Best 5 Insurance Policy In The UAE That You Must Have
In the UAE many insurance policy have been regarded as a mandatory requirement by the law and compel every citizen to purchase it at their earliest convenience.
But why is that so?
Life is a very unpredictable journey; you never know when the trouble land on your way.
Your car stops working in the middle of nowhere, you involved in an accident and now an immediate need for medical care or your home could be damaged by the natural calamities.
God forbid is that ever happen with you. But have you ever thought in your wildest imagination that if you fully covered against these unexpected or sudden incidents?
Protection against such events is very essential and here insurance policy becomes your cooperative campion in your worst days.
Therefore, insurance policies allow you to get covered against all the risks that can harm you by just paying initial charges on your terms.
Many insurance companies offer bundle discount packages to their clients who are getting more than one insurance policy from them.
For instance, if you are the owner of multiple cars or you wanted to have health and car insurance from the same provider then you can demand a bundle discount on them.
Therefore, your insurance provider can formulate a discount plan on your premium.
Not only you will get informative and authentic content but also you will receive comparison quotes against all the insurance charges trending around the UAE market.
We have presented the top 5 insurance policies that you must have while doing any insurance shopping.
Dubai city of new development and most visited place have a high record of road accidents.
The number has been increased each year and the driver and citizen, security government has made it a compulsory requirement y all the people to have car insurance who have a car.
This obligated requirement should not be done in order to satisfy the government only but also your car needs too.
Select the right type of policy that can benefit you on a longer run.
Common type of car insurance that are purchased are
- Third-Party Liability Insurance:
This is the most convenient coverage plan for car owners. It covers the basic requirement of car specs in times of unforeseen events.
This coverage comes into action under the following scenes such as,
- If an accident is caused by you then third-party liability coverage will pay for the other person’s expenses. This includes any damage or medical bills.
- Covers the cost of another person’s property damage you caused while driving
- It also facilitates you getting claims during theft and fire of the car or property.
2. Comprehensive Insurance
This is a full coverage insurance. It provides wide protection to your car minor to major expenses.
Those who get comprehensive coverage will be protected from
- Natural disasters (like a hurricane or a tornado)
- Falling objects
- Damage done to your car by animals
- A civil disturbance (like a riot that results in damage or destruction of your car).
Thus, the right insurance coverage plan can help you to cover your car according to its demand.
When we talk about home insurance we are talking about the protection against fire, natural calamities like earthquake damages and all the valuable possession one may have in his/her home.
Many insurance experts suggest having comprehensive home insurance as it only protects your house from fire but also covers your lost valuable possession.
Many providers are now covering a wide range of content including
- Replacing home keys
- Loss of major documents (passport, property papers, license, etc)
- Coverage for jewelry
Hence, you are a house owner or tenant make sure to have home insurance to get protection against the worst of worst situations.
3. Health Insurance Policy
Like car insurance health insurance is also a mandatory requirement by the UAE law to have it as soon as possible.
Talking about a sudden medical emergency like accidents, significant surgeries or need of immediate finance to deal with medical bills then health insurance makes sure to cover it all via facilitating the users with the health care that allows the users to use it in any registered hospitals and have cashless treatment.
Due to the individual’s security and health concerns, the government has now made health insurance a compulsory requirement all over the workplace.
According to the impose law, any citizen or temporary expats/employee should be provided health policy by their employer or company they are working in.
- The individuals should get minimum coverage set by the government from their employer
- Other remaining health protection plans must be facilitated by the person’s own insurance providers.
Dubai health authority (DHA) and Health Authority Abu Dhabi (HAAD), have extended the health care facilities network all over the city that turns out to be more fitting and feasible for users.
Therefore, the initiative by the government had led to improvement and major optimistic change in individual medical dealing and treatment.
4. Life Insurance Policy
Life insurance is as important as any other insurance. It becomes a mandatory demand by the UAE when you are purchasing a home or when you’re the sole bread and butter of the family, meaning when you have dependents.
Being a responsible person in your family, then ensuring family finances but what if something happens to you then who will look after your family?
For this purpose, life insurance policy makes sure that your family is secured enough for a time being that helps them to get settle down.
There is a different type of life insurance available to your suit where each has different monthly premium charges of your need.
- Term Insurance Policy: This type provides the coverage at a fixed price for a limited or set period of time.
- Permanent Life Insurance: It’s umbrella insurance where coverage plans don’t expire and are for a lifetime. Here returns payment is fixed.
- Whole of Life Term: You clear out the lump sum amount whenever you die. The set date for premium is up to the age of 95-year-old.
There also subtype too of life insurance but it is highly suggested to have term life insurance as they are more affordable and viable options and whole life insurance can be a little pricy.
Therefore, evaluate your choice wisely and then decide.
5. Travel Insurance
Many of us think why travel insurance also needs to be purchased.
Well, it’s simple if you’re going out of station or even country and you lost your luggage or have some medical emergency then all your fun trip went to vain and now you are luggage free.
Here travel insurance being a saving grace cover your luggage cost, passport or other risks associated with traveling.
It’s better to get a travel insurance policy before your travel anywhere. Depending upon how frequent traveler you are, you can get
- Single trip Insurance
- Economical Multi-trip Travel insurance.
Hence, you can enjoy your travel or visit worry-free and now providers given options off add-ons like winter sports cover on specific holidays.
Be proactive in your insurance shopping and be sure this is what you need.
Our top 5 options can be modified and enhance with your own choice and need, hence now it’s depend on you, do you need a secure and worry-free environment for yourself and for others or not.
Originally published May 04, 2021 11:42:00 AM, updated May 11, 2021