Insurance that provides financial coverage to the nominee due to the sudden death of the insured. This coverage is provided for a specific period of years. It is the most basic insurance policy with affordable premium rates.
The insurance also provides coverage to the insured family in case of any financial burden due to the unintended disability of the insured which has led to income loss.
With lifestyle changes and higher cost of living in the UAE, getting term insurance for your family is very much beneficial. The major need of getting a term insurance policy is that it comes with lesser premium rates. The other reasons for having the term insurance are:
- In case of an abrupt decease of the insured, the benefit can be availed by the family
- As compared to other insurance premiums, the premium for term insurance is less and affordable which can help you to plan for child education, retirement, property purchase, etc.
- The disbursements are customized as per the availability of the insured. The insured can pay it as monthly payments or as a one-time payment.
- Different riders can be added to your existing term insurance policy which increases the coverage. Riders such as Permanent disability, critical illness, and accidental death can be added as additional coverage to the policy
The minimum eligibility of availing term insurance is 18 years and the maximum availability is 65 to 75 years, based on the insurance provider.
Based on the requirements of insurance companies, the documents vary. However, the most common documents required in UAE are:
- Emirates ID
- Residential Visa
- Recent Photographs
Purchasing insurance always comes with multiple questions and thoughts like which the best term insurance policy and the comparison with other insurances would be beneficial. A few tips on how to choose the best term insurance:
Like any other insurance, term insurance comes with certain inclusions:
Compared to any other insurance, term life insurances are more affordable, and it can be availed for a higher life cover availing the same premium amount. Some of the benefits of having a term life insurance are:
Having provided a list of inclusions, term insurance also has certain exclusions that cannot be covered:
How much term insurance cover do I need?
The coverage under insurance is based on your family requirement. Always opt for a policy that solely covers your family and its terms.
How to choose the best term insurance cover?
The best way to choose an insurance policy is by comparison. There are many options in the market to check and avail of the best term insurance policy.
What is the required information while purchasing term insurance?
Firstly, you should ensure to select the best policy suitable. This can be done either by online comparison or by visiting insurance companies. The basic documents that go in purchasing a policy in UAE are:
- Emirates ID
- Residential Visa
- Recent photographs
- Premium Amount
Where should I purchase a term insurance policy online?
You can either refer to the insurance company website or policyhouse.com can provide you with the best online insurance companies at an affordable premium.
What is the validity of term insurance?
The policy is valid until the insured can pay the premium amount.