1.You are married and/or you have kids and/or mortgage and/or debt
You should have life insurance for two reasons: (1) if you die your family could suffer from financial restraints i.e. loss of income, outstanding bills, mortgage or rent payments, school or university fees, etc. (2) If you are a homemaker, your partner will now look after the household and children, while having full-time job. Life insurance is therefore required for both partners in a relationship.
2.You are single and have no depends on your income
You may not need life insurance. Exception: you plan to get married and you are young. In this case it makes sense to start a life plan, as you will get life insurance much cheaper and safe some serious money.
3.You have a business
You want to keep your business running should an unfortunate event happen and you lose a crucial partner, owner, founder, or employee. In this case you insure the key persons to protect the business from financial losses that would arise from the death of that person (i.e. hiring temporary help or recruiting a successor). It could also be used to buy out the shareholder’s or partner's heirs.
If you one of the above categories apply to you, you should seriously consider purchasing a tailored plan for your specific circumstances. How much life insurance do you need?
How do you determine the appropriate cover? The best way is to speak to a professional to calculate the figure. At InsureMe.ae you can receive free consultation on this. We will advice you on the best solution considering your specific needs and requirements.