Neeraj Gupta, CEO, Policybazaar.ae
UAE: According to By Neeraj Gupta, CEO, Policybazaar.ae: Achieving the big-ticket goals has become a lot more easier today, thanks to easy access to credit. Where purchasing a home earlier took a lifetime of savings, now it is possible to own home early during our professional careers. By just allocating a portion of our monthly income to the payment of EMI, we tend to convert our dreams into reality sooner. But, what if, the sole breadwinner happens to meet any unforeseen disease, disability, or untimely demise? Such unforeseen circumstances not just disrupt life emotionally, but would also cause a huge financial setback as well.
Though nothing can be done to ameliorate the suffering of losing a dear one, but Term insurance can at least help tide over the financial loss in such a situation. It is considered the most cost-effective form of insurance when it comes to shielding your family against life’s uncertainties, as it provides financial backup and peace of mind to secure the future of our dear ones.
Term insurance works like this: You pay a set amount to protect against the risk of any event happening. If that event happens (in this case, your untimely demise, disability due to accident/disease), the insurance company pays the sum assured. If the event doesn’t happen, the insurance company keeps your money and you get “nothing.” Now, you might feel why would you spend money when you get ‘nothing’ at the end of it? But, in actual you’ve bought the “peace of mind” knowing your spouse would be able to pay for your child’s care if he/she unexpectedly happens to be a single parent. Your kids would still have funding for their education, despite the loss of your regular income. Your dear ones wouldn’t have any financial stress compounding over all the other stress. And the good part is that you can buy all this for an amount that people regularly spend on meals and drinks.
To rescue for any plight, you must buy a Term insurance plan by thoughtfully deciding the extent of sum assured that would meet the ongoing and estimated expenses of your loved ones, as well as fund their life goals. The life goals can be long-term or short- term like purchasing any asset like home or some other big-ticket expenses like higher education of kids. The premium payable for term insurance also, secures the unique lifestyle and meet short as well as long term goals of your family.
There are leading private life insurance companies in the UAE, that offer tailored Term plans to help financially protect and maintain the existing modern lifestyles. Also, there are term insurance premium calculators which are available online to help gauge the extent of Term insurance required to secure the unique lifestyle of any family.
Considering the lessons that the pandemic has taught us so far, we’re all living through scary and unprecedented times. Thus, now may be a good time to consider a Term insurance policy that will help ease your anxiety about protecting yourself and your dear ones.
