Top Considerations For Buying Life Insurance In The UAE

Life insurance is one investment you shouldn’t waste time to acquire, whether you are young and single or married with kids. However, it is even more important to take necessary care to ensure that you buy a package that is suitable for you.

In this post, we will be looking at the dos of buying life insurance in the UAE. So here are the 3 major things you must do when buying life insurance.

 

Do Your Research Before Choosing An Insurance Company/Broker

It is usually tempting to jump at the first available option or go for the cheapest package when buying life insurance. However, this isn’t advisable. life insurance is an investment and should be done after doing your proper research. When buying life insurance, it is important to dedicate time to do extensive research about the broker and the type of insurance that is most suitable for your unique needs.

A good starting point will be to carry out online research, list the companies you would like to buy from and examine their reputation by reading client reviews and checking the amount of information they put out to help their clients and potential clients.

Secondly, you can ask your friends and relatives to recommend a good insurance company or insurance broker for you. However, make sure to evaluate the recommended companies by yourself. If possible, consult your financial advisor for with the evaluation.

In one of our recent posts, we wrote about the necessary qualities to look out for when choosing an insurance broker and how you can go about the process. Click here to read the full post.

 

Read The Policy Carefully Before Signing

After identifying the right insurance company or broker, it is also important to read the policy thoroughly before signing the document. A lot of people skip this part. They believe that choosing a reliable insurance broker is a guarantee that they will get all that they desire in a life insurance package. Unfortunately, this is not always the case.

While a reliable insurance broker will work to ensure that your interest is protected and that a suitable package is chosen for you, it is your responsibility to understand every aspect of the policy before signing.

It is also necessary to seek clarifications where necessary. If there is any clause that you don’t understand, make sure you ask your broker or your legal advisor for clarification before going forward. It isn’t a binding agreement until you sign it, so make sure you straighten out any misunderstanding before signing the dotted lines.

 

Provide All The Information Needed, Be Transparent and Up-to-date

A lot of complications that are associated with claim arises because people are not transparent when buying life insurance. When buying life insurance, it is important to provide accurate information with regards to your medical history, the number of dependents, and other personal factors.

Dedicate time to thinking things through before signing and provide detailed information where required.

Also, make sure that your broker and insurance company are kept up-to-date with happenings in your life, including health condition, increase or decrease in the number of dependents, and other minor changes such as change of address or contact information.

So these are some of the dos of buying life insurance in the UAE. Hope you find them useful when making buying decisions. Need help with evaluation and finding the most suitable insurance package for yourself, feel free to contact us today.

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