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Life insurance, in simple words, can be defined as a contract between a policyholder and an insurance company. An insurer promises to pay a sum of money in exchange for the premium upon the death of an insured person or after a period of time.

Let's take a look at a few facts and FAQs.

Is Getting Life Insurance Easy in Dubai?

Yes, there are many Insurance companies in Dubai, and amongst them are some very well-known companies. You have to be patient before making such an important purchase. There are well-respected brands in the local market to assist you with expert advice.

When Do I Think About Life Insurance?

The best time to get a policy is when you are young, energetic, and healthy. There are a couple of reasons also. The first one is that it's less costly when you buy a policy at that age. Another reason is that if you buy a policy today and are diagnosed with a serious illness in later life, this would be covered by your insurance. If you left it to buy later and already had the condition, the policy will exclude your condition and deny your claim. 

How Long Does a Life Insurance Policy Last?

There are two types of life insurance, which are term life and whole life. The first, term life insurance, provides coverage for a fixed period of time. Policies like this are usually used to run in parallel with specific financial commitments, like home loans. The second one runs from the date of inception until the death of the insured. which is dependent on whether it's a single-life or joint-life policy. Joint life Policies can be set to pay out on the first or second death, depending on your choice of how you want the policy to pay out.

What Are The Reasons to Buy a Life Insurance Policy?

Most people take out life insurance policies to protect their families and loved ones. These policies typically include a dependent, which can be a spouse and children; they can also extend to other relatives. Life insurance can also be considered a source of savings for families after the death of the policyholder. 

Is it Possible to Cover my Partner Under the Same Life Insurance Policy?

Yes, there is a policy option to cover your partner under the same policy. This is especially beneficial for the parents of young families. The benefit of this policy is that, after the death of the first insured person, the surviving partner and dependents have financial assistance at critical times. After the death of the second person, the children are provided with much-needed money for their education, marriage, home, or any other financial requirements.

What Are the Reasons for Buying Life Insurance in Dubai?

Life insurance assists in many financial situations throughout life. After the death of a policyholder, the burden of funeral expenses can weigh heavily on the surviving family members. Insurance policies take this burden from your family and give them financial assistance at crucial times. Insurance companies in UAE and Dubai come with many options that can protect your family in your absence. It is the prime responsibility of a responsible person to protect his or her family even in his absence.