Life insurance for senior citizens in the UAE provides a crucial safety net for protecting loved ones and managing financial responsibilities. Even in later years, life policies offer peace of mind by ensuring that your dependents are financially secure in the event of your passing.
With the rising cost of living, medical expenses, and potential debts, a well-chosen life policy can cover immediate needs and future obligations, sparing your family from financial stress. Additionally, it can be an effective tool for legacy planning, enabling seniors to leave behind a meaningful inheritance or support charitable causes.
In the UAE, where families often rely on shared financial support, life insurance becomes even more relevant for safeguarding the well-being of your beneficiaries. With various policies available, seniors can find options tailored to their needs, making this insurance type a valuable investment in security and peace of mind.
What is the Need for Life Insurance Plans for Senior Citizens?
Senior citizens need life insurance for the following reasons -
Financial Security for Loved Ones - Even in your senior years, you may have family members who depend on you financially. A life policy can help cover their immediate and future needs, providing essential support after your passing.
Cover Debts and Final Expenses - Life plans help pay off any remaining debts and final expenses, relieving your family of these financial burdens during a difficult time.
Legacy Planning - Life insurance for senior citizens is a great way to leave a legacy or support a charity. You can allocate part of your policy to loved ones or causes you care about, ensuring your contributions live on.
Best Life Insurance Policies for Senior Citizens
Tabled below are the best life insurance plans for senior citizens —
HAYAH Term Life Protect
Level term plan
Worldwide coverage
Add-ons -
Accelerated critical illness
Permanent total disability
Terminal illness
Waiver of premium benefit
Passive war and terrorism cover
MetLife Live Life
Death benefit
Terminal illness - Accelerated life benefit
Option to modify the life benefit available
Zurich International Term Assurance
Life cover
Terminal illness benefit
Add-ons -
Critical illness benefit
Permanent and total disability benefit
Waiver of premium benefit
Sukoon Insurance Life Guard
Death benefit
Joint life benefit
Sukoon Takaful Family Takaful Term
Joint Life (both death or first death)
Integrated critical illness benefit including the following diseases —
Which Factors Should You Consider When Buying Life Insurance for Senior Citizens?
Here’s what you need to factor in buying a life insurance plan for senior citizens –
Types of Life Insurance - Seniors in the UAE can choose from term life, whole life, or universal life insurance. Each option offers different benefits, so select one that matches your needs and financial goals.
Medical Underwriting - Getting a life policy as a senior often involves a medical exam and health assessment. These results can affect your premium, making it important to be prepared.
Coverage Amount - To decide how much coverage you need, consider your debts, ongoing expenses, and the financial needs of your family. Consulting a financial advisor can also help you determine the right amount.
Premium Costs - Premiums of life policies for seniors are usually higher. However, the financial security and peace of mind provided by them can make the cost worthwhile.
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