Key Features and Benefits of Life Insurance Policies
Examine the best and several benefits of life insurance policies.
- Offers life cover protection. With life coverage benefit, your family can meet any financial necessities or obligations in the event of your death.
- Offers low premium costs. Life insurance policies, by and large, are affordable in that they provide high coverage at lower costs compared to other insurance products.
- Multi-currency: Customers can choose between three major currencies – USD, GBP or EURO in Dubai. In the event of the death of the policyholder, his or her family will get the lump sum in the currency selected.
- Value addition: Life insurance is an affordable financial policy which ensures that your family can pay off all your liabilities in the event of your death.
- Flexibility in terms of customization: Life insurance policies can be customized to suit your requirements by adding various benefits, namely, forever benefit, waiver of premium, accidental death benefit, permanent total disability and personal accident among others.
- Offers Renewable Terms: Most life insurance policies offer renewable terms. For instance, if you choose a five year renewable term policy, you can not only enjoy coverage for the said period but also renew the policy for the same duration. The term can be converted to a permanent plan, i.e., whole life or endowment plans. Also, a level term insurance offers customers the flexibility to pay premiums over a period of 10, 15, 20 and 25 years with a fixed premium throughout the policy term.
- Some life insurance policies have a provision of a replacement income if the sole breadwinner dies.
- In many cases, life insurance cover helps consumers repay any loans or debts left behind by the policyholder.