Blog

UAE is one of the largest insurance markets in the middle east. The country is home to many large, medium, and small insurance companies, both homegrown and international. Motor and health insurance are mandatory insurance products bought by UAE residents; this has created a well-matured insurance market in the country.

Rekindling Interest in Life Insurance

The pandemic has reshaped priorities for people across the world. More and more people are now considering adding term life insurance and income protection insurance as part of their existing portfolios.

Life insurance acts as a hedging tool to protect the policyholder and his/her family from all the possible shocks the insurance is covered for. On the other hand, income protection insurance insulates the policyholder from possible loss in monthly income caused due to the loss of a job and or other factors covered in the insurance.

Even though there has been a significant increase in demand for both the products from all the emirates, demand for life insurance in Dubai has seen the largest increase. As per Policyhouse.com research, more and more Emirati nations are enquiring about term life insurance products than ever before. Usually, the demand for insurance products especially life insurance products is fueled by the expatriate community but this sudden increase in inquiries from native UAE residents shows a positive trend for the UAE insurance industry.

Life Insurance if You are Unemployed

The insurer in some cases might consider offering life insurance to an unemployed person, some of the most common scenarios include the following:

• If the prospective buyer can demonstrate considerable savings accumulated through work, retirement, or by doing other economic activities, the insurer might consider insuring the buyer. In this scenario, the prospective buyer need not be employed.

• If the insurer is satisfied with the prospective policyholder's valid UAE residence visa, and the documents of the assets owned, the insurer can suggest the best insurance product that suits their requirement.

In conclusion, there are multiple ways a person could buy life insurance products in the UAE. The insurance companies in UAE have developed capabilities to customize the products as per the needs and requirements of each person. Check with an online insurance policy aggregator or a brick-and-mortar agency to get the right policy that meets the individual requirements.