Mostly each and every one of us is more or less aware of the importance of a life insurance policy. However, still, many of us choose to ignore the harsh reality of what would actually happen if we were to be no longer around suddenly without having the proper required protection and coverage.
For the surviving dependents and loved ones, the results could be devastating, leaving them with a huge financial burden on their shoulders on top of the emotional struggles they would be going through. Depending on person to person, businessmen or entreprenurs they could be left with a huge bill for any final expenses, or improper coverage for a mortgage to keep their dear home or insufficient funds to cover the daily expenses to sustain their current lifestyle.
A life insurance policy is extremely important as it provides a financial safety net for your family members in the unfortunate event of your demise. The funds received from such a coverage policy can be used against any debt such as a mortgage or any other personal loans. Your individual life plan also helps you when you retire and no longer hold any sort of coverage from your employer’s side. The payout from such a policy will also help in replacing your family’s income so that they can sustain their present lifestyle easily.
Once you understand how important a life insurance policy is, you should move onto making the right choice, to opt for best life insurance in Dubai especially in terms of the final choice among the various life insurance companies that you make. It is important to be well aware of your and your dependents’ needs and requirements, along with the products that fit your budget. Once you are aware of all this, you can move onto reviewing the life insurance companies in the market.
Top 7 Life Insurance Companies in the UAE
With the competition in today’s age, it can be baffling to choose among the various life insurance companies, especially when one claims to provide a better deal than the other. So, we have made it easier for you by jotting down the top 7 life insurance providers in the UAE.
Union Insurance, established in the year 1998, is licensed by the UAE Insurance Authority as well as being listed on the Abu Dhabi Securities Exchange. It has its corporate office in the emirate of Dubai. It claims to provide a wide range of retail as well as commercial products to the UAE and the Middle East clients.
The following are the life insurance policies offered by Union Insurance:
- Super Secure
- Smart Term Life
- Infinity Life
- Flexi Life
- Single-Premium Plan
- Smart Critical Illness
- Group Life Insurance
AXA is one of the largest worldwide insurers and a leader in the Asset Management and Insurance industry. AXA has been there in the Gulf region for over 70 years. It offers a wide range of insurance services and products for the individual, corporate, and SME customers.
The following are the types of life insurance plans offered by AXA:
- Life Protect
- Loan Protect
- Simple Life
- Hospital Cash
- Sponsor Protect
- Group Life Insurance
With its headquarters in the emirate of Dubai, MetLife has been in the region for more than 65 years. it helps in finding smart financial solutions to the everyday needs of its clients.
The following are the types of life insurance plans offered by MetLife:
- Live Life
- Future Protect
- Decreasing Term
- Group Life and Disability
Noor Takaful aims at providing a wide range of both general and customized Islamic insurance services and products to individuals, groups, companies, and families in the market of UAE. It is committed to being at the Takaful sector’s forefront in the Middle East.
The following are the types of life insurance plans offered by Noor Takaful:
- Life Care
- Edu Care
- Smart Save
- Pure Protection
5Oman Insurance Company
Oman Insurance Company offers its clients a comprehensive range of insurance vehicles. It was established in the year 1975 and aims at setting defining insurance standards in the region. It is one of the leading insurance providers in the UAE.
The following are the types of life insurance plans offered by Oman Insurance Company:
- Online Plans
- Whole of Life – Life Protect
- Unit Linked
- Diabetic Care
- Life Easy
- Term Insurance
Zurich Middle East, part of the Zurich Insurance Group, is one of the largest as well as most experienced insurance providers across the world. It aims at helping its customers understand the importance of protecting themselves from any type of risk both domestically and internationally. Zurich Middle East has been providing protection and financial security to the families of its customers for almost 30 years.
The following are the types of life insurance plans offered by Zurich:
- Term Assurance
- Decreasing Term Assurance
Salama has been a leading Islamic Arab Insurance Company in the field of Shariah-compliant Takaful solutions since the year 1979. It aims at providing the highest quality service that matches the international benchmark.
The following are the types of life insurance plans offered by Salama:
- Whole of Life Plans: Hyat Superior, Hyat Plus
- Term Plans: Hemaya Plus, Baity Plus, Hemayati Plus
- Savings Plan: Idikhar Plus
- Investment Plan: Momayaz
The Bottom Line
The important thing is to choose the right life insurance policy from the right company among the various life insurance providers out there in the UAE depending on your needs and budget.