A recent survey found that half of respondents do not buy life insurance because it is 'too expensive'
Comparison site yallacompare is launching a new product that offers up to AED 1 million in life insurance cover for as little as AED 3 per day, the company announced on Sunday.
In a statement, yallacompare said that the product – Smart Term Life Insurance – can be purchased online in a five-minute process with no medical tests or complex questionnaire required.
“yallacompare has helped to transform the way financial products are sold in the Middle East and we are now bringing that spirit of positive change to the region’s life insurance sector,” said yallacompare CEO Jon Richards.
According to yallacompare, the 10-year policy ranks amongst the most affordable in the market, with premiums that remain unchanged throughout the lifetime of the policy and that are payable annually in advance.
The amounts payable under the insurance policy are clearly set out to avoid disputes between the insurer and the dependants of the deceased, according to the statement.
In the case of accidental deaths, the beneficiary receives 100 percent of the amount regardless of the amount of time elapsed on the policy.
In the event of a death caused by a pre-existing illness, coverage begins at 20 percent of the amounts insured after six months have elapsed on the policy, 60 percent after 12 months and 100 percent after 18 months.
“Smart Term Life Insurance is a refreshingly straightforward product that everybody seeking to provide for their loved ones should consider purchasing,” Richards added. “In the unfortunate event of a policy holder’s demise, their family is guaranteed a financial cushion at a difficult time in their lives.”
According to a recent survey from Friends Provident International (FPI), more than half (51 percent) of respondents said that they don’t buy life insurance because it is ‘too expensive’.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.