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When planning about your future, often we consider purchasing health and life insurance. As a result, it always stays in our to-do list. But there’s also misconception upon many regarding whether it's sufficient to have only one of the above insurance policies or not. Before continuing with the discussion about whether this is true or false, let us explain both of these insurance policies in detail.

How do you define life insurance in the UAE?

A life insurance policy revolves around the personal safety of the one who runs the family during the times when he/she won’t be around anymore to support the family. It can be defined as a mutual agreement between the insurer and the insured that during any mishappening or unfortunate event leading to the death of the insured will guarantee that life cover for which he/she opted for will give returns to their respective nominees financially. The insured’s family gets the amount that was covered in the plan without having any deductions. Life insurance covers the entire life of the insured; as a result, one can consider this as a full-proof future saving policy with respect to their loved ones.

What are the major categories available for life insurance in Dubai?

Whole Life Insurance Plans

This type of life insurance comes with fixed premium payouts and offers a certain amount to the nominees. The cost of this type of policy is lesser compared to a Universal Life Insurance plan due to its low to no risk and consistency, although can be costlier than a term insurance plan. In certain cases, there is a chance that the policyholder gets the option to take a loan through such types of policy.

Universal Life Insurance Plans

The perk of this type of insurance is that it offers death benefit to the nominee as well as can be used as an investment plan. It has flexible premium payouts wherein a part of the payment is invested in the addition of more cash amount to the already assured sum. In contrast to term or whole life insurance plans, this one is expensive due to high returns on the investment.

Term Life Insurance Plans

The type of insurance covers the insured for a certain time period. If the insured dies during the ongoing time period, the nominees’ receive the death benefit. Although surviving through the policy term period will result in no benefit to the policyholder.

What is a Health Insurance Plan?

Health insurance is a type of insurance that serves as an agreement between the insured and the insurer offering them a financial cover during medical requirements. The insurer makes payment of the fixed premium for their health coverage. Some of the health insurance plans also also provide additional coverage in terms of the prescribed medicines.

What are the major categories available for health insurance in Dubai?

Individual Health Insurance Plan

An individual medical plan is a customized plan that safeguards an individual and covers them from different diseases, hospital charges, accidents, medical emergencies and so on. Moreover, these plans also offer additional health benefits such as OPD expenses, maternity benefits, coverage for critical illness and so on.

Family Floater Health Insurance Plan

This type of policy is designed to fulfills the needs for the entire family under one single premium. It protects and covers them from hospitalisation, accidents, and so on at times of need during their lifetime.

Senior Citizens Health Insurance Plan

This type of insurance plan is customized for those above the age of 60 years. The plan is designed in a way to benefit the physical and psychological needs of older people as well as provide them benefits for organ donation expenses, critical illness, and so on.

Basic Features and benefits of health and life insurance in Dubai by Policy House

Main benefits of Life Insurance

To cover one’s life financially and with proper security is one of the most important aspects of life insurance. The nominees are offered a guaranteed death benefit. There are additional life insurance benefits that are offered like illness cover, disability cover, and so on.

Main benefits of Medical Insurance

Critical Illness Cover: When opting for critical illness add-on, this provides additional coverage regarding hospital expenses at times of critical illness.

Maternity Benefit: This provides coverage for hospitalization and other expenses that are incurred when the pregnant woman is admitted for delivery.

Daily Hospital Cash: This add-on enables managing expenses beyond medical bill during medical emergencies. Pre and post Hospitalization Costs, Accidental Hospitalization at times of unfortunate event of an accident.

Conclusion

Health and Life insurance in UAE are developed so that those who are worried about their future can be less stressful in regards to their family and loved ones. Health insurance gets you covered for all your medical needs and life insurance gets your family covered for the times when you won’t be around.