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5 Best Insurance You Must Invest in 2024 – While Living in the UAE

In this world of uncertainty, could there be any bigger uncertainty than life itself? You never know what happens the next moment! You may be hit by a car on your way to work, your home may set on a fire tomorrow, or you could be diagnosed with a serious illness any day. It’s absolutely unpredictable but there are still some ways through which you can set security for you as well as your family after you. Such policies are called insurance which has now become a ‘mandate’ for every individual.

Life is full of risks, and to survive them, you ought to start planning earlier. These insurances give you peace of mind which nothing else can! A little planning today will help you take investment decisions wisely, which in turn, will help you combat situations in a better way tomorrow!

Here are a few insurances in UAE that are a must:

Life Insurance

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Being an earning member of your family, you have a lot of responsibilities on your head. Well, did you ever think what will happen to them after you are gone? In order to secure their lives and prevent them from falling into any sort of financial crisis, life insurance is a ‘must’. At first, you need to know the various types of policies that are available in the market. Next, decide which of them does suits you the best.

People usually go for the term policies wherein you will be paid only in case of your death within that particular term. On the other hand, you may opt for whole life insurance policies to get lifelong coverage, though they are a bit expensive. Depending on the amount you could devote for the sake of insurance, find the right kind of policy.

Home Insurance

Your home is certainly one of the biggest assets that you have own in your lifetime. You would probably not want to lose it without any reason. Would you? With the recent incidents of fire attacks in UAE, Home insurance in UAE has become quite significant. The homeowners can claim for their residential buildings and personal belongings while the tenants can urge their home contents on the occurrence of a mishap.

Health Insurance

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Health crisis can invade your life anytime, you never know when you are going to get the shock. Thus, it is always better to have your funds ready for that worst scenario. Health Insurance is made compulsory in the UAE. Employers in the UAE need to ensure that all their employees are covered. On the other hand, the employees will need to assure that their spouses and kids, too, have their insurance policies settled.

Can’t make your mind about the coverage plan? You must always count the suggestions of an insurance advisor before choosing a health insurance plan. There are a lot of factors to consider out here! Look at the overall annual coverage limit, the geographical scope, the co-insurance, and the policy deductible prior to the investment. Also, see the network of hospitals that the insurance covers. Be sure of their policy terms regarding exclusions or chronic disorders. You don’t know what will affect you tomorrow. So, it is always better to remain aware of the terms and policies beforehand.

An initiative from DHA: Investing in health insurance in UAE is certainly one of the biggest decisions to make! Well, the Dubai Health Authority (DHA) assures that all the citizens of UAE should have their health insurances covered. This led to the incorporation of Essential Benefits Plan (EBP) to provide financial help to the people earning less than AED 4,000 in a month. This insurance coverage starts at an annual premium of AED 550 and includes all the basic medical assistance to the policyholders.

Being an employee in the UAE is a blessing but getting through these policies often appears to be tiresome. Bayzat, however, helps you to manage these policies at ease. You can get in touch with the mobile application and find your hospitals and clinics. When struck with an emergency, time becomes a crisis along with finance. Check this to hang around with policies right in your pocket. It gives you the provision to compare your policies in real-time, based on your criteria, benefits and network suitability. This policy provider guides you at each step to decide the right kind of policy for you. It lets you manage your payment options online. Thus, you need not get along the hassle anymore. Not just this, the app offers you a handy experience with the best of the technology guiding you all through!

Car Insurance

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Car owners in UAE need to have a policy done, to secure their investment in the car in case damage occurs. However, it is essential to choose the policy type based on your requirement – whether you need a third party or a comprehensive. If you go for the former one, it will cover only the legal liability to the third party while the latter deal covers vehicle degradation too. The comprehensive insurance charges a greater premium though!

Travel Insurance

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Travelling is thrilling but you are subjected to risks too, at the same time. You have risks to lose your luggage or maybe, meet with a medical emergency. Based on your frequency of travel, go for either a single trip or multi-trip travel insurance. It gives you peace of mind while you are traveling. That’s what these insurance policies are all about!

Bottom line:

Insurance plays a vital role in determining the financial stability of an individual in times of crisis, as well as mitigating the loss when you seem to be stuck in a dilemma about what to do and what not! Abu Dhabi government has taken serious initiatives in monitoring the health coverage of all its residents. All we need is to acknowledge these approaches and make the best use of them.

About Suzan Vega