With a whole host of insurance companies offering Life Insurance products in Dubai and across the UAE, it can be hard to know which one to choose and what to look for.

This blog covers five top tips to help you explore the minefield of the life insurance market and find a policy that suits you and your budget best.

Tip 1: Know Your Market: Who Sells Life Insurance In Dubai?

A simple tip to warm up with. Like many other products, insurance is a commodity and that means there’s a market willing to supply it. In the UAE, and Dubai in particular, there’s a large number of insurance providers offering a wide range of life insurance products, so look around and get a picture of who the major players are. There might be a company you’re familiar with, or one you’ve purchased another insurance product from before, meaning an obvious choice could be available, but with hundreds of insurers to choose from it’s wise to know who is out there and what they have to offer.

Tip 2: Know Your Motivation: Why Am I Looking For Life Insurance in Dubai?

Having done your research, you’ve probably compiled a list of companies to contact and started to get a feel for their attributes. One might have even caught your eye already. Great start! But do you know exactly why you’re looking for life insurance? It’s important to understand your primary motivation for buying as this will drive a number of considerations when you come to purchase, such as what level of cover and pricing is acceptable to you. Are you buying to protect a loan, for example, or to protect your family’s future?

Tip 3: Drill Down Into Detail: Create A Shopping List

Now you’ve identified your reason for buying life insurance, you need to create a criteria list: what you are looking for the policy to cover. This list should reflect your needs and wants based on your personal circumstances. Details should include:

  • Your assets: what you own, for example, your home
  • Your liabilities: what you owe, consider your mortgage, auto loan etc
  • Your dependents: who you’re responsible for, such as your spouse and/or children
  • Your income: what you earn currently and how this is likely to change over time (projections of pay rises over the next 5 years for example)
  • Your family’s plans: university, marriage, home purchases: you may want to assist your children with these and would be unable to if you passed away before the time came to help

Tip 4: Consider Everyone, Discount No-One: Don’t Be Dazzled By A Name Alone

In tip 1, the market was mentioned and by now, you’ll have recognised there are lots of companies to choose from, many of whom are household names. And now, based on your research, you’re wanting to cut your list down to a top 5 to choose from. Who makes the cut? Don’t be dazzled by name alone and make only those famous names frontrunners. Lesser known or local life insurance companies in Dubai are just as reputable and reliable, so don’t discount them from your list if they’re offering an attractive product at an attractive price.

Tip 5: Price Isn’t Everything: Go For Value Not False Economy

This tip is probably the top one. Never let price be the prime deciding factor. Do so and you could really regret it later.  Of course, we can’t always get everything we want for what we can afford, but it’s always advisable to stretch if you can to get the best cover available for your budget.

On the flip side, price isn’t an indicator of value either. Don’t go for something high-end or top-price because you think it provides the best cover. It could be that the company needs to charge higher prices to cover its operating costs, for example.

Put simply, it’s about finding a balance: what can be best described as a happy medium. And remember, the best policy is the one that reflects your primary needs and your price point. Cover the critical things to you at a cost that you can manage and that’s the perfect purchase.

About Author

Rachel Al Mughairi

About Author

With over 34 years in the international insurance industry in a variety of senior management roles, and as holder of the Diploma in Insurance from the Chartered Insurance Institute, Rachel surely knows her insurance! With experience in London, continental Europe and the Middle East, Rachel is here to share her knowledge and help you understand more about insurance products in this easy-to-understand series of videos and blogs.