Do you have life insurance? If yes, it means you care for your loved one’s the most and want them to live a peaceful life after your death. If no, this the dumbest thing you’ve ever done. Life is uncertain. You can’t imagine what will happen next. When you die, what will happen to your family, how will your spouse live, pay the mortgage, food, healthcare, school fees, etc? If you love your family, you must protect them by having life insurance. Life insurance is the most amazing product ever introduced. It can positively turn anyone’s life at the time when you are in need. It is an agreement between two parties, the insurer and an insured. The insured has to pay a fixed amount as a premium regularly. In return, the insurer will pay a certain amount to the beneficiary after the death of the insured.
The UAE is the only country where the highest population of expatriates live. It becomes very important for expats to have life insurance in the UAE, as it gives financial security and stability. There are very few companies that offer life insurance in the UAE that provide you complete insurance policy plans such as term plans, whole life insurance, ULIPs, endowment policy, etc. The life insurance policy gives you a broad range of benefits like safeguards the family interest, coverage for health expenses, variety of plans, peace of mind, promoting saving and investment, loan facility, etc. Let us discuss some of the crucial points you should remember before buying a life insurance plan.
Choosing a Company
The first thing you have to do is buy a plan online or offline according to your needs. I will advise for online in this digital world because you won’t have to be in the queue for your work to be done. You should also select the right insurance company that gives you a policy with all the insurance benefits to the beneficiary. While comparing the plan, you must give importance to accessibility, affordability, eligibility, settlement ratio of the insurance provider.
Formalities & Medical Test
After selecting the plan which is suitable for you. Go to the website or the agent for the formalities and register on it, giving the various details and information. Submit the required documents in softcopy or hardcopy accordingly like Identity Proof, Address proof, Nationality, income certificate, Bank statement, medical certificate, etc. Some of the company requires the buyer to go through various medical tests and examinations. Based on those tests, the insurance provider calculates the life expectancy of the policyholder.
Choosing the nominee and verification
A nominee is an individual to whom the entitled assured sum will receive on the claim. It is the choice of the insured to whom he wants to make it. It can be his kids, spouse or relatives. After the compilation of all the work, you must recheck all the details you have filled and uploaded. It is very important to recheck because all those details you have filled will be checked at the time of claim. After clear verification of all the documents and completing those formalities, the company will pass the assured sum.
Life Insurance is important. It protects your beloved from the uncertainty that may happen and provide financial help and strengthen economically.