Insurance is an agreement between an individual and the insurance company to share the responsibilities of the unpredictable nature of life. The term insurance in Dubai insurance financially covers the life risk for a specified period. As the name suggests, it is for a particular term and may vary from 65-75 years, depending on the plan. In case of untimely death within the specified time, the insurance company pays off the sum to the family. If the insured outlives the tenure or crosses the age limit, the person cannot retain the financial security. Hence, listed are some of the benefits obtained while availing of the term insurance plan.

Simplicity:

It is the best life insurance in Dubai when compared to other markets-linked or whole life insurance plans. The advantage of the term life insurance is that it is simple and easy to understand. At the time of the insured demise, the insurance company hands over the sum to the beneficiary without any unnecessary process and queries.

Affordability:

Term insurance can be afforded easily by anyone in UAE due to its minimum premium rate. Many insurance companies in the UAE offer a term insurance minimum of AED7 per month. They provide lower premium rates with lots of benefits and comprehensive coverage to the insurer and the family.

Flexibility:

Term insurance is converted into whole life insurance at any time as per the client’s requirements. It also offers the policyholder a flexible term. It means that the policyholder can choose the duration according to their preferences.

Portability:

The term insurance plans are available to the policyholder anywhere or anytime. It means that if the policyholder migrates from the UAE post the purchase of the policy, as long as the insurer pays the premium, the insurance is active. Therefore, the beneficiary can avail the sum from any part of the world.

Secured life :

It provides peace of mind and a secure feeling. It is because if the person meets with their demise, the family is financially secured. Those families that solely depend on a single person can choose term insurance is an added advantage. In the absence of the insured, the insurance company ensures that the family is taken care of financially.

Therefore, term insurance is a part of financial planning in Dubai. Hence, consider the benefits suggested in the post while availing of term insurance.