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15 Year Term Life Insurance

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Insurance is undoubtedly one of the best ways to do financial planning for you and your family. One such popular type of insurance is term life insurance, with which individuals can ensure financial security for their families. In term life insurance policies, beneficiaries receive compensation in case of the unfortunate death of the policyholder during the policy term. As individuals can choose the tenure of their insurance, in this article, we will specifically discuss the 15 year term life insurance plans here.

This will provide you with some insights into the benefits, eligibility criteria, documents required, and buying process of a 15 year term life insurance policy. Moreover, to help you avoid confusion considering the large number of options available, we would also discuss the top 15 year term life insurance plans and how to file a claim for the same.

Significance of 15 Year Term Life Insurance 

If you are wondering whether buying term insurance is worth it, go through the following points

  • At the time of the demise of the policyholder, their family members or beneficiaries can get financial support by claiming the existing term insurance. Using this amount, they can bear their daily expenses related to the functioning of the household, children’s education and marriage, and others.
  • The premiums of term life insurance policies in the UAE are fixed and policyholders can either pay on a half-yearly, yearly, or even lump sum basis. Thus, one can devise long-term financial plans while keeping the term life insurance plan in mind.
  • Insurance companies offer flexible payout options to term life insurance policyholders in the UAE. Beneficiaries can opt for regular payout or lump sum payout as stated by the policyholder.

Term Insurance Plans

5 Year Term Life Insurance 10 Year Term Life Insurance 20 Year Term Life Insurance

How to Choose a Term Insurance Plan? 

Selecting the right type of term insurance plan is of the utmost importance. Refer to the following points to find out how you can choose a suitable 15 year term life insurance plan

Your Age and Number of Dependents You Have

When choosing a 15 year term life insurance, it is crucial to consider your current age as the policy tenure and premium considerably depend on your life stage. As individuals get older, they become more prone to numerous health issues which can increase the risk of demise. Apart from this, financial responsibilities also increase with age. These aspects ultimately lead to an increase in the premium amount with age.

To ensure that you get a suitable term life insurance plan for your family, it is necessary to take into consideration the number of dependents you have as well as the time it may take for them to become independent.

Analyse Your Lifestyle and Monthly Earnings

Your lifestyle and income play a vital role in choosing the best term life insurance policy. It is natural for an individual to want their family to enjoy their current lifestyle even in their absence without compromising on their daily needs and requirements.

Consequently, it is advisable to analyse the kind of lifestyle that you have and the portion of your income that goes into daily expenses on a monthly basis. Once you analyse these factors, it becomes easy to choose the perfect term insurance plan. This point is of key importance, as failing to do so may cause you or your family to face issues in managing finances.

Determine Your Current Liabilities

You must also consider your ongoing debts and other liabilities when planning to buy a 15 year term insurance policy. An individual’s current mortgage or loan may last for an extended period. In case their repayment tenure does not match with your term insurance tenure, their nominees may find it difficult to make monthly instalments in case of the policyholder’s demise.

Thus, you should ensure to do the right calculations to choose a suitable term plan if you have current debts. Make sure that you select a duration that would cover your existing loan repayment tenure.

Check for Add-On Plans 

Add-ons are basically additional coverages offered by insurance companies along with the base term insurance plans. Before buying 15 year term insurance plans, make sure to look into the available riders (add-on plans) offered by your insurance company. You may or may not be liable to pay additional premiums for riders, as some of them are completely free.

Consider the Claim Settlement Ratio of Your Provider 

The Claim Settlement Ratio is fundamentally the number of claims paid to policyholders by insurance providers to the total claims received by the insurance company. Make sure to verify the CSR of the insurance provider to know if they are promising towards settling your claim and reliable whenever you or your family requires financial support.  

Who Should Buy a 15 Year Term Life Insurance in the UAE?

Individuals must consider purchasing 15 year term life insurance plans as early as possible. Here’s a list mentioning who should obtain a 15 year term life insurance policy

  • Young working professionals
  • Self-employed individuals
  • Single working parents
  • Parents
  • Newly married couples

Top 15 Year Term Life Insurance Plans in the UAE

Let’s now have a look at the top 15 year term life insurance plans in the UAE

Name of the Insurance Product

Life Cover (In AED)

Takaful Emarat (Fixed Term)

250,000

HAYAH Insurance (Term Life Protect)

250,000

Union Insurance (Smart Term)

250,000

Noor Takaful – Watania (Full Protection)

250,000

Noor Takaful – Watania (Pure Protection Cashback)

200,000

Discussed below are the aforementioned term life insurance plans along with their inclusions, sum assured, and other key details

Insurance Product

Name of the Plan

Inclusions

Sum Assured Payout in Case of Death

Add-On Plans

Takaful Emarat (Fixed Term)

Level Term Plan

  • Pre Existing Disease Coverage: Subject to Insurer Approval
  • COVID-19 Coverage
  • Worldwide Coverage
  • Pre Existing Diseases: Subject to Insurer Approval
  • Accident: From Day One (AED 250,000)
  • Sickness: from Day One: AED 250,000
  • Terminal Illness – On Diagnosis (Death imminent within 12 months)
  • Critical Illness – On Diagnosis

HAYAH Insurance (Term Life Protect)

Level Term Plan

  • COVID-19 Coverage
  • Worldwide Coverage
  • Medical Checkup: Not Required
  • Accident: From Day One (AED 250,000)
  • Sickness: From Day One (AED 250,000)
  • Terminal Illness – On Diagnosis (Death imminent within 12 months)
  • Critical Illness – On Diagnosis
  • Permanent Total Disability (PTD) - (Accident, Sickness, and Premium Waiver)
  • Passive War Risk
  • Temporary Life Cover

Union Insurance (Smart Term)

Level Term Plan

  • COVID-19 Coverage: After 30 days
  • Pre Existing Disease Coverage: Pre-approved up to AED 1,000,000
  • Medical Checkup: Not Required
  • Maturity Bonus Payout: No
  • Worldwide Coverage
  • Pre Existing Diseases: covered after 6 months
  • Accident: From Day One: 100% of the Sum Assured
  • Terminal Illness (Death imminent within 12 months), Kidney Failure, and Cancer: covered after 6 months
  • Passive War Risk: cover AED 250,000 Term 25 Years: Free

Noor Takaful – Watania (Full Protection)

Level Term Plan

  • COVID-19 Coverage
  • Pre Existing Disease Coverage: Subject to Insurer Approval
  • Worldwide Coverage
  • Pre Existing Diseases: Subject to Insurer Approval
  • Accident: From Day One: AED 250,000
  • Sickness: From Day One: AED 250,000
  • Critical Illness – On Diagnosis: Cover AED 25,000 Term 15 Years
  • Passive War Risk
  • Cover AED 250,000 Term 25 Years: Free
  • Permanent Total Disability (PTD) - (Accident and Sickness): Cover AED 25,000 Term 25 Years

Noor Takaful – Watania (Pure Protection Cashback)

Level Term Plan

  • Worldwide Coverage
  • COVID-19 Coverage
  • Maturity Bonus Payout
  • Medical Checkup: Not Required
  • Accident: From Day One (AED 300,000)
  • Sickness: From Day One (AED 300,000)
  • Terminal Illness – On Diagnosis (Death imminent within 12 months) -From Day One: 20% of SA (Up to AED 150,000)
  • Repatriation Benefit: Additional AED 5,000

Exclusions of 15 Year Term Life Insurance Plans in the UAE

Most insurance companies don’t provide death benefits to term life policyholders in the UAE in the following scenarios

  • Death due to consumption of drugs or alcohol
  • Death due to suicide
  • Claims against expired or invalid insurance
  • Death occurring after the maturity of term insurance
  • Death caused due to a pre-existing or undisclosed health issue
  • Death caused due to pregnancy-related matters
  • Death due to sexually transmitted diseases
  • Death caused due to any criminal activity included under UAE laws
  • Death caused due to war or warlike incidents

What are the Eligibility Criteria to Buy a 15 Year Term Life Insurance Policy? 

  • Age: Whether you are a UAE national or an ex-pat, the minimum age to buy a 15 year term life insuranceis 18 years. However, a few insurance providers only permit individuals of 21 years to buy a term insurance policy. On the contrary, the maximum age to buy this type of policy ranges between 65-79 years.

As the age criteria vary as per the insurance provider, plan selected, applicant profile, and more, you should always verify the age criteria with your bank.

  • Nationality: All UAE nationals and expatriates are eligible to buy 15 year term life insurance plans. Keep in mind that expats may be required to present a few additional documents to confirm their nationality. 

Which Documents are Required to Buy a 15 Year Term Life Insurance Policy in the UAE? 

To buy 15 year term life insurance plans in the UAE, policy buyers are required to submit some essential documents to complete the purchase process. Here is a list of some documents required by most providers

  • Valid Emirates ID
  • Valid passport
  • Valid Emirates visa (only for ex-pats)
  • Valid address proof, such as a utility bill

Why Buy a 15 Year Term Life Insurance Policy from Policybazaar UAE? 

Securing the financial future of your loved ones with Policybazaar UAE can offer you multiple benefits such as the following

  • Policybazaar Insurance provides you with a plethora of term life insurance products to choose from – all curated from the best insurance companies in the UAE.
  • The user interface of our website is simple – individuals seeking to buy term life insurance can easily browse through our quotes pages and find the most appropriate one.
  • ae allows you to compare numerous plans altogether so that you can choose the best one for your needs.
  • Our customer support team is within your reach round the clock in case you need any guidance or assistance.

How to Buy Term Life Insurance from Policybazaar UAE?

Here is how you can easily get a term life insurance plan without moving a step outside using Policybazaarinsurance.ae

  1. Visit our website – Policybazaarinsurance.ae
  2. Move the cursor on the ‘Life Insurance’ menu on the home page
  3. Choose ‘Term Insurance’
  4. Select the appropriate options and fill out the lead form available on the same page to view the quotes page
  5. Check out all the available plans on the quotes page
  6. Compare them as per their key features
  7. Opt for a suitable plan and go through its terms and condition

Once you find a suitable term life insurance plan for yourself, you can apply for it right away!

In case you come across any issue while performing the given process, you can get in touch with one of our executives. To get assistance, you can either call us at our customer care number – 042472904 or drop us an email at communication@Policybazaarinsurance.ae.

How to File a Claim for 15 Year Term Life Insurance in the UAE?

It is an easy process to file a claim for your 15 year term life insurance. All you need to ensure is to follow the correct procedure to avoid any hurdles during the process. Here are the steps involved for the same

  • Filled Insurance Claim Form: The foremost step towards filing a claim for a 15 year term insurance is filling out the claim form. The listed beneficiaries can obtain the claim form from the official website of their insurance provider. The form then has to be filled out after going through the terms and conditions carefully. 
  • Submission of Mandatory Documents: The nominees are also required to provide a few crucial documents to the provider. The required documents are as follows –  
    • Death certificate
    • Medical report
    • Official documents stating the cause of death
    • In case of death in a foreign country, a valid death certificate issued by the UAE embassy would be required
  • Insurance Claim Form Review: After submitting the insurance claim form and other documents, your insurance company would review your application and documents to check whether you are eligible to receive the compensation. It may take up to 4-5 working days to process your claim request.
  • Settlement Procedure: After the insurance company reviews all your submitted documents successfully, it completes the claim settlement process by transferring the amount to the assigned beneficiary.

For a better understanding of the 15 year term life insurance, take a quick look at the FAQs mentioned below

FAQs

Q1. What are the different types of term life insurance plans available in the UAE?

Ans: Here are the major type of term insurance plans available in the UAE

  • Level term insurance
  • Increasing term plan
  • Decreasing term plan
  • Convertible term insurance
  • Return of premium term insurance

Q2. Which add-on plans are included in regular 15 year term life insurance?

Ans: The add-on plans offered by most UAE insurance companies include the following

  • Accidental death cover
  • Terminal illness cover
  • Critical illness cover
  • Income benefit add-on
  • Premium waiver cover
  • Permanent disability cover

Q3. Can ex-pats purchase 15 year term life insurance plans in the UAE?

Ans: Yes, UAE ex-pats are eligible to buy 15 year term life insurance policies in the country.

Q4. What is the ideal age to buy a 15 year term life insurance policy?

Ans: There is no specific age to purchase 15 year term life insurance plans. As per professionals, once you start earning, you must consider buying such type of insurance.

Q5. What are the documents required to file a claim for an existing 15 year term life insurance?

Ans: To claim a term insurance policy, the following documents are needed

  • Medical report
  • Death certificate
  • Valid document mentioning the cause of death
  • A valid death certificate from the UAE embassy in case the death occurred in another country

Q6. What is the tenure of a term insurance policy in the UAE?

Ans: Term insurance policy buyers can choose the flexible tenure for their policy ranging from 5 years to 35 years.

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