Life insurance policy take care of you & your loved once in times of crisis. What are the features of life insurance and how will they benefit? Read on for more on life insurance

They say that “Family is the heart of a home”. And it is this family that we yearn to come back to after a long, tedious day of work and stress. There’s nothing like spending quality time at home with people you care about the most. But have you thought about what would happen to those that are dependent on you after your time? And while we take such luxuries for granted what about security and protection for the family you adore and care for? What about financial stability even after you are unable to care for them? Have you thought about wanting to secure a financially-sound future for them?                                                                                                                              

This is where Life insurance steps in.

What is Life Insurance?

Life insurance is a kind of financial securing that involves paying a premium in exchange for a financial benefit in the form of savings or investment etc only accessed at a later time. In a way, life insurance works as savings that the insured leaves for beneficiaries in exchange for a premium paid over some time.

Key features of life insurance policy 

• Impartial financial advice

Life insurance policies also include facilities such as the provision of financial advice to the insured. These financial advices are impartial and aim to guide the insured towards better financial understanding and stability for optimum benefits in the future.

• Range of saving and investment options(as opposed to conventional saving methods)

Life insurance plans in Dubai may also provide a range of saving and investment options to choose from. For those that wish to insure with life insurance policies, know that there are multiple options to invest or save from as opposed to various conventional methods of saving.

• Sharia and non-Sharia investment and life insurance plans

Life insurance policy product ranges also offer a range of plans that are Sharia-compliant Takaful covers for those who may look for ways to “save” but also wish to abide by the Sharia laws. Non-Sharia products are also offered for those looking to save otherwise.

• Term & whole of life protection

This entails covers that include a simple term cover or covers for whole of life protection, giving prospective customers the freedom to choose from either type or term of protection. Note that it is likely that premiums may vary with different terms of protection.

• Traditional and modern plan ranges

Life insurance product ranges also include plans of traditional and modern nature, including SIP (Systematic Investment Plan), Single pay plan or Target fund option.

Benefits of acquiring life insurance

For dependants

Life insurance plans are usually taken out for dependants of the insured including ageing parents, children or spouses. Life insurance will work as a financial backup for the said beneficiaries or dependants to access later, even without the insured.

High-risk jobs

People with high-risk jobs such as aircraft pilots and engineers, structural iron and steel workers, electrical power line workers, repairers and engineers etc, are likely to take life insurance policies because people pursuing such jobs and occupations are prone to have more dangers to their life than perhaps someone who works in environments of considerably less safety threats. 

High-risk hobbies

Similar to high-risk jobs, risky hobbies involve unexplainable amounts of potential dangers to one’s life. These high-risk hobbies or activities may include paragliding, trekking, SCUBA diving and racing etc. Again, such activities are more likely to bring dangers to one’s life. Moreover, for those with dependents such as ageing parents, spouses and children, life insurance is a backup plan, should any harm come to their provider.

Debts

In addition to the financial backup and security, if the insured has impending debts to pay off, life insurance will work to pay such outstanding debts like loans, mortgages, credit cards etc. Why a life insurance plan will help in this case is it would prevent the financial burden from falling on their dependents, causing an inconvenience and lack of financial resources, to begin with.

Peace of mind

Taking out a life insurance policy for your loved ones is a step taken to ensure a safer, securer future for the dependents that you care for the most. Since a life insurance policy will bring them some form of sound financial security, you will be at peace knowing that you did something for them, should anything happen to you. 

 Perks of life insurance policy

Apart from the above features derived from a life insurance plan, what other benefits are built-in to these policies in Dubai?

• Tailored products that are regulated under UAE law
• Team of highly qualified and experienced insurance professionals who aim to help you
• Choice of various international, regional, and local life insurance plans to meet every need and convenience.

Over to you

Family is everything. And being able to care and provide for that family is important. From ageing parents who made you the person you are today, to your children who depend on you for their every little need, you are left with responsibility to look after them, even after your time. Life insurance then steps in, in the form of investments and savings that are left behind for beneficiaries to access at a later time. They provide a sense of financial security for when your loved ones may need it the most, consequently giving you peace of mind and relief from doing the right thing. Sometimes love isn’t always materialistic, it is the gift of financial security, the gift of a future, the gift of tomorrow.  

For life insurance products and services so your loved ones are left in secure hands, insure with Gargash here or call 800 Gargash to get in touch with our agents.