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What is life insurance in UAE?

Life insurance in UAE is a contract between you and an insurance company that promises a monetary payout, commonly called a death benefit, to designated beneficiaries — typically family members — after you pass away. As long as you’ve paid your premiums and the policy is active upon your death, the death benefit will be paid out.

Key takeaways

  • Life insurance in UAE is a contract providing money to beneficiaries upon the policyholder's death.
  • t's important to compare life insurance quotes from multiple companies in UAE, such as those in Dubai, Abu Dhabi, Sharjah, Al Ain, Ajman, Ras Al Khaimah, Fujairah, and Umm Al Quwain, to ensure you are getting the best policy for the best price.
  • The process for obtaining life insurance in UAE typically involves submitting an application, participating in a phone screening, undergoing a medical exam, waiting for approval, and signing the policy.
  • The best type of life insurance in UAE for you depends upon factors like your health history, budget, preferred coverage duration, risk tolerance, investment preferences, and family profile.

How life insurance works

While the exact process might vary slightly from insurer to insurer, there are five steps that you can typically expect when applying for life insurance:

What does life insurance cover?

Most causes of death are covered by life insurance, including natural causes, accidents, and illness. Application fraud is the most common reason for denial of life insurance claims. Many people are concerned about being denied life insurance coverage due to pre-existing conditions. While there are many conditions that can impact your chance to get coverage, individuals with pre-existing conditions can still find coverage in many instances. Coverage availability and limits for higher-risk individuals will differ from company to company. If you have a pre-existing condition, the best thing to do is to shop around to see what type of coverage you can receive.

Universal vs whole life insurance policies

The two most common options for permanent life insurance policies are universal life insurance and whole life insurance. The main difference between universal and whole life insurance policies is that the cash value is associated with a specific stock index instead of a fixed percentage. This leaves your cash value vulnerable to decline if the financial markets underperform.

Universal life insurance is often best:
If you prefer flexibility and customizability. Universal policies offer a more customizable and adjustable insurance policy as well as flexibility in premium payments, death benefit amounts, and investment options. If you are interested in potential cash value growth tied to various investment options.

Whole life insurance is often best:
If you value simplicity and security. Whole life insurance offers a more straightforward policy structure with a guaranteed death benefit, fixed premiums throughout the life of the policy, and the security of a conservative and predictable investment component. If you want lifelong coverage and potential cash value growth. If you are saving for retirement, caring for lifelong dependents, or have a high net worth.

Do I need life insurance?

f anyone is financially dependent on you, life insurance is always recommended — the earlier the better. It’s also worth it if you have assets, debt, or a business. Death benefits can be used by beneficiaries to pay for just about anything following the passing of the policyholder, including funeral expenses, childcare, mortgage payments, business debt, student loan debt, and inheritance or estate taxes. The cash value component can even be used to fund part of your retirement. Evaluating your life insurance needs, understanding your options, and shopping around for life insurance quotes is the most effective way to find affordable rates. Having this important coverage is one of the best ways to ensure some financial security for your beneficiaries if anything should befall you — whether that be 50 years down the line or five.

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