Dubai is a dynamic and cosmopolitan city, attracting individuals and families from around the globe. With the city’s international environment and a constantly changing landscape, safeguarding your family’s financial future through investment plans in Dubai with a life insurance policy is essential. That’s where International Term Assurance in Dubai comes into play. As we learnt about ITA and its types in the previous blog, this blog will explore the coverage of the entire ITA policy.
Policy Coverage:
International Term Assurance can be obtained for individual or joint ownership, extending its availability to corporations and trustees. You have the flexibility to structure your policy in one of the following ways:
Personal coverage (Own Life):
You are both the policyholder and the individual whose life is insured.
Joint life coverage:
You are both policyholders, and both your lives are insured.
The policy commences when the policy owner and any individuals insured under it are at least 18 years old. The highest age permissible for individuals to be insured at the policy’s inception is 74 years. If the policy encompasses two individuals, these age criteria apply to both parties. Furthermore, the policy can also be acquired to provide insurance for the ‘life of another’ in cases where a company or another person assumes the role of the policy owner. In the event of adding supplementary benefits, the highest age at which individuals can be insured when the policy is initiated is 59 years.
How Long Policy Coverage Lasts?
Your policy duration must fall within the range of 5 to 35 years, and any individual covered by the policy should be no older than 79 years at the policy’s conclusion. Your policy will terminate under the following circumstances:
- Upon reaching the predetermined policy term.
- In the event of a successful claim settlement that fully satisfies the life coverage.
- If you discontinue premium payments before the policy term concludes.
Policy Coverage Costs:
The following determines your policy coverage costs; the adviser will provide the same information.
- Your situation, such as age, gender, health, and smoking status.
- The level of life coverage and any supplementary benefits you decide to include.
- The duration for which you wish to maintain the coverage.
The amount you will be charged corresponds to the expenses associated with the benefit choices you make for your policy term. There is no investment component to your premium, meaning your policy does not accumulate any cash value at any point.
You have the flexibility to make premium payments on a monthly or yearly basis.
Does The ITA Policy Have Free Cover?
We offer free life insurance coverage during the time period from the point you submit your application to when we issue your policy (up to a maximum of 60 days). During this period, we will cover the amount equivalent to life insurance requested in your application or USD 250,000 (or the equivalent in your local currency), whichever is less.
Can Policy Be Changed After Initiating?
You can augment your coverage on each policy anniversary, provided that we approve it and it adheres to the maximum coverage limits enforced at that point. Once your policy is in effect, you cannot decrease the life insurance and permanent and total disability benefits. Additionally, you cannot decrease your critical illness benefit after the policy has commenced, except in one specific circumstance. Every fifth policy anniversary, we will assess your policy. If the premiums you are presently paying are insufficient to sustain the current critical illness benefit level, you have two choices:
- Continue paying the same premiums and reduce the critical illness benefit amount.
- Increase your premium to maintain the existing critical illness benefit level.
Can Premiums Change In The Future?
If you’ve opted for life insurance, permanent and total disability coverage, or a premium waiver, your premium rates will remain constant throughout the policy’s duration. However, if you’ve selected critical illness coverage, the premium associated with this benefit will be subject to review every five years and may potentially rise. Furthermore, should you decide to increase your coverage, the premiums for all benefits will also increase accordingly.
Hence, approach Life Insurance Bazaar for the best ITA plan, education plan, term insurance in UAE, and many more. Secure your family’s future, no matter where life takes you. Contact us today to learn how we can help you build a solid financial foundation.
