There are different kinds of life insurance policies in the UAE market. Though the final aim of all the life insurance policies is to provide the family of the policyholder if something should happen to them, each kind of insurance policy has its own unique set of features and benefits. Given below are some of the common types of life insurance policies provided by banks and financial institutions in UAE. Check out the different types of life insurance policy here.
It offer insurance for one year or more depending on the policy, thought they terminate after a certain period, but can be renewed. Death benefit will be paid to the family of the policyholder in case of death of the policyholder during the policy term. Protection will be offered as long as the premiums are paid. The premiums more often than not increase with age for each renewal.
Whole Life Insurance Policy also known as straight life insurance policy is probably the only life insurance policy that offers cover up to the age of 95 years. The customer or investor can avail the benefits of protection from the policy for whole life by paying premiums only for a certain period of time. The Whole Life Insurance policy usually comes with level premium. It is an investment linked insurance policy.
A Universal Life Insurance Policy is a life insurance policy that will let the policyholder customise their policy by adding a wide range of investment options. The policy comes with a wide range of benefits including death benefit, tax benefits and much more.
Personal Accident Insurance is an optional insurance feature that can be added to your general life insurance policy. This insurance policy will assist the family of the policyholder with expenses such as funeral expense and other expenses after the death of the policyholder. There are certain limits on this policy.