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You cannot predict your own future, but you can definitely safeguard your family’s future after your demise. Savings and investing in term insurance and life insurance plans are some of the best ways to provide monetary relief to your family. Further, if you are the only earning member in your family, opting for term insurance for family becomes imperative.

Read on to understand why term insurance plans are important and how they can make a tangible difference to your family. 

What is a family term insurance plan? 

A life insurance policy, known as "term insurance", offers coverage for a predetermined period. For example, death benefits are extended to the nominees if you pass away while the policy is still in effect. With exceptions like Return on Premium, etc., a standard term insurance variety has no cash value. So, it infers that, if you, the insured person lives the policy's term, the policy does not return any value.

The advantage here is that you can buy a term insurance policy that can give your dependents a set corpus in the event of your passing; they would be able to maintain the same lifestyle or pay off current debts without having to give up their goals. Moreover, in case of your demise, the nominees for the insurance plan will get the amount as a lump sum or monthly, as per the option you choose.

Benefits of a term insurance for family

Here are the beneficial aspects of this financial product and why you should purchase it. 

  • A considerably large financial cover and low premium 

A term insurance policy can provide significant financial coverage, and the price for such a plan would be fairly reasonable. Because it provides exceptional protection, such a product should be the base of one's financial portfolio.

  • The financial dependents in your family are protected 

A term plan's main objective is to safeguard the policyholder's financial dependents in the terrible event of the former’s passing. Financial dependents can manage expenses associated with maintaining a way of life and pursue their financial objectives, thanks to the sizeable death benefit provided by a term life insurance policy. Therefore, a term insurance policy would provide the policyholder with peace of mind because the financial dependents' welfare would be taken care of even in the insured’s absence.

  • Insuring your assets 

In case the sole earning member passes away, their family member might have to sell off the assets in order to manage the funds for their daily expenses. For instance, to raise money, a financially dependent person may need to sell a home or other investments. Their long-term well-being can suffer as a result of this. Instead, the death benefit provided by term insurance for family can offer significant money for paying bills on a daily basis or for any other need. Thus, it is okay to liquidate assets that have the potential to be very valuable in the long run.

  • Add-ons

Illness or an accident may render the policyholder incapable due to unforeseen circumstances. This would affect the policyholder's earning capacity, posing a serious financial threat. In such circumstances, the policyholder's family might struggle to pay bills. Consider adding additional add-ons or riders to the term insurance plan to protect yourself from such occurrences. Examples of some of these add-ons are riders for accidental disability and critical illness insurance. Suppose the policyholder is found to have one of the critical illnesses covered by the policy. In that case, the critical illness cover will offer a lump sum payment equal to dealing with it. The accidental disability rider will guarantee that the policyholder receives payment in the form of consistent monthly income. 

Eligibility criteria to purchase a term insurance in UAE

The table below illustrates the different eligibility parameters to opt for a term insurance for family in UAE: 

Particulars

Eligibility 

Minimum age 

18 years

Maximum age

65 to 79 years

Policy tenor 

1 to 35 years

Who can purchase this cover?

Newly married couples, working individuals, senior citizens, parents

Best term insurance plan for family in UAE

Here is a list of some of the most popular term insurance plans for your family in UAE: 

  • AXA Term Life Protect
  • Takaful Emarat Fixed Term Plan
  • Alliance Term Insurance
  • Zurich Term Assurance Plan
  • Met life - Live life
  • International Protector Middle East(IPME) – Friends Provident International
  • Hemaya plus-Family Takaful Term Plan – Salama Islamic Arab Insurance
  • Life Secure – Orient Insurance PJSC.
  • Pure Term Assurance – LIC international.

Term insurance for your family is one of the most affordable insurance plans in the UAE. You receive a substantial assured benefit despite its affordable premium. Moreover, the term insurance plan offers you sufficient benefits in the event of your untimely death, helping your family financially with daily costs.

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