The role of the woman has seen a paradigm shift in recent years. No longer just the housewife and mother, women are now not only also contributing to the household income, but are, in some cases, also the breadwinner, with successful high-powered careers.

The role of the woman in any family is a critical one and her absence from that dynamic would invariably leave a void emotionally, physically and increasingly in importance, financially.

It’s critical, therefore, that women’s lives are suitably protected not only from a health perspective, but also from a life insurance perspective to ensure that should they encounter any critical illness issues or premature passing, those they leave behind are well provisioned for. Fortunately, there’s a wide range of providers and policies here in the UAE to choose and buy life insurance from.

What Life Insurance Products Are There For Women in Dubai and the UAE?

Life Insurance for men and women does not differ in terms of its offering or cover content. Plans are not gender specific so when you buy life insurance you can confidently choose from any product knowing its features and benefits are not limited in this way. That said, some products offer benefits that might be more attractive to one gender than another: for example, female cancer is an increasing concern for many women so demand for suitable, specific critical illness products or life insurances with an element of critical illness cover might be higher amongst the female demographic.

Why Should You Buy Life Insurance in Dubai & the UAE?

Put simply, life insurance replaces your income and helps your surviving dependent family members to maintain their lifestyle without the need to compromise. Alongside basic protection, there are a range of plans that can be customised to suit your needs. For example, some types of life insurance also include an investment component which allow you to generate maturity benefits based on your investment returns after a qualifying period, while others allow you to add features and benefits such as critical and terminal illness cover, accidental death benefits, and more. 

If you’re a working mother, it’s important to consider the impact that your loss would have on your family from many different perspectives. Aside from the financial impact that your loss of earnings would make, there are other potential practical implications such as childcare, and care of the home, that your spouse may not be able to take over without assistance. If they had to outsource that assistance this would be an additional financial burden and should be factored into any insurance value calculations. 

What Type Of Life Insurance Is Most Suitable For Women?

In Dubai, and the UAE in general, most Life Insurance providers offer a range of products to suit. There are, however, two main types of policy that are the most popular, and these include: 

  • Term Insurance:  offering straightforward pure protection with no investment element, term insurance plans are one of the most affordable plans. A term insurance plan runs for a
    pre-defined tenure, known as the ‘term.’ If the insured person dies within the period of cover, the names beneficiaries will receive the value stated on the policy. However, if the policyholder/life assured outlives the policy period, then there is no valid claim.
  • Whole Of Life: this type of policy protects the insured individual up to the age of 99 years, or until his/her natural death provided that the insurance premium has continued to be paid throughout the duration of the policy. This plan can also offer saving and investment benefits as a portion of the premiums paid are invested in UAE stock market and thus have potential to accrue a return on investment subject to fund performance. It is this investment element and profit potential that makes a whole of life insurance more expensive than term insurance.

Does Life Insurance For Women Cost More Than For Men?

Each life insurance policy is underwritten individually and the age, height, weight, physical condition, and medical history of the person to be insured is assessed. No-one person is the same, however rates will typically be applied as standard for men and women as a starting point. Such rates are based on demographic trends and therefore subject to fluctuation: with male rates higher than female ones on occasion and vice versa. So depending on when you buy life insurance, the rates could differ between males and females in differing ratios.

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.