Similar to most buying decisions, here too one must take into careful consideration the different dos and don’ts when buying Life Insurance in the UAE. Once you’ve made up your mind to get Life Insurance so that your loved ones are well taken care of in case something unfortunate should happen to you, zeroing in on the right one is absolutely crucial. There are plenty of insurance options out there but you need to choose one that’s appropriate for you based on your lifestyle and budget. Here, we aim to put any confusion you may have about Life Insurance to rest, so read on.
Do your research
The key to getting the best out of anything you invest in is always ‘do your research’. Similarly, in this case too, it is vital you check out all the options that are available to you before signing on the dotted line. This way you could end up saving a pretty penny and even compare different insurance companies online by scrolling through their offers and reading reviews from customers. Even asking friends or relatives, or consulting with a financial advisor is a good idea before jumping into anything.
Do read the Life Insurance policy carefully
Scan cautiously through the Life Insurance policy handed to you by the few insurance companies you’ve finally chosen. Read the ‘Terms and Conditions’ written in fine print thoroughly as there may be certain details that have been overlooked. This could include pre-conditions, claim process, automatic renewals and waiting periods, to name a few.
Do fill the policy application carefully and clearly after calculating the coverage amount you need
Don’t miss mentioning important facts related to medical history to avoid any complication during claim. Also make sure you properly think things through and mention the right details for the same while filling the application. For example, take into consideration the number of family members who would require your support after your death or perhaps the least amount of coverage you’ll need to cover funeral costs and any outstanding medical bills.
Don’t just shop for the cheapest product but for the one that adds the most value
Although price is an important factor, it’s the features of the product that truly determine the value. You need to choose the option that’s important for you. This could be anything from living benefits to terminal illness. After conducting your research, you’ll be able to aptly pick the one you require.
Don’t forget to check on your Life Insurance policy at regular intervals
As years go by, life undergoes plenty of changes and hence, the policy you’ve obtained should also reflect the same. Sometimes it could be minor alterations such as changing the address and contact information to more major ones like opting for a new product. We advise you to revisit your insurance policy every 1-2 years to make sure your basic information, the coverage amount and beneficiaries are all as you desire.
Don’t leave empty columns
In any type of proposal especially in life insurance policies, it is vital you fill in each and every column without leaving anything blank. Also, it would be wise to enter all the details yourself and not allow anyone else to do so on your behalf.
Don’t delay buying Life Insurance
Purchasing Life insurance means protecting your family and securing their financial future. Although death is an unpleasant topic to think about, your loved ones’ well-being is more important. Also, it would prove to be a lot cheaper if you acquired Life Insurance early in life and at a younger age.
We hope our list of dos and don’ts of Life Insurance in the UAE has clarified any doubts you may have on the subject and that you are better informed about the procedures and legalities of acquiring Life Insurance. To get the best deals on Life Insurance and more, head to Bankonus.com.