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Reasons to Buy Life Insurance and Types of Coverage; A Comparison
Life is unpredictable. People face risks when traveling in buses, cars, trains, ships, and aircraft. There are also other risks such as premature death due to Illness and life-threatening hazards like fire, drowning, and factory mishaps. When an individual passes away, the person’s family is severely affected, not only emotionally but also financially. His family will go without the income he brings every month.
The smartest thing that every breadwinner should do is buy a Life Insurance in his name. This will ensure a smooth life for his or her family for a long time even after his death. The compensation received under a life insurance policy can be invested by the deceased’s family to get a reasonable monthly income. There are many different types of life insurance policies for individuals and families offered by insurance brokers in the UAE.
Before Buying, Compare Life Insurance in UAE
Depending on your family size, age, and affordability, you can choose a term life insurance. To compare life insurance in UAE, visit a life insurance broker in UAE. They offer 5 plans.
- Whole life insurance – As the name says, it is for the entire life. It will provide cover until you turn 99, enough for most people. You get a payout when you attain 99. The payout, also known as the sum assured, will depend upon the premium the insured pays. These types of insurance have level premiums and savings components.
- Term Insurance – The main feature of term insurance is simplicity. It is also cost-effective. It gives the best possible financial security to the family of the dependent for a predetermined period. The period of coverage for the beneficiary and the payout amount are part of the contract.
- Endowment Insurance – These types of life insurance policies are also known as money-back policies. It is helpful for those who want life coverage and an assured return after a certain period. It is a double advantage because the money you pay as a premium over the period mentioned in the policy is returned along with a decent return on investment
Spend Time on Research, It Worth
There are also many variants of life insurance. You can contact Platinum life Insurance broker in Dubai or visit their exclusive online platform. The platform is for buying online life insurance at competitive premiums.
