Debunking the Most Widespread Myths surrounding Life Insurance in UAE

Debunking the Most Widespread Myths surrounding Life Insurance in UAE

 

Life insurance is one of the best and therefore the most secure ways by which you’ll protect yourself and your loved ones against any uncertainties in life like accidents, mishaps, unforeseen occurrences, loss of income due to ailment or disability, the sudden death of the income-earner of the family, or maybe against meeting various short-run and long-run financial goals of a person.

Despite those various benefits provided by the most effective life assurance in UAE, there are numerous misconceptions and myths concerning life Insurance. You need to teach yourself about reality and keep any false information afar. Knowing the advantages offered by a life policy can assist you in reaching a wise decision and also in enjoy maximum benefits from a life coverage plan.

Life insurance may be tricky to work out with all its technicalities and rules. this article will briefly examine some of the most common 5 misconceptions surrounding life assurance to create the road to coverage a bit smoother.

Top 5 Myths, Busted:

  • Myth: Life Insurance is Costly: 

This can’t be farther from reality. With proper research, you’ll easily find life insurance policies that fit into your investment budget and not burn a hole in your pocket. Even a little annual premium can give a powerful life cover thereby allowing your nominees to fulfill their needs. A premium of few dirhams a month can generate a term of USD 250,000 with a Term Plan, which may be a substantial amount for your family’s needs in your absence. And there are other plans with a lower premium tailored to fit your lifestyle and budget.

  • Myth: It’s too early to think of Life Insurance: 

There are enough and more cases of individuals dying young and leaving a family behind to defend themselves in the absence of a life insurance policy. As they often say, death keeps no calendar, as such it makes a great deal of sense to plan early, allowing your family to survive just in case of an untimely demise in the future. With tonnes of wonderful life insurance policies to choose from, you’ll be able to easily pick a plan that suits your income bracket in addition to your age. In turn, you’ll also receive investment goal benefits from life insurance policies.

  • Myth: There are better investments than Life Insurance: 

Comparing a life insurance plan to other investment alternatives within the market is certainly a wrong decision as both investment options function in a very manner that’s completely different from one another. the rationale behind choosing a life insurance plan is that it’ll keep your family financially secure once you are not any longer around to take care of them. However, this won’t be the case once we mention your other investment alternatives. Moreover, the simplest life insurance in UAE will also help in eliminating the risks that are involved in other investment avenues.

  • Myth: My Employee Insurance benefit is sufficient:

The catch is that employee group life insurance typically doesn’t provide the quantity of coverage that the majority of people need. Optimal coverage is a minimum of 10 to 12 times your annual income. Unless your employee group life policy offers optimal coverage and you’re thinking of performing at a similar company for the remainder of your life, this misconception will be unrealistic. you’ll be vulnerable once you leave the corporate – or lose your job. If your employee life insurance coverage is low, it’s going to not be enough to assist sustain your family once you are not any longer around to provide for them.

  • Myth: If you have Health Issues, you cannot get Life Insurance: 

There are many insurance providers out there that provide the simplest life insurance in UAE for people that are affected by existing medical illnesses. However, keeping in mind the medical record and also the extension of the cover for the policy seeker, the insurance firm could be charging premiums that are slightly above otherwise. Also, the policy seeker needs to provide the proper information during the method of applying for the coverage itself to avoid any surprises during the process of filing a claim. a number of the common reasons that cause the rejection of a number of the claims under similar cases are sharing false or misinformation or sharing incomplete data regarding the medical record with the insurance firm.

These are just a few of the more prevalent misunderstandings concerning Life Insurance in Dubai. The key’s to not leave life insurance out of your budget unless you’ve got enough assets to take over your expenses after you’re gone. For more information, you can reach back to us. Our financial advisors will hatch out a perfect plan tailored just for your needs. Reach back to us today!

 

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