Accident Insurance – A Plan You Need to Financially Survive a Catastrophic Accident

insurance cover

Accident insurance is the supplemental plan designed to provide you with the one-time, lump-sum amount for your use if you are unlucky enough to have an accident. You can use it along with your health insurance. However, it is not a replacement option for regular health insurance.

What Is the Need for Accident Insurance?

Accidents happen and that too without any alerts or notifications!

No matter how hard we try, sometimes, things don’t happen the way we want. They don’t essentially involve you driving your car or riding your bike, they can happen in other forms too. You may fall while hanging curtains. You may slip in the bathroom or on the stairs. If you are suffering from a certain health condition or getting fragile due to age, you are even at greater risk of such accidents.

By saying these things, we are not trying to scare you; we are just stating the adverse possibilities for which you should always be prepared.

Having Health Insurance Does Not Mean Your All Accident-Related Expenses Are Covered.

You may already have dental or medical insurance but they might not be enough if you were involved in an accident. Even the best health insurance plan may not provide full coverage for multiple expenses that you will incur right from staying in the hospital to undergoing medical treatments, buying medications, and taking leaves from the job to attend appointments and get the much-needed rest. All of this is in addition to everyday expenses, such as booking a taxi, ordering food, making some changes to your house to accommodate the physical disability that might happen after the accident and so on.

Fortunately, when you are involved in an accident and have accident insurance, a fixed amount of money (as mentioned in the policy) is provided to you even before you get the medical bills. It provides guaranteed coverage regardless of your preexisting health conditions. And the coverage is portable which means the plan is valid even if you change your job, as long as you meet the criteria.

Usually, the money is provided in the form of a check with your name instead of your healthcare provider within 10 days after you file the claim.

And Yes, Don’t Forget Your Kids (if you have any). Kids also need accident insurance as they are more prone to sports-related injuries.

What to do If I Am Involved in a Road Accident in the UAE?

An accident could be your fault or the fault of other driver(s). Whatever the reason behind it, the situation could be very stressful and overwhelming. Sometimes, in panic, people don’t do things that protect their interests. If you ever encounter a road accident in the UAE, take the following measures:

  • Don’t leave the scene unless it is appropriate.
  • Warn other drivers to prevent further accidents by setting up a hazard triangle or keeping hazard lights on. Move away from fast lanes to a safe place nearby when possible.
  • Dial 999 to contact the UAE police as early as possible. You will need a police report to file a claim with your accident insurance company if you have sustained injuries. Besides, if your vehicle got damaged during the accident, you will need a police report to file an auto insurance claim too.
  • When the police arrive, provide details of what happened as best you can. In case you are not sure, inform this to the police. Take photographs of the scene, injuries you sustained, and the damage your vehicle suffered if you can or ask someone you know to do it.
  • Notify your insurance provider at the earliest.

How Can I Sign up for an Accident Insurance Policy?

  • You can ask your employer if they offer accident insurance as part of their benefits package.
  • You may also ask your spouse’s employer/benefits administrator about which insurance plans are available.
  • You can contact a reputable insurance broker who can help you find the best accident insurance plan available.

We, New Age Insurance Brokers LLC, are the leading company based in the UAE, representing more than 25 local and international insurance companies. We work closely with our clients to learn their needs, preferences, health, and lifestyle to help them determine which type of insurance plan is best for them, know which insurance plans could be redundant and if they need another insurance plan for better coverage and special circumstances.

In case you have any queries about accident insurance or other insurance policies, please feel free to contact us. We strive for your better financial stability in uncertain times.

Top Things to Consider Before Buying Term Life Insurance Plan

insurance policy

Term life insurance is the type of life insurance plan that provides coverage for a limited period of time at a fixed rate. These policies are offered with a basic structure where the plan provides the coverage for a specified term of years with an annual premium. The coverage amount will be paid to the beneficiary if the insured dies during the term. It doesn’t offer the benefits of the policy if it is not active or expired after the specified time.

Term life insurance plans are different from permanent and high-value life insurance plans that provide coverage benefits for the lifetime. Permanent life insurance plans also have a savings component that is not available in term plans. However, term insurance policies are initially less expensive as compare to other life insurance plans such as whole life and universal life insurance plans. Today, there are different types of term insurance plans based on payouts and premiums.

  • Convertible Term
  • Increasing Term
  • Mortgage Term or Decreasing Term

When you are planning to buy a term life insurance plan, it can be a very complex and challenging process to select the right policy depending on your needs. Here’re the top 5 things that you can consider while searching for the right term insurance policy:

Term insurance coverage

The very first thing that you should do is to calculate how much insurance coverage you want for your family to cover all their needs. While calculating your coverage, you should include monthly expenses, future inflation, liabilities, and future life goals such as education and marriage. It will help you to calculate an approximate value that your family will need in case of your unfortunate death during the term insurance coverage period.

Tenure of term life insurance

After calculating how much insurance coverage your family needs, it is important to determine till what age you want insurance coverage in order to provide financial stability to your family after your unforeseen demise. The tenure of your policy should not be too little or too high to avoid any financial obligations. The best way to determine this is to make an idea about after what age your kids and other members will be well settled and won’t need any financial coverage to support their future needs. Along with this you will also need to determine by what age you would have sufficient savings to take care of your spouse in case something was to happen to you.

Suitable payout options

The payout option you choose will determine the premium amount you have to pay annually for your policy. Try to calculate a lump sum payout you want as per your requirements if the regular monthly payout is not available in your policy.

Find the right insurer

Different insurance companies offer different types of term life insurance plans in the market. It is very important to select the right insurer that best suits all your requirements to provide insurance coverage to your family. You can consider the factors like claim settlement ratio, solvency ratio, financial background, and market reputation to find the best term insurance company for your needs.

These are some common things that you should consider while searching for high-value life insurance plans. It’s always a better idea to consult with an experienced and qualified insurance broker to understand different term insurance policies to make the right decision as per your requirements.

What is the Role of Insurance Brokers and how they are Different than Insurance Agents?

insurance broker

When we talk about insurance policies, the very first thing that comes in our mind is an insurance agent or insurance broker. Many people don’t know that the role and job responsibilities of an insurance broker are different from an insurance agent. It is very important to understand the difference between both the roles to make the best use of insurance services to protect business as well as personal interests.

Both the insurance brokers and agents are licensed professionals who help individuals and corporate with insurance policies. The role of an insurance broker is more like an advisor to a consumer and he directly represents the consumer. They don’t sell insurance products but help their clients to find the right insurance policies and risk coverage as per their needs. They provide all the essential information related to different insurance companies and their policies to make a comparison. In a way, they help their clients to find the right insurance policy and protection plan while focusing on their business growth or personal lifestyle depending on if the client is looking for individual insurance plans or corporate insurance plans.

Insurance Broker vs. Insurance Agent

An insurance agent directly represents an insurance company and focuses on selling insurance products to consumers on behalf of the company. Unlike an insurance broker, an insurance agent only targets to increase the sales of the insurer by bringing more clients on board. He/she works as a bridge between the insurance company and consumers for selling insurance products. An insurance agent offers products of a company and gives a detailed insight of the product to the consumers. He also helps clients with paperwork and premiums for the chosen insurance plans.

In general, if you are looking for a new insurance policy and not sure about which insurance policies from which company will be best for your needs, then you should go to an insurance broker. Insurance brokers work with different insurance companies and keep an eye on the market to help their clients get the best coverage plans. They are equipped with technical knowledge and expertise to serve their clients with their insurance and financial planning.

An insurance broker performs the following duties:

  • Risk analysis and evaluation based on client’s business information
  • Research insurance policies, coverage plans, terms, conditions, and prices on behalf of the client
  • Give appropriate advice and insurance solutions to the clients
  • Keep updated with the insurance market and policies
  • Negotiate with the insurance companies on behalf of the client
  • Responsible for progress reports and written acknowledgments
  • Offers insurance consultancy during negotiations, claims, risk management, and premiums

There are many insurance broking companies that closely work with their clients to craft their coverage plans as per their needs. They offer all kinds of insurance and investment solutions to their clients. If you are looking for insurance broking companies in UAE, you can connect with the professionals and experts at New Age Insurance Brokers for the quality of services. They have years of experience in providing insurance consultancy and solutions as per the clients’ demands.

Thinking of Retirement? 5 Most Essential Things That You Must Know Before Retiring

Retirement Planning

Retiring from your job is a big moment in your life. The thought of retiring can be exciting, as well as stressful. Although retirement is like the fruit you get to eat after years of hard work, the fruit it bears should be harvested to the best of its capacity.

One thing that worries people the most concerning retirement is the financial aspect. Everyone wants to reap the benefits and hope that they don’t miss out on any retirement essentials. For that, you should know how to plan for retirement, and if you don’t, it is better to contact an insurance broker. These brokers can offer quality advice on retirement plans. Also, they can answer all of the important questions you may have regarding retirement, such as:

  • How much money do I need for retirement?
  • How much should I spend in retirement?
  • Where should I invest my money?
  • How much should I withdraw from investments each year?
  • How should I fund Healthcare expenses?
  • How should I pay for potential long-term care expenses?

Now, before planning to retire, make sure you consider a few crucial aspects. Let’s take a look at them:

  1. Assess Your Current Financial Position

This is the first step before you seriously consider retiring. It is also essential for those who are looking for early retirement. Take into account all your assets, and then subtract your debts and liabilities. This will help you understand how your financial status looks like and give you a clear idea of whether or not you’re financially ready for retirement. Also, for a peaceful retirement, it is best to get rid of your debt ASAP.

  1. Create an Emergency Fund

Emergencies don’t come with prior notice. When it comes to retirement finances, it can be tricky to handle emergencies. So, it is better to set aside a certain amount from your savings for emergencies. Having health insurance is also beneficial. In the post-retirement, it is ideal to avoid hand to mouth situation.

  1. Plan a Post-Retirement Budget

Now, you need to think about the future and calculate the expected source of income and your expected expenditure. Your post-retirement sources of income may include- return on investment, social security benefits, pension, etc. When calculating the expected expenditure, ensure that you consider medical costs, and retirement plans, and goals apart from day to day spending.

  1. Understand Taxes on Retirement Income

Depending on where you retire, you may need to consider taxes as well. Depending on the country of retirement, if you have paid tax on the money you put in your pension account, you need not pay any tax.

  1. Keep Investing for your Retirement

When there is no source of income, the returns on your investment can be your financial support. So, be regular with your investments.

The Bottom Line

For a happy second inning, you should be prepared for it from a young age. Retirement planning is a step by step process to ensure you have sufficient financial backing when you are not working.

It is best to approach a financial advisor for assistance, as they will address all your retirement queries to help you know how to plan for retirement.

Critical Illness and Breast Cancer: What Should I Know?

Critical Insurance

What is Critical Illness Insurance?

Critical Illness Insurance is the insurance that is exclusively designed to cover the expenses of critical ailments, such as cancer, heart attack, and multiple sclerosis. Should any such thing happen to you, not having prepared for it will affect the quality of the treatment due to insufficient funds available. Besides, it will also take a toll on your loved ones’ lives due to drastic financial conditions they will have to go through to cover the amount of your treatment and other expenses.

 

At such times, having insurance for critical illness including breast cancer can protect you from unanticipated financial challenges you and your family might face down the road. Critical illnesses are now getting more common than ever, and there is always uncertainty about what lies in the future.

 

How common is breast cancer in the UAE?

In the UAE, breast cancer is one of the most common cancer types. According to a 2016 report, breast cancer accounted for almost 60% of all cancer cases seen at Dubai Hospital. This figure creates a clear picture of how common breast cancer has become among women in Dubai. Thus, it is always better to be prepared to keep such major health bumps from destroying your financial stability and peace of mind.

 

Here is what you should know about a regular health insurance plan and critical illness plan to make informed decisions:

 

Regular Health Insurance, Usually, Doesn’t Cover Critical Illnesses.

Don’t live with the illusion that your regular health insurance will cover health expenses for everything. It doesn’t provide comprehensive coverage for critical illness and breast cancer. Plus, such policies are indemnity plans that reimburse only hospitalization expenses.

 

Ease of Paying Non-Hospitalization Costs with Critical illness Plan

When you are suffering from breast cancer, you also need to pay the expenses that arise during the treatment and after the treatment of breast cancer. Plus, you might not be earning for the period you are receiving the treatment and while you are recovering from it.

 

A Critical Illness Insurance Plan doesn’t restrict you to pay only medical bills. It gives you the freedom to spend the money also on expenses related to personal comfort, prescribed diets during chemotherapy sessions, and the cost of commuting. However, in the case of a regular health insurance policy, you will need to pay for all these expenses from your pocket.

 

What’s Important?

Always Read the Fine Print of the Policy to clearly understand the policy’s terms and conditions. Discuss with your insurance broker which critical illnesses are covered by your and how claims will be paid out so that you can choose a policy that is best for you.

 

When it comes to critical illness and breast cancer, a critical illness insurance policy definitely provides more benefits than a regular health insurance plan.

 

New Age Insurance Broker LLC is a Dubai based insurance broker with several years of experience and a team of competent insurance consultants. We can help you find the critical illness policy that best suits to protect you and your family from the grave consequences of critical illnesses. Contact us to know more about critical illness and regular health insurance plans in detail.