A bank pays what you saved whereas an insurance company pays what you wished to save. Which do you think is more?
The world we live in is full of uncertainties and risks. Individuals, families, businesses, properties and assets are exposed to different types and levels of risks. These include risk of losses of life, health, assets, property, etc.
Life insurance serves as a contract between an insurance holder and an insurance company (insurance company), where the insurance company guarantees the nominee to pay a certain beneficiary amount. As per the commitment, the beneficiary pays a predetermined amount as premium or regularly to the insurance company. But giving up your family’s financial security for luck is a gamble that one should not take.
Why is a life insurance policy important?
Life insurance cover is your financial shield to protect your family’s future and security:
- Provide financial security and a guaranteed income for your family in the event of premature illness or death.
- Cover loans such as credit cards, mortgages, and education.
- Accumulate a valuable investment over time.
- Provide for you and your family in the event of illness.
- Protect your family’s valuable assets.
One should top-up their life insurance in Dubai, even if they have cover from their employers, as they often find out that they have no insurance if they lose their job. When they are an employee there may be protection for them and their families, but it disappears when they are not an employee.
This can leave expats facing medical bills and repatriation costs of thousands of dirhams. Life insurance acts as a safety net in case of any unforeseen events and can help a family get through tough times with dignity.
Life insurance ensures protection from financial loss due to the unexpected death of the breadwinner of the family. The income of the policy goes directly to the beneficiaries employed by the insured, which protects the insured’s dependents from any financial impact. In the event of the insurer’s death, the insurer’s full monthly premium is paid in full by the insurer.