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Life is often unpredictable and can be full of unexpected twists and turns. When it comes to your finances it’s always best to be prepared for any eventuality. That’s where life insurance comes into its own – shielding you and your loved ones from the potential financial harm that life’s knocks can bring about. While most people would do anything to ensure the financial wellbeing of their families while they are alive, many haven’t made provision for their loved ones in the event of their own unexpected premature death. Life insurance at different life stages As a young and single person, life insurance may not be a high priority for you. Without any dependants to make provision for, a small amount of insurance cover is usually sufficient. When considering which policy to buy and what value to set for your sum assured, you will need to think about whether you want to provide financial support for your elderly parents; any financial commitments you have now; or the benefits of a cash value life insurance policy to supplement future retirement income. If you have any debt with a co-signer, such as finance for a joint business venture, you should have some term life insurance cover corresponding to the amount of your liability so as not to leave them responsible in the event of your death. In addition, end of life expenses are applicable at any age, and making provision for these means that you won’t put an unexpected financial burden on your loved ones for covering your funeral costs When you are newly married, your responsibilities increase, and it’s therefore prudent to increase your life cover at this milestone. Identify the amount of cover you need to provide sufficient income for your spouse and to cover any large debts such as a mortgage/home loan. Some insurance plans will give you the option to increase your life cover by 50% when you get married and by 25% at the birth of your first child. Talk to us at InsuranceMarket.ae for Insurers offering such Plan options. Adding children to your family brings not only significant joy but additional financial considerations. The arrival of your first and subsequent children is a trigger for you to review your life cover to make provision for future costs of raising them. In the event of your premature death, or in the event of your contracting a critical illness, you’ll want to rest assured knowing they are taken care of, including the costs of their education. The costs of educating your children only really become apparent when they are ready to go to college or university. Tertiary education is expensive, and you’ll want to be able to give your children the best head-start in life that you possibly can. That’s why it’s so important to invest in a cover that will accumulate some cash value over time to use for this purpose. Empty nest: once your children leave home and become more independent you probably won’t need as much life cover. If you are married, you may want to ensure financial protection for your spouse, as well as coverage for debts or mortgages you may have. Working with an estate planner will ensure that you have all the bases covered. Once you are retired, you will hopefully be able to enjoy these golden years without fretting about financial concerns. You could now begin accessing the cash value from your life insurance policy to supplement your retirement income. Check with your financial planner that all is still on track. What does life insurance offer you? Life insurance ensures that you have financial security for yourself and your family; offering peace of mind knowing that all their needs will be met no matter what happens. Life insurance policies also offer additional features, such as an advance on the sum assured on diagnosis of a critical or terminal illness and/or accidental death cover. Whatever stage of life you are at, and whatever your circumstances, you can be sure there is a life insurance policy to suit your needs and address your concerns. At InsuranceMarket.ae, we’ve partnered with the leading Life Insurers in the UAE to secure you the right cover at the right price. Let us help you weigh up the benefits of term insurance versus whole life insurance and find you the best deals. Get quotes in your email at InsuranceMarket.ae.
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