Life Insurance

Life insurance is a great tool to help ensure the family's financial future.
Life insurance helps protect your loved ones. It is an insurance that provides cash to your family so that they continue to manage financially during the difficult weeks, months, and years after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like daily living expenses, mortgage re-payments and college funding. This maybe paid to your dependants as a lump sum or regular payments

It really is not an option. People at different stages of life have a need to have life insurance cover.

If you're still unsure about whether you should buy life insurance, a good question to ask yourself is: If I died today with no life insurance, would my family need to make substantial financial sacrifices and give up the lifestyle to which they've become accustomed in order to meet their financial obligations (e.g., car payments, mortgage, college tuition)?

Here are 4 reasons why every family should have it.

Life insurance provides a powerful way to prepare the family financially in the event that the breadwinner is no longer around. There is no time like the present to get a quality policy and ensure that the loved ones are going to be financially secure.

Here are four reasons why life insurance should be considered a necessity in today’s high-cost world.

Protection Plans (Term/Whole of Life)

Whole of life plan: As the name suggests, the plan term is open ended, i.e. continues throughout the lifetime of the life assured, and provides a sum assured which is payable on the life assured's death. It contains an investment element, and will build up a cash value as well as provide funding for the cost of future benefits throughout the client's lifetime. The emphasis is on providing protection benefits.

Coverage for whole of life

Example: Mr. Mike pays premiums for 7 to 10 years and then he stops paying but at any point in time he dies, his beneficiaries will get the sum assured on the policy.

Why should I buy Whole of life insurance?
  • Somebody in the family definitely gets the sum assured
  • If you live too long and have no beneficiaries left, you can simply encash the plan and spend it.
  • Whole of life plans can also be used for retirement
  • Policy holder can opt to choose as many rider benefits as possible
  • Increase and decrease of coverage and addition or deletion of benefits at any given point in time possible
  • Can take joint life both death plans meaning if the first life dies one pay out is made and when the second life dies another payout is made
  • Second life can continue the coverage after the first life dies.
Term assurance: Some life assurance policies are designed to meet temporary life cover needs. A term assurance policy is designed to provide protection during the fixed policy term. There is no investment element in such policy as it provides pure protection. This plan will only payout on the death of the life assured during the term of the policy.

Coverage only for a specific period chosen by the policy holder. (5 years to 45 years max)

Example : Mr. Mike is covered for $500000 for 20 years so if Mike dies within 20 years then his beneficiary gets $500000 but if Mr. Mike dies after 20 years his beneficiaries will get nothing.

For further information and for a qualified Avon consultant to contact you, simply fill in your details in the Enquiry Form to receive free financial advice.

What other benefits can i avail apart from life cover?

Keyman insurance

Keyman insurance is a type of insurance policy taken out by a business house to compensate against any financial losses that would arise from the death or extended incapacity of an important member of the business specified in the policy. The policy term does not extend beyond the period of the key person's usefulness to the business.

Key person insurance does not indemnify the actual losses made but compensates with a sum assured specified on the keyman insurance policy.

Mortgage insurance

Mortgage insurance has now become a mandate by all the banks in the UAE on loans taken, to protect them against any financial losses arising due to Death or critical illness of the borrower.

Mortgage insurance can be taken both term life as well as whole of life insurance, where the person borrowing the loan can take a policy from any insurance company and assign the bank as a beneficiary in case of death or disability of the person.

Mortgage prevents your dependents from becoming a victim of banks repayment of loans.

Critical Illness

When a serious illness strikes, it can have a devastating impact on almost every area of your life. Whilst it is impossible to protect ourselves against every eventuality, making provisions for the financial implications is something we all can do.

In reality we tell ourselves it's not necessary, it won't happen to us.

Statistics show that for men under 65, you have a 1 in 5 chance of suffering a serious illness, while for women the chances increase to 1 in 3.

Of the 500,000 people who this year will suffer a Stroke, Heart Attack or contract Cancer, over 250,000 will still be living one year later. We know it's not a nice thought, but it's important that you are aware that you are 5 times more likely to suffer a serious illness before you are age 65.

Critical Illness Insurance should play a vital part in your insurance portfolio. These policies exist to help you when you have an illness that is going to have a major impact upon your life. All the major illnesses that could have a serious detrimental impact on your lifestyle are typically covered. Obvious examples are heart attacks, strokes and cancer. Critical Illness insurance is a policy designed to pay a one off lump sum to you directly if you are diagnosed with one of a specified list of illnesses. The lump sum can be used to repay debts such as a mortgage, or towards alterations to property, or towards moving property, should you need to.

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