Every one of us dreams of having a perfect, happy future. Yet, we can’t predict what the future will bring. It is this unpredictability that makes the game of life interesting and also challenging at times. Life insurance is a form of policy wherein the insurance company draws a contract on the life of person prescribed in the policy. During the tenure of the contract, the insured person pays a premium amount to assure that amount in the unfortunate event of death of the insured person. The Lump sum payment is given to the beneficiaries as the death benefit to supposedly cover their needs.
However, it is a significant one and should be addressed rather sooner than later: Do you have adequate life protection coverage?
Especially when living abroad, this is a crucial question. A local in UAE or an expatriates who is living many kilometers away from his home country, and making sure that his wife/husband and/or children are taken care of if the breadwinner of the family dies or gets critically ill, is important. More than 50% of resident of UAE doesn’t have sufficient life insurance protection Most people either think the premiums are too high or are unfamiliar with the concept.
To give you a better understanding: A life insurance policy makes sure that in case you or your partner (husband or wife) dies, the other members of the family are financially taken care of. Though your life insurance might be part of your employment package, also bear in mind that you will only be covered during the time of your employment. But what happens when you and your partner decide to leave the job and continue your life somewhere else? Owning a coverage will always have lesser worries than renting the same.
Every Life insurance policy is different and drawn based on the needs of the person and the beneficiaries involved. Other factors involved that determine a good life insurance policy are the Time duration of coverage, the premium amounts involved and the needs of the beneficiaries.
The compensation benefits of any type of insurance protection will prove to be important to your family for various reasons.
- In the event that you are a salary worker and you pass away, your family will in any case be left to deal with budgetary duties and obligations, other than those that may have been secured independently.
- The life insurance pay-out will empower your friends and family to pay for your funeral service costs and to settle as much debt as possible.
- To put it plainly, this kind of coverage will guarantee that your family has an all the more monetarily stable future if you are never again around to give a pay or add to the family funds.
At Liberty, we offer a range of plans to suit all sorts of needs and budgets, and because you can pay premiums on a monthly basis, you will not have to take a huge hit to your finances in order to benefit from this type of coverage.