Insurance

Can I buy life insurance if I’m not working?

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Although many of us think about life insurance as only an additional benefit that may come with a high paying job or a luxury that only some people can afford, the truth is life insurance should be regarded as an important and necessary investment for everyone, more so if you have a family.  The ongoing pandemic has made the importance of life insurance all the more obvious.  However, the current economic climate has left many people without work and with a big question mark around how they can ensure themselves.

Fortunately there are several ways to sidestep this problem.  Firstly if you are still employed but worried about future job security, you can buy a life insurance policy and purchase an additional rider which offers benefits to you and your family incase of the loss of your job.

If you are currently unemployed but your spouse or parent is employed, they can take out the policy for you.  This scenario is very common with students and stay at home spouses.

Lastly if you are unemployed and still want to purchase a policy under your name, there is a way.  In the UAE life insurance companies will ask that you present a valid UAE residence visa and an “Origin of Wealth” document.  This document helps the companies understand if you own any assets and/or savings which they can then insure you against rather than a salary.  You will have to disclose a lot of details in the “Origin of Wealth” however it will enable one of the advisors to best direct you as to what kind of policy you can purchase.  Many life insurance companies have also had to adapt to the “new normal” understanding that their policies have to accommodate the current circumstances.

Have a look at yallacompare.com to find out more about how you can buy your life insurance today…

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