According to Neeraj Gupta, CEO Policybazaar.ae - UAE welcomes hordes of expats every year. Be it for business or job, the place is the hub for plenty of cross-cultural opportunities. If you’re an expat living in Dubai, miles away from your country, chances are, you’ll be far away from your traditional family support system. Have you ever given a thought how will your dependents cope without you? Make adequate provision, and you can minimize the impact of your passing – at least, in practical terms.
Term Insurance plan provides a comprehensive life insurance policy to give you and your family that peace of mind whether you’re living abroad temporarily or setting up a new life overseas. It is the most basic type of insurance that covers the family in case of the untimely death of the insured. It goes without saying that, after the sudden demise of the only bread earner, an enormous financial burden will be on the family, ranging from paying those EMIs to regular household expenses. With term insurance, you can plan for those tough days and secure the financial future of your family, even in your absence.
The fact that the cost of living as an expat can be quite exorbitant in any of the emirates. Buying a term insurance would provide an ideal financial support so that your dependents can live worry free, at a pocket-friendly price. In-case of your absence the financial burden on the family can be reduced up to a certain level through the sum assured of the term insurance. Apart from the cover from uncertain death, the policy also covers the insured for disability owing to an unfortunate event such as an accident. Again, the sum assured for the policy acts as a source of income in case of accidental disability of the breadwinner leading to loss of income to the family.
What you actually need to know is that there are insurers that offer the facility of buying the policy at multiple currencies as well. Plans in UAE cost only 20% more than Indian Term Plans, but you need not worry for that as for a fraction more, you can get a stronger currency product as well. Also if you are an expat in the UAE , don’t worry about plan portability issue. Term life insurance for expats in UAE are internationally portable. NRI’s even have the option of porting their plan and continue the cover with an Indian Insurer as well.
Delaying your decision will not only increase your premium, but also leave your family unprotected for longer. So, give up ‘there’s enough time to decide mentality’, and take pre-emptive measures as having a strong international term life cover for an expat will help cushion the loss of the bread-winner of that family.