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Discover Zurich Futura Whole Life Insurance in the UAE. Get lifelong coverage, flexible benefits, and investment growth. Learn about policy features, optional riders, and how to apply today!
Term Insurance for Self-Employed
For self-employed individuals in the UAE, the absence of employer provided benefits makes term insurance an essential part of their financial planning. Unlike salaried employees, business owners and freelancers rely solely on their income to support their families and cover business expenses. In the ...read more
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Qualified Policybazaar expert will assist you With flexible coverage options and affordable premiums, term insurance offers a cost-effective way to secure the financial future of both family and business. It also helps with business continuity by covering operational costs until a successor takes over or alternative arrangements are made.
Choosing the right term insurance for self-employed people in the UAE requires assessing financial needs, liabilities, and available plans. This guide will help self-employed individuals in the UAE understand the importance of term insurance and how to select the best policy.
What is Term Insurance for Self-Employed Individuals?
term insurance for self-employed individuals offers financial protection to their families in case of their passing during the policy term. It provides a lump sum payout (death benefit) to the beneficiaries, helping them cover expenses like outstanding debts, loans, or lost income.
This ensures financial security, allowing loved ones to maintain their lifestyle and meet essential needs. For self-employed individuals without employer-provided benefits, term insurance is a crucial safeguard, offering peace of mind and stability for their family’s future.
Why Do Self-Employed Individuals Need Term Insurance?
Self-employed people need term insurance for the following reasons-
1
Financial Security
As the primary income source for your family, your unexpected passing could lead to financial struggles. Term insurance ensures they have funds for expenses like mortgages, debts, and education
2
Affordable Premiums
Compared to other life insurance policies, term insurance is cost-effective. This makes it a practical choice for self-employed individuals with fluctuating incomes
3
Business Continuity
If you own a business, the payout can help keep operations running until a successor takes over or a buyer is found
4
Peace of Mind
Without employer-provided benefits, term insurance offers reassurance that your family will be financially secure in your absence
5
Single Premium Option
For those with irregular income, paying the entire premium upfront can be a smart way to secure coverage while potentially reducing overall costs
| Best Term Insurance Plans for Self-Employed in the UAE | |
|---|---|
HAYAH Term Life Protect
|
Zurich International Term Assurance
|
MetLife Live Life
|
MetLife Live Life Now
|
Takaful Emarat Fixed Term
|
Orient International Term Plan
|
Sukoon Lifeguard
|
LIC Life Protect Term Plan 278
|
How Does Term Insurance for Self-Employed Work?
Term insurance for self-employed individuals in the UAE works the same way as it does for salaried individuals. The policy provides a life cover amount chosen at the time of purchase, along with a fixed policy term. To keep the policy active, the policyholder must pay regular premiums.
If the insured person passes away during the policy term, the nominee receives the life cover amount. However, if the insured outlives the policy term in a pure-term plan, the policy ends without any payout from the insurer.
| Key Considerations for Choosing Term Insurance |
|---|
| Understand Term Insurance - Learn the basics of term insurance, how it works, and its benefits before purchasing a policy. |
| Assess Your Financial Needs - Evaluate your income, liabilities, and future expenses to determine the right coverage amount. |
| Compare Insurance Providers - Check claim settlement ratios, premium discounts, and additional benefits before choosing an insurer. |
| Ensure Affordable Premiums - Consider premium rates carefully, especially if your income is irregular, to ensure long-term affordability. |
| Select the Right Coverage Amount - Calculate coverage based on outstanding debts, mortgages, and future financial responsibilities. |
| Choose an Appropriate Policy Term - Match the policy term with your major financial commitments, such as a mortgage or business loan. |
| Review Policy Terms - Read the policy document thoroughly to understand coverage, exclusions, and conditions. |
| Add Riders for Extra Protection - Consider riders like accidental death benefit or waiver of premium for enhanced security. |
| Seek Professional Advice - Consult a financial advisor to choose a plan that aligns with your financial goals. |
Where to Get Term Insurance for Self-Employed?
How to Apply?
Just fill in the form and click "Proceed to Quotes" to view available options. Compare and choose the plan that best fits your needs.
Why Policybazaar.ae?
Applying for term life insurance for self-employed individuals in the UAE is simple with Policybazaarinsurance.ae. This platform provides top insurance plans from leading providers.
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