Term Life Insurance
Term Life insurance is the purest and cheapest form of life insurance. Term life insurance is also the earliest form of life insurance when the whole concept was developed.
Features of Term Life Insurance
- Like the name suggests a term life insurance is valid for the term selected by the policy holder at inception.
- This form of life insurance has no cash value.
- It is generally the cheapest life insurance one can buy.
- The longer the term the higher the premium.
- The premium remains fixed during the term of the policy.
- The policy holder does not get any money back if he/she survives the policy term.
- Term life insurance is not renewable unless the policy holder buys an annually renewable term life insurance policy.
- The policy holder has to apply for a new policy with fresh underwriting at that age if he wants to remain protected.
- Term life insurance is generally purchased by those who cannot afford a whole of life insurance policy or those who want protection for a very short term.
5 Factors to consider when buying a Term Life insurance policy
- Term life insurance products in Dubai differ between providers. Consider the pros and cons of each product before buying.
- The pricing between different products varies as well depending on the term and amount of life cover chosen. Be sure to compare term life insurance quotes through a financial adviser.
- Banks in the UAE charge significantly higher for the same benefits as compare to life insurance brokers like us. Avoid buying life insurance through banks.
- U.A.E. residents (especially asian expat residents in the U.A.E) get better rates compared to their home country when they are in the U.A.E as the standard of living is considered to be on par with western countries.
- Critical illness and disability cover benefits differ significantly between providers so be sure to get independent financial advice.
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