Life Insurance 101

Life insurance is for the purpose of helping your loved ones manage the financial impact of your death. If something were to happen to you, your life insurance will be paid out in a cash some to your loved ones. There are a number of factors to consider...

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Everything You Need to Know About Life Insurance

What is Life Insurance?

Have you ever wondered what a life insurance policy covers and if it’s something you should invest in? Life insurance is for the purpose of helping your loved ones manage the financial impact of your death. If something were to happen to you, your life insurance will be paid out in a cash some to your loved ones.

Why Purchase Life Insurance?

There are a number of factors to consider before purchasing a life insurance policy. Some of the more common factors being if you send money to your home country are your family depends on your income, if you have any outstanding loans or if your children are attending fee-paying schools. Should any of the above scenarios apply to you, then yes, you should strongly consider buying a life insurance policy.

Benefits of Life Insurance

In addition to covering the above points mentioned, a life insurance policy can execute many other benefits. Should a situation occur where your family was to lose you, an emotional loss is naturally the most devastating of all. If you were to have a life insurance policy, the financial consequences would be mitigated, and this would avoid your family having to make complex decisions whilst under time constraints. Life Insurance will give your family a chance to adjust to the changes over time and as well as this, it will also provide assistance to your family to pay off outstanding debts, housing payments and to fund education.

The Cost of Life Insurance

A common misconception we often hear from our customers (and staff members!!) ‘Isn’t it expensive to get life insurance?’ and the answer is NO! The amount of cover you have is what will ultimately affect the cost but there are some plans for as little as AED 7 per month. For such a little amount, it could hugely impact the protection of your family.

We often see customers who don’t know if they want to commit to a life insurance policy for the long term, so we have listened and we have you covered. We offer monthly plans available, so you don’t have to commit to anything long term and you can stop paying at any given point. It’s simple and easy to apply for and is just as easy to cancel should you feel it’s something you don’t need.

Varies Types of Cover

Many people are unsure of how much cover they should go for. We advise thinking of how much cover your family would need to be comfortable for long enough to get themselves back on their feet should there be a sudden loss. Our suggestion would be to go with 1 year’s annual salary but only you can make the call on the amount of cover needed.

When signing up for a life insurance policy, the decision is yours when it comes to who will the money go to. You can nominate individuals globally. All you need to tell us is the names of the people and the percentages you would like to give each person.

We hope that this helps clarify some questions that you might have should you be considering purchasing a life insurance policy.