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Here's why life insurance is a fundamental part of having a sound financial plan while in the UAE
26 January 2020
| Last updated on 27 January 2020
Buying life insurance in the UAE helps ease yours and your family's financial future
Many UAE expats live, study, and work in the country in the long-term. As residents grow older, marry, build families, start a business, etc., having a life insurance policy in place is also an important part of having a sound financial plan.
Even if you're a short-term resident in the emirates, say a few years as you work towards your goals, there are some serious benefits to having a policy in place - more so if you've taken a loan, are married, planning a marriage, have or planning on starting a family, or if you run your own business in the country.
But there are still holdouts who believe buying life insurance is not for them. Life insurance in the UAE is fairly affordable and provides financial protection to your loved ones in the event of your passing.
Here are a few reasons why having life insurance shouldn't be skipped when planning for your future.
1. Financially protects you and your family
Pays off debt
In the event of your death, your property, business, and other personal liabilities become the responsibility of your next of kin such as your spouse, parents, or siblings. Your loved ones may end up being the ones who have to pay off your debts, mortgage, credit cards, car loans, and other outstanding payments. If you have a life insurance policy in place, your family will not be left with any extra financial burdens.
Financial security for your loved ones
If your family depends on your financial support for their livelihood, life insurance allows your parents, spouse, children, or other loved ones to sustain their standard of living as it replaces your income should happen to you.
This is also a great way to set up a solid financial future for any children or relatives you hold dear, as well as other monetary needs that will arise.
2. Helps complete long term goals
A life insurance policy in the UAE can help you complete long-tern goals, for example - buying your own house, as this policy offers several investment options.
3. Brings peace of mind
We can never know when we'll pass away, but we do know it will happen eventually. Buying life insurance in the UAE can help provide protection of other uncertainties in life, bringing you and your family peace of mind. You won't have to worry whether they'll be taken care of when you're gone, as life insurance protects your loved ones from the financial unknown and will not add to their emotional burden.
4. Best insurance price at a younger age
If you are living in the UAE and you are young, single, healthy, and have no existing health issues in your family's medical history, then you are typically eligible to get the highest insurability. Though you may be physically strong and healthy right now, having a life insurance policy avoids monetary problems in the event of an accident, critical illness, or other unexpected happenings.
5. Life insurance safeguards your business
Having a life insurance policy in the UAE does not only protect your loved ones but also your business-related concerns. Life insurance policies that are specially tailored for business owners allow the surviving business partner/s to acquire their deceased business partner's share of the company. With right planning, the benefit sum assured pay-out is provided to the deceased business owner's nominee.
Among the many things that we may know and learn throughout life, death is one sure reality that is unpredictable. While it may feel like a depressing thing to consider or do, it's crucial to consider what happens when you are no longer around. What happens to your family? Who will financially support them? Who will pay for your children's upbringing and education? What happens to your debts? What happens to your business?
These questions are safeguarded with the monetary solution that life insurance provides.
For a thorough assessment to help you with all your current and future insurance needs, contact ExpatInsure so you can start selecting the best policy plan.
