Insurance will safeguard you from the loss, theft, and other damage that may happen due to uncertainty. It can protect one from the financial losses when there is damage caused to the person or the person’s property by someone. The premium that you pay the insurance company can save you from financial losses. The sudden hospitalization fee can be taken care of with health insurance. The main component that is involved in the insurance is deductible, policy limit and the premium.

Types of insurance:

There are mainly four types of insurance

• Health insurance
• Auto insurance
• Property insurance
• Life insurance
• Travel insurance

Health insurance:

The medical expenses which are caused due to illness can be covered using health insurance. It can be the cost of medicine, hospitalization cost, or the consultation fees of the doctor. The person who has insurance can pay directly or it can be reimbursed from the company. It is extensive and it will cover the expenses most of the time. It gives coverage for over 30 plus illnesses. The benefits can be claimed at the end of the year, it is usually no claim bonus.

The critical illness should be added in the plan if it is required as it will not be included in the normal plan. There is an option of co-payment where one can pay half the amount and the rest of it can be paid by the insurance company. It will cover almost everything such as the surgical cost, lab test, drugs, and consultation. The extended coverage is always based on the employee salary and designation in UAE. With the unexpected nature of medical emergencies, it is advisable for everyone to have medical insurance. If it is not covered by the employer, the private sector can be contacted for medical insurance.

Auto insurance:

The auto insurance will give a higher level of protection which will cover all the damages which are caused. Even if you are the one at mistake or if the vehicle is damaged or stolen, the person can claim it. For anyone who drives it is a must to have at least third-level insurance. In addition, it may include specified agency coverage, medical emergencies, coverage for road assistance, and off-road assistance.

Life insurance:

Life insurance is to pay someone a huge lump sum of money to the beneficiary on the death of the insurer. Some life insurance will include guard against disability, critical illness and will also provide extra for the family benefits and the hospitalizations. Some life insurance will act as benefit plans. The age from which a person started taking the insurance plan and other factors will tell how much money a person has to pay. The additional benefit of life insurance is that it can provide financial support for you after your retirement. Sometimes it can be used if you are unable to work in a regular job due to disability. A person with a dependent family should take life insurance.

Property insurance:

The property insurance can be used to reimburse for loss that is made from the fire, floods, earthquakes, theft or vandalism. Home content insurance will protect your personal belongings against theft and damage. There is separate insurance for villas and apartments. The home content insurance will give you extra cash. The property owners should consider taking this insurance. The person with a mortgage should take the insurance as provided by the financers.

Travel insurance:

The unforeseen coverage of medical bills abroad, lost baggage, missed or canceled flights, emergency stay abroad and third-party liability costs can be covered using travel insurance. UAE makes the best base to travel the world with the travel hub with superlative connectivity all around the world. To avoid extra pocket expenses abroad one should have travel insurance. In some countries, it is mandatory to have travel insurance while traveling. The insurance will depend on the situation of the individual but having insurance will always be a support.

Deductible:

The amount or the percentage of money that the insurer agrees to pay before claiming the benefits is called the deductible. It is an insignificant claim which many people have under the policies. It is defined by the specific policy which is applicable to one claim per policy. Generally, it is less expensive when the insurance policy is bought with high deductibles. When a large sum is taken out from the pocket it will reduce the amount of claim.

Benefits of insurance:

One of the most crucial and prominent benefits of insurance is it covers uncertainty. The insured will get paid by the company when they have some kind of loss.

Due to uncertain events sometimes you have to pay out from your pocket which can affect the cash flow. But with insurance, you can manage the cash flow easily as the company will tend to pay the person during uncertain events.

To get all benefits to cover the uncertainty one can search and get insured with the best life insurance in Dubai.