Yallacompare Drives Down The Cost Of Life Insurance In UAE
More than half of respondents to a major survey do not have life insurance; cost cited as the main reason
yallacompare, the Middle East's leading comparison site for financial products, is taking aim at the high costs that deter more than half the UAE population from buying life insurance. According to a recent Friends Provident International (FPI) survey, conducted by YouGov, the main reason 51% of respondents don't buy life insurance is that it is 'too expensive'.
yallacompare directly addresses the problem with a new product, Smart Term Life Insurance, that offers up to AED 1 million in cover for as little as AED 3 per day. Policies can be purchased onlinein a simple, five-minute process with no medical tests and no complex questionnaire to fill in
With the introduction of Smart Term Life Insurance, yallacompare challenges the industry status quo with a 10-year policy that ranks amongst the most affordable in the market. Premiums remain unchanged throughout the lifetime of the policy and are payable annually in advance.
"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 Jon Richards, CEO, yallacompare.
"Smart Term Life Insurance is a refreshingly straightforward product that everybody seeking to provide for their loved ones should consider purchasing. In the unfortunate event of a policy holder's demise, their family is guaranteed a financial cushion at a difficult time in their lives."
The amounts payable under the Smart Term Life Insurance policy are clearly set out, with little room for dispute between the insurer and the deceased's dependents.
In the case of death by accident, the beneficiary receives 100% of the amount insured regardless of the amount of time elapsed on the policy. Should a policy holder die of a pre-existing illness, coverage starts at 20% of the amount insured after six months have elapsed on the policy, 60% after 12 months and 100% after 18 months.
