What's the Best Life Insurance in UAE for Your Family Members?

By Atul Yadav
  | Published: 17 October 2021

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Life insurance is the best way to secure your family’s future. It helps you prepare for the worst well ahead in advance and provide your family financial assistance to maintain their lifestyle after your demise. While planning to buy a life insurance plan for your family in UAE, you need to consider if your insurance policy covers you adequately or not. 

Being the sole earner, you must find the best insurance plan for your family members to have wholesome protection. Individuals often confuse whether a non-earning member requires life insurance or not. To answer that, the loss of any family member is devastating and has a long-lasting impact. In addition, it brings immediate financial hardships such as funeral expenses and more. A non-working member may also be responsible for taking care of the house and children. The loss of such a family member can have a lasting void and bring caretaking expenses, etc. after their demise Since you know the importance of life insurance, you can search for various insurance options, depending on your family’s security needs. 

What are Life Insurance Plans in the UAE for families?

Individual life insurance plans protect the policyholder in exchange for the premium he pays. When it comes to multiple people in the same family, the insurance policy for each one may turn out to be expensive. Considering this, several insurance providers in UAE came up with family insurance plans that protect the family under a single plan. A single plan for your family has the advantage of simplicity and convenience, but it may not provide adequate coverage or you may end up paying more for unnecessary protection.

To have comprehensive security, you need to strategise your financial requirements and opt for a customised plan. Additionally, several life insurance plans in UAE also provide add-on riders with a nominal increase in your premium. You can consider those plans by doing detailed research.  

By making a strategical approach for buying life insurance for your family, you can provide them with appropriate security without going off your budget. 

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How to Secure Your Family with a Customised Life Insurance Plan in UAE?

With a customised life insurance plan for your family, you can ensure adequate security and financial assistance during an untimely event. To buy a life insurance plan as per your family requirements, you need to research various available options and secure each family member step by step. The following steps can help you to select the right life insurance plan for your family. 

Find a Life Insurance Plan for Yourself and Your Spouse

Since you are the breadwinner, it is crucial to buy a life insurance plan for yourself first. Your insurance would act as a salary replacement to meet your family’s daily expenses, education fees, debt repayments, etc. Also, your family members will be able to maintain their prior lifestyle. Covering your spouse with life insurance would secure childcare expenses, funeral expenses and more after her unfortunate demise. 

After you decide to buy life insurance for yourself and your spouse, you need to look for the option available in the UAE. A few life insurance plans for adults are as follows. 

Life Insurance Plans for Adults in the UAE

For adults, whether working or non-working, there are various life insurance plans in the UAE as given below. 

  • Term Life Insurance Plan - A term life insurance plan is affordable and covers you for a specific period, generally 10 to 35 years. Since you get a limited period coverage, the term life insurance plan in UAE is the cheapest but provides relatively large death benefits. Due to its high insurance benefit and affordable premium, you don’t get the maturity benefits, also known as the survival benefits. 
  • Whole Life Insurance Plan - As the name suggests, whole life insurance protects you for your entire life up to the age of 100 years. Additionally, the insurance accumulates the cash value, and you can withdraw them as survival benefits. 
  • Endowment Plans - An endowment plan serves two purposes; it secures your life and also acts as a saving scheme. The plan provides guaranteed death benefits as well as survival benefits. With an endowment plan, you can save regularly over the period, and on maturity, you get the lump sum amount if you survive the insurance tenure. In case of your demise, your family receives the death benefits. 
  • Unit Linked Insurance Plans (ULIPs) - The unit-linked insurance plans also serve two purposes. However, it is more of an investment plan, unlike an endowment plan. Your insurance premiums are divided into units and invested into various investment funds to generate profit. You can choose from various funds to invest your premium. 

Find a Life Insurance Plan for Your Children

Most people believe that getting a life insurance plan for children is an unnecessary expense. However, it makes you ready for unforeseen situations. Few life insurance policies like the Metlife Educare insurance plan also cover the education expenses of children. Following are some advantages of children's life insurance plans. 

  • Your kids can continue the insurance plan as adults by paying the premium, and they won’t require to undergo a medical test in later stages.  
  • The insurance premium for them will remain the same whatsoever. 
  • The child insurance plan accumulates cash value that you can encash in an emergency or if you dissolve the policy. 
  • You get the insurance benefits during the unexpected demise of your child.

A few add-on riders are also available for children's life insurance in UAE. 

Get a Life Insurance Plan for Your Parents

Even though you don’t depend on your parents, their unexpected demise can shock you financially and emotionally. Although getting life insurance at old age can be tough, there are various options that you can choose.

  •  Annuity plans are suitable for people above the age of age 60 and do not require a prior medical examination. 
  • Additionally, some of the life insurance plans for the elderly cover the medical expenses if they get hospitalised due to ill health. 
  • In case of an unforeseen event, you would receive the death benefits to meet the funeral costs or repayment of debts. 

Buying life insurance for your loved ones would make you ready for the uncertainty and can help you cope with the situation better. 

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How to Find the Best Life Insurance Plan for Your Family?

To find the best life insurance plan for your family in UAE, you need to research various insurance plans from different insurance providers and select the one that suits your requirements. You can consider the following things while purchasing a one family life insurance plan-

  • While searching for the family insurance plan, consider the coverage amount and select the one that meets your requirement. 
  • Consider the quotes and insurance premiums from different insurance companies and choose the one that offers high coverage with relatively lower premium cost. 
  • While buying term life insurance for yourself, look for the add-on riders protecting your family and compare them with various customisable life insurance plans. Select the one that suits your financial requirement. 
  • Consider the inclusions, exclusions and other terms and conditions in the family life insurance plan from different providers and choose the one most suitable for you.
You may also like this - How A Life Insurance Policy Keeps Your Family Safe?

Conclusion

Buying a life insurance plan in the UAE is easy, but finding the best life insurance for your family needs some research. One family life insurance is simplified and convenient with a single insurance premium, but may not provide adequate protection and you may have to pay for unnecessary coverage that you may not need. For this reason, getting a customised family insurance plan in UAE is always a better option. You get affordable and enough coverage for each family member. 

To compare various life insurance plans for your family, you can visit the life insurance section on our website. You can also reach out to our support team to resolve your queries related to insurance plans. 

Atul Yadav
Atul Yadav0 Post

Atul has had a flair for writing ever since he started writing essays in school, which inspired him to subsequently opt for a career in writing. He loves to write about places he's been to (the list is endless) and financial products that can help people make a real change in planning their finances better.