Life is unpredictable and while we all hope to live a long and healthy life, planning and providing for your family after your death will ensure that they are financially sustainable whatever happens, becomes permanently Totally disabled or is diagnosed with a critical illness . Life insurance is an insurance policy that will pay out an amount of money if the insured person dies.
If your income stops due to death, disability or critical illness, who will pay:
Your mortgage income?
Your children’s education?
You or your family’s bills of day to day expenses?
These are all questions that can be answered by proper planning through holding a life insurance policy
Whole of Life Insurance:
Whole of Life insurance Is an insurance cover that protects the person insured up to age of 95 years. The customer will pay the premium amount for a defined term and will enjoy the protection for whole of life. This provides optimum coverage especially during the later stages of one’s life where death risks become very high.
This type of insurance is investment linked (Unit Linked or Interest Sensitive) where the function of the investment is to sustain the life cover up until the age of 95. Additionally, the investment ensures that a cash value is accumulating and available for encashment in the event where the insured person decides to exit the plan before policy maturity.
To ensure your policy covers all eventualities, there are additional optional benefits available to make your plan as unique as you are. These additional benefits include Critical Care, Permanent Total Disability, Waiver of Premium, Spouse Term Rider, Accident and Hospital Care, and Income benefits. There are various factors that are taken into account when calculating the amount of life cover you will need. These include:
Your monthly living costs (mortgage, food, clothing, transport, etc)
Allowances for future expenses such as education costs and settling debts
Any costs relating to your death – uninsured medical bills and funeral costs
Costs associated with bringing up a child
The cost of your insurance policy (i.e. the premium you will be required to pay) is dependent on a number of factors:
How much cover you need
The tenor of cover you require
Factors such as your age, occupation, gender, medical condition, travel and hobbies
Your health and lifestyle, including whether you smoke or not
The benefits you select (e.g. Life Insurance, Critical illness, Waiver of premium, etc…)
In the uncertain world that we live in, there are so many advantages of taking a life insurance policy, including:
Security of your own life as well as the lives of loved ones against future mishaps
Provision of a replacement income if the main breadwinner dies
Repayment of any debts left behind such as a mortgage
Provide a lump sum for dependents to use at time they most need
Insurance Products are made available to clients based on their need analysis and request. Insurance products are underwritten by respective insurance providers and issued subject to their terms and conditions. Abu Dhabi Commercial Bank (ADCB) does not offer insurance advice, nor does it manage, underwrite or issue insurance policies. ADCB is not responsible for rejected applications or claims by any insurance company. Premiums received by ADCB for insurance plans are not bank deposits. Investment products are not bank deposits and are not guaranteed by ADCB. They are subject to investment risks, including possible loss of principal amount invested. Past performance does not guarantee future results. Please refer to ADCB Terms & Conditions for Investment Services. This web-page is for information purposes only and does not constitute an offer or solicitation to purchase investment products.
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