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.
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.
The insurance business is evolving more aggressively with growing competition in the insurance sector. The main focus of an insurance agent is to sell personalized insurance services and products to the customers. When it comes to selling insurance products, insurance agents are the backbone of this business as they directly interact with potential consumers. In order to boost their conversion rates, insurance agents need to market them effectively to reach out to more customers. Here’re the top 5 creative marketing ideas for insurance agents that will help them expand and grow their business.
Amp Up Your Networking
When it comes to buying insurance services or products, almost everyone seeks recommendations from family members, friends, and colleagues. To be on their list, you need to get your name in the market. Let people know about your name, business, offerings, and services through networking through various professional networks. Bigger the networking and contacts, the more chances to get potential consumers seeking your products.
Use Social Media
In today’s tech-driven digital insurance world, you should focus on improving your online visibility through different modes. Social media marketing is the most powerful tool to reach out and interact with your audience. You can easily target your audience using your social media posts and promotions. Create your profiles on all popular social media platforms to stretch your reach. Make sure to keep your social media posting interesting and informative related to insurance services and products.
Improve your email strategy
Email marketing is one of the most productive ways to drive customers in the insurance business. If you haven’t used it yet, now is the time to make your email marketing strategies. Emails are the easiest medium to keep in touch with your clients and wish them on important occasions such as their birthdays and anniversaries. Well-time emails can also inform your clients about your services, new offering, promotions, and products to new as well as existing customers. Focus more on what your audience needs and promote your services accordingly for better ROI.
Monitor your online ratings
Your reputation is the most decisive factor that influences the purchasing decision of your potential consumers. In today’s digital, people search and shop online. They find and research about businesses, individuals, products, and services before making any decision. More positive words about your services and products can generate more business and leads. You should monitor your online ratings and reviews to ensure a good reputation on the internet. You can take the help of online reputation management services to build your positive image online.
Automate your marketing strategies
Being an insurance agent means you are managing a long list of tasks for customer excellence. Maintaining a healthy relationship with your clients while growing up the business is essential for every insurance agent. It is very difficult to manage and monitor all your tasks manually on a daily, weekly, monthly, and annual basis. This is where you should think about automated marketing strategies for some of your tasks. For example, you can automate your emails and social media posts to consistently reach your audience even when you don’t have enough time while following up with your clients.
As an insurance agent, it is very important to keep updated with where your audience is and what they are looking for. We hope that these creative marketing ideas for insurance agents will help you keep growing your business online as well as offline.
Today many people in Dubai are buying vehicles, not just the cheap ones, but the expensive ones as well. But regardless of the size or price of the car, a motor insurance policy is mandatory for every vehicle owner.
In the UAE, the insurance policy is a must. The motor insurance policy protects the vehicle from unforeseen damage. And losses incurred due to theft, fire and accident, are covered by the insurance.
In the UAE, there are two kinds of insurance policies:
• Comprehensive- Insurance that covers losses arising from accident, theft or fire.
• Third-party Insurance- It helps to cover damages caused by your car to a third party.
Different insurance companies offer different options. It is worth to check out all of them before choosing a motor insurance policy.
You can also work with motor insurance brokers in Dubai for a hassle-free experience. Insurance brokers act as the middlemen between you and the insurance company. They help you get the right policy based on your needs. A broker can provide you with detailed information about the policy. They also guide you through the documentation process and also through the claim process. They help save you time, effort, and money by allowing you to compare the policies and choose the right plan according to your requirements.
It is not a good idea to answer incorrectly or omit certain details if you are filling out your motor insurance application. Making an error may create issues in the future, such as a revocation of your policy or your claim denied.
So, when applying for motor insurance, make sure to avoid making these mistakes:
1. Not Being Sure Of What Suits Your Needs
Remember, what works for others might not work for you. Although Comprehensive Coverage envelopes almost all features that should be covered by a motor insurance policy, it can be more expensive. On the other hand, Third-Party Liability Coverage is more budget-friendly, but it only caters to the needs of those injured by you in the event of an accident. Be sure of what you need from your policy.
2. Don’t Assume a Higher Premium Indicates Higher Quality
A higher premium does not always indicate the best service, and likewise, a lower premium is not an indicator of cheap settlement efficiency. In the long run, it may cost you more than just the premium. Research your options, and when it comes to motor insurance in the UAE, it is better to compare.
3. Don’t Ignore the Add-Ons
People usually think that Comprehensive Coverage takes care of every aspect, but that isn’t true. Motor insurance offer add-ons that can increase the premium but also provide coverage for factors not included in the basic policy. Consider the add-ons carefully, as they can be a worthwhile investment.
4. Not Mentioning Any Driving Infractions
You should report to your insurer about any accidents you have been involved in or ticket you have received. Because once they check your records with the Department of Motor Vehicles, they will know all about it.
5. Neglect To Update Information
There are certain situations in life that you require to inform your insurance company and update your policy. So, for instance, you had another driver to your car, got a new job to a faraway location, or had a minor accident, inform your provider to evade losing discounts or having to pay extra for coverage.
It is important to be aware of what to do and what not to do when applying for vehicle insurance. Contact an experienced and well-known motor insurance broker in Dubai for assistance.
Today, many people prefer to work with an insurance broker for their home and auto insurance. Due to their extensive knowledge and experience, you can get the best coverage at a reasonable rate. There are many great options and discounts to benefit from if you are looking to combine your home and car insurance.
Here we’ll provide you with an overview of what you should consider when working with your home and auto insurance broker.
What is the job of a home and auto insurance broker?
These insurance brokers focus on looking after offering insurance for two of the largest financial commitments many of you make- homes and vehicles. They can get you quotes for your home only, vehicles only or for both of them. What’s interesting is that the best insurance broker offers a wide range of insurance products beyond just house and car insurance.
Generally, customers find it easier to work with an insurance broker who protects all of their assets, as opposed to having to work with several other insurance companies for each item.
Saving money by bundling insurance policies
These insurance brokers can help you save money by bundling different insurances. It means having several insurance policies with one insurance company. You can bundle life insurance, medical insurance, home insurance, and much more.
What are the benefits of bundling your insurance?
- More Savings
Savings on your insurance can be substantial. Usually, the biggest savings are on auto insurance costs. It is a great thing for customers, as auto insurance is more expensive than home insurance.
- Get Extra Perks
Some insurance companies offer perks to those who purchase different insurance policies with the same company.
- Less Hassle at Renewal
You don’t have to keep tabs on several renewal dates as bundled insured items can renew on the same date.
- Add More Insured Items
You can add additional items to your policy and have the same renewal date as your other insured items.
- More than Personal Insurance
Bundling is not limited to personal insurance items; it can include other items such as your business or commercial insurance.
Where to find reliable home and auto insurance broker?
Although there are many ways to find a home and auto insurance broker, a few options are to research online through search engines like Google and Bing.
When searching for the right home and auto insurance broker, consider the following:
- Choose a broker who is big enough to shop at several home and auto insurance companies to get a variety of quotes for you.
- Work with an insurance broker who has years of experience and recognized by the insurance industry for their excellence.
- Choose the broker who is focused on you. You should be at the centre of everything they do.
- Make sure the broker has good rating and reviews. Good reviews and many 5 star ratings mean you can expect better service from them.
Insurance brokers offer insurance advice, a variety of insurance product and much more at no additional cost. They work for you and not for an insurance company, as is the case with many insurance providers. So, yes! It is worth to work with a home and auto insurance broker.
A critical illness insurance plan allows the policyholder to get a lump sum amount if they are diagnosed with a critical illness. It can cover both hospitalization and non-hospitalization expenses and also provides you with much-needed cash flow while you are recovering.
However, many people wonder why they would need a critical illness insurance plan when they already have a comprehensive health insurance plan. To be honest, there are times when your regular health plan may not be able to cover all your treatment and related expenses if you happen to be diagnosed with a critical illness, such as cancer, or you would need a major organ transplant in the future.
Why Should I Bother to Purchase a Critical Illness Insurance Plan?
According to the Friends Provident International report, around 4,500 cases of cancer are diagnosed every year in the UAE. What’s more alarming is that the average age of people suffering a heart attack in the UAE is 45 compared to the average age of 65 globally.
Thus, rather than going with “it won’t happen to me” mentality, you should start looking for ways that will help you prepare for a better future with more financial stability no matter what comes down the road in terms of your health.
Do you want to know how much critical illness insurance cover you will need? If yes, you can simply get a rough idea of the required sum assured by using a critical illness insurance calculator.
How does a Critical Illness Insurance Plan different from Regular Health Insurance Plans?
When you have a critical illness insurance plan, the insurance company will pay you the Sum Assured if you are diagnosed with a critical illness covered in your plan. For instance, if the Sum Assured under the plan is AED 500,000, you will get AED 500,000 at once on the diagnosis of the critical illness. The amount is paid whether you choose to get the treatment or not. You have complete freedom to use that amount as you wish.
A Critical Illness Insurance Plan is renewable for lifetime; however, as soon as you are diagnosed with a critical illness and you are paid the Sum Assured by the insurance company, the policy gets terminated.
On the other hand, regular health insurance plans, which are just indemnity products, compensate only to the extent of actual expenses incurred up to the ceiling of the Sum Insured. For instance, if your Sum Insured is AED 500,000 and your hospitalization bill is AED 100,000, the insurance company will pay only AED 100,000 and the policy continues.
Additionally, health insurance plans are renewable plans i.e. based on the claims of the previous year, the insurance company can decide how much premium to charge you. In case you are diagnosed with a critical illness requiring multiple years of treatment, in most likelihood, your medical insurance premium, at the time of renewal will sky rocket.
These are reasons how critical illness insurance plans are distinct from regular health insurance plans.
New Age Insurance Brokers LLC is the leading insurance brokerage in Dubai and represents more than 25 local and international life and general insurance companies. Our experts will help you find and get the best critical illness insurance policy and also determine the more precise cover you will need to protect yourself from unanticipated critical illness expenses. You can even get a rough estimate of the required critical illness cover based on your monthly income and monthly expenses by using our critical illness insurance calculator. For more queries, free feel to contact us.