What are the different life insurances?
Level Term Insurance
In the case of term insurance you would be getting a fixed life insurance coverage for a fixed term for affixed premium. On completion of duration you would not be eligible for any amount .In this case the premium which you pay would be low.
Whole of life insurance
This is a type of life insurance policy where the life insurance coverage would be available for long term depends on the feature of the policy . Compared to level term insurance premium paid by the life insured are higher because it covers over a longer term and there is a chance of getting survival benefit.
Mortgage Life Insurance
Mortgage life insurance cover is for protecting the home loan in case of any uncertainty happens to the person who availed the loan. In this case outstanding loan amount is covered every time and hence premium is calculated as decreasing term insurance. Usually insurance companies consider the loan amount and term and based on that a steady premium would be collected
Critical illness Insurance Cover
In this case on diagnosis of any of the critical illness mentioned by the insurance company a lumpsum amount would be paid .
Joint Life Insurance
In thecaseof joint life insurance policy
spouse would be eligible for life insurance cover under the same policy .
Payout frequency would be depending on the type of the policy .
Apart from these life insurance policy types there are life insurance cover available from Takaful Companies in UAE.