 years
MetLife has had a strong presence in the region for more than 65 years. With its headquarters in Dubai, this life insurance company in the UAE aims to provide comprehensive and customisable insurance plans. Its plans include —
Secure Plus — This life insurance policy covers the policyholder and their family against loss of life due to natural diseases or accidental death.
Live Life — It’s a term insurance plan with a policy period ranging from 5 to 30 years. The plan is affordable and offers flexible payment options, coverage for spouses, and coverage enhancements.
Future Protect — An innovative hybrid insurance-cum-investment plan, it offers complete life coverage up to the age of 95 years. It is a flexible protection plan for family and also enables savings simultaneously.
One of the best life insurance companies in the UAE, HAYAH Insurance has served over 150,000 individuals and businesses in the UAE. As a top-rated life insurance company, HAYAH offers plans to financially secure individuals and their families against unfortunate events. Its plans include —
Term Life Protect — This is a type of life insurance plan that protects the policyholder and family against death, disability, and critical illness.
Simple Life — A simple term life insurance plan that requires no medical examination and has a quick sign-up and easy application process.
Loan Protect — This life insurance policy financially covers the outstanding loans if the insured is unable to pay them due to illness, disability, or death.
Some of the reasons to buy insurance from this life insurance company in Dubai are —
Digital life insurance plan that can be managed easily
Products regulated and approved by the Central Bank of the UAE
One of the top life insurance companies in the UAE, Sukoon Insurance offers insurance plans that financially protect the policyholder and family in case of uncertainties.
Some of the reasons to buy a life insurance plan from this provider are —
Customer-centric insurance plans
High-quality products
Constant product upgradations
Round-the-clock customer care service
The life insurance products of Sukoon include —
Term Insurance — This comprehensive life insurance cover offers a financial safety net in case the policyholder is not around. It offers quick and easy claim settlement. There are 2 types of term insurance products – Life Guard and Term Protect.
Whole of Life Insurance (Life Protect) — This is a comprehensive whole life insurance plan where you can invest parts of the premium into investment funds of your choice. This is a long-term life insurance policy that also ensures lifetime savings.
Unit Linked Policies — There are 3 kinds of ULIPs — Smart Invest, Sukoon Advantage, and Elite Life. You can easily access and monitor the plan online and choose from the top global funds.
Diabetic Care — This is a critical illness plan especially designed for Type 2 diabetes. It has flexible payment terms and offers lump sum payout in case of critical illnesses due to diabetes.
Founded in 1979, Salama Insurance is among the top names for those seeking the best life insurance company in the UAE. It is an Islamic Takaful company that complies with Shariah Law. The insurance provider is listed on the Dubai Financial Market and has a paid-up capital of AED 939 Million.
The life Takaful plans of Salama include —
Lifelong Secure — A global family life Takaful plan with a terminal illness cover, it can be obtained as a single or joint life cover.
Lifelong Superior — This is a whole of life takaful cover that ensures a stable future for the family by financially securing them in case the policyholder passes away.
Mentioned below are the major reasons to buy life insurance from this provider —
Founded in 1998, Union Insurance is one of the top life insurance companies in the UAE. Holding a licence from the UAE Insurance Authority, Union is listed on the Abu Dhabi Securities Exchange.
Union Insurance offers a plethora of retail and commercial insurance products, including life insurance. Its life products include —
Smart Term Life — It is a pure term insurance plan that covers the policyholder for up to 35 years and financially secures the beneficiaries in case the policyholder passes away suddenly.
Smart Critical Illness — This is a critical insurance plan that covers the policyholder if they are diagnosed with a serious medical condition.
Infinity Life — A unit-linked, variable, flexible, and universal life insurance policy, this plan works as a traditional life insurance plan as well as an investment plan.
Super Secure — As a regular unit-linked insurance plan, Super Secure offers multiple investment options to help you accumulate funds towards your financial goals.
Flexi Life — Flexi Life is a unique product designed to support your financial goals while adapting to your changing lifestyle. It allows you to build a personalised investment portfolio, offering financial security during difficult times and enabling future capital growth.
Single Premium Plan — The Single Premium Plan is a convenient unit-linked plan that, as the name suggests, requires a one-time payment. It allows you to invest effortlessly and enjoy the benefits throughout the policy term as your money grows.
7. Arabia Insurance
Incorporated in 1944, Arabia Insurance is one of the best life insurance companies in UAE. It has a strong insurance foothold in 8 Arab countries. The company has a financial strength rating of B+ (Good) and a long-term credit rating of ‘BBB’.
The available plans include —
Level Term Insurance
Decreasing Term Insurance
Renewable Term Insurance
Family Income Benefit
This life insurance company is vouched for its —
95% claim settlement
Round-the-clock insurance customer care
Personalised insurance plan
8. Orient Insurance
Established in 1982, Orient Insurance is a part of Al-Futtaim Group. This life insurance company in the UAE has a paid-up capital of AED 500 million and an A+ credit rating.
With this company, you can get a variety of life insurance products —
Future Invest-Regular Premium — Future Invest is a Unit Linked Insurance Plan that combines saving, investment, and protection in one product. It safeguards you and your savings from uncertainties and ensures peace of mind with sufficient funds at the plan's end.
Orient International Term Plan — The Orient International Term Plan is highly popular because it's the most affordable life insurance option. It provides a lump sum payout, offering financial security in cases of critical illness, terminal illness, disability, or death.
Incorporated in 1974, Ras Al Khaimah National Insurance Company is one of the top life insurance companies in UAE. Currently having a paid-up capital of more than AED 121 million, it’s one of the oldest and most renowned insurance companies in the country and offers a comprehensive life insurance plan.
Incorporated in 2008, Takaful Emarat is one of the top life insurance companies in the UAE. It is a Shariah-compliant Takaful company with comprehensive life covers that protect the policyholder and their family in case of any uncertainty.
Its life Takaful products are —
Fixed Term — This is a flexible term plan with a tenure from 5 to 25 years. The plan offers mandatory death benefits and covers repatriation expenses. The policyholder can also avail of additional benefits — critical illness, permanent and partial disability, accidental death benefit, and permanent total disability.
Decreasing Term — It is a protection plan that can financially protect the policyholder and their family in case of their untimely demise. This insurance type is useful for individuals who have mortgages or personal loans.
How to Choose the Best Life Insurance in the UAE?
Here are some tips to select the best life insurance in UAE —
Buy Early — Premiums are lower when you’re younger. Buy life insurance as soon as you start earning to save on costs.
Set Life Insurance Goals — Decide whether your primary goal is to secure your family's financial future with an insurance plan or save for specific goals like your child's education with a unit-linked insurance plan.
Calculate Optimal Coverage — Ensure your coverage is at least 10-15 times your annual income. Consider family expenses, debts, future costs, and subtract your liquid assets to find the right amount.
Determine Premium Amount — Use online calculators to compare policies and find the best deal. Match your premium paying tenure with your future earnings.
Select Policy Term — Choose a term based on how long your family will depend on you financially, typically until you stop earning.
Choose a Reputable Insurer — Look for companies with a high Claim Settlement Ratio (CSR) and read customer reviews to ensure reliable service.
Disclose All Facts — Inform your insurer about tobacco or alcohol use, hazardous jobs, or existing illnesses to avoid future claim rejection.
Read the Policy Document — Understand terms, conditions, lock-in periods, and claim conditions before committing.
Choose a Comprehensive Plan — If required, go for riders like Critical Illness, Accidental Death Benefit, Permanent Disability, and Terminal Illness to enhance your coverage.
Regularly Review Needs — Reassess your insurance needs periodically and adjust your coverage to match changing financial goals and life events.
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