Buying Life insurance is one of the most important and major decisions that a person makes in his/her life. For expats in Dubai, it has all the more significance since they are away from their home country, and have come here for a better standard of living or to earn more.
So choosing the best life insurance policy for your needs is the prime concern.
Term Life insurance policies make sense if you are planning to cover yourself for a specific need such as a mortgage with a fixed term or a personal loan or any other liability with a fixed term.
Whole of life insurance makes sense if you are young and just got married and your responsibilities have increased. Either way, make an informed decision by getting professional advice.
International providers are always better than local insurance providers simply because your life insurance policy becomes portable and travels with you, i.e. the cover and the benefits are paid out internationally in any country.
Get qualified advice. There are a lot of fly-by-night operators in the U.A.E. who will put their interests before yours. Speak only to independent financial advisors who are not tied to any particular insurance provider.
Ask for references, check qualifications and evaluate the advice give, based on your own common sense and logic. Ask for comparisons between products and the logic behind a particular recommendation from an advisor.
Always evaluate the flexibility of the product on offer, don’t just go with the lowest price.
This is the most important point. Read the fine print, ask questions and don’t sign up till you get satisfactory answers.
If you are looking for help in choosing the best life insurance policy for you and your family, this is where I can help. Please click on the image below so I can contact you and discuss the details.
Amit is an Independent Financial Advisor, based in Dubai since 1997. He is part of the prestigious ‘Million Dollar Round Table’ (MDRT), which is an elite club of the best financial advisors worldwide.
He has authored the ‘6-Step Financial Success Guide’, and the book ‘Creating, Preserving, Distributing Wealth’.
He helps business owners and professionals ‘Create A Second Income’ through investments.
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