With the myriad of insurance companies available in UAE, one might ask why should they approach an insurance broker. This a valid question and something that customers should ask as it is an important part of the buying decision.
And this article is about answering that very question! We will help you understand the benefits that you are going to gain when choosing an insurance policy through an insurance broker rather than directly approaching an insurance company yourself. Choosing the right insurance policy impacts your future in more ways than one, so let us help you understand the importance of brokers in the UAE.
1. Time and cost savings are massive
There are more than 60 insurance companies in the UAE. As a customer who wants the best insurance policy, you can either visit these insurance companies and compare their offers or have an insurance broker do all the work for you.
Hence you can see why you are better off engaging an insurance broker. Insurance brokerages have all the information on the different insurance plans due to their vast network. A competent insurance broker will provide you information on various insurance plans and offers from the best insurance companies without you having to raise a finger.
2. They know the trade better than you
It is always good to have an expert when you are purchasing something that you don’t know much about. And this ethos applies to insurance policies. There are many complex clauses and terms and conditions in an insurance policy. Understanding the various clauses and choosing between them can be confusing since you have limited experience compared to a broker who does this for a living.
An Insurance broker deals with various insurance policies on a daily basis as well as claims. This enables them to help you make the right purchase decision.
3. They have your best interests in mind
Insurance broker’s loyalty lies with the customer, that is you! Hence, they will not prefer an insurance company over the other unless the insurance company can offer a better deal to you, both in terms of insurance coverage and pricing.
An insurance broker negotiates on your behalf and is your advocate thereby ensuring you get the best.
4. Filing insurance claims
It is the responsibility of the insurance broker to help you file claims when necessary. The whole experience of filing a claim can be daunting and having a helping hand at such times of need is invaluable.
The insurance brokers are well versed in the processes that are involved in filing claims. They will guide you through the whole process and help you get the rightful benefits.
5. They make things simple
Paperwork is a crucial part of an insurance policy. But when you are managing a business or have a tight schedule, going through the papers and understanding each team can be a time-intensive process.
Insurance brokers do all the work for you, helping you get the papers and other documents in the right order from the get-go. They make an arduous process very simple.
Choosing the right insurance policy is not so hard if you have the right people besides you. New Age Insurance Brokers have been helping clients choose the best insurance policy for their requirements for years. Contact us to know about the latest insurance policies that fit your requirements.
Retirement planning is all about ensuring that one is reaping the benefits of working hard during their younger years. It means that one is able to live a life of dignity and respect, that one is able to do things in their final leg of life that they just did not have the time to do.
Despite retirement being an inevitable phase of life, many of us don’t prepare for it. We tend to overestimate the time available to us to plan for our retirement. So, when retirement is actually around the corner, most of us are underprepared. This results in either working for more years than we actually planned on working and/or compromising on the quality of our retirement life.
This is validated by data that we currently have. In the UAE, a survey led by HSBC found out that only 44% of UAE citizens feel that they will be comfortable after retirement. 63% of them responded they plan to work even after retirement to some extent.
In this guide, let us walk you through the do’s and don’ts of retirement planning in Dubai and why it’s imperative that you have a plan in place.
The do’s of Retirement planning
1. Decide what kind of retirement you wish to have
Setting clear goals is the first and foremost thing one should do. These goals will be unique to each and every person based on their current lifestyle and what is it they envision for their future. So ask yourself questions about which part of the world do you want to retire in; where is it that you want to retire: your home or a retirement home; how much do you want to travel; what are the kind of things you would do with your time etc. While you may not have exact answers to these questions now, starting to think about them will help one to start visualizing your golden years.
2. Decide how much money you would need
Once you have defined clear goals, one can do the number crunching on what kind of money is required to achieve that life you have envisioned for yourself. While you are calculating the total costs, do not forget to factor in inflation. Having goals along with knowing how much money is required to achieve those goals will help make retirement planning easy, and moreover, predictable.
3. Start investing early
The sooner you start putting money aside towards your retirement, the higher the likelihood that one will be able to achieve their retirement goals. Time is a wonderful thing that helps even small amounts of money compound into large sums of money over a period of time. The later you start, the more the amount of money is required to be put aside to achieve your monetary goals, if you don’t want to compromise on your dreams.
The don’ts of Retirement planning
The don’ts of retirement planning is all about staying away from financial decisions that will hurt your retirement savings. We will discuss the key points below.
1. Don’t be overconfident in your earnings
Being overconfident in your earnings is a very easy mistake to make. Economic cycles go up and down and along with that one’s ability to earn. So saving up for the rainy day is very important so that you don’t dip into your retirement savings. In addition, there is a common misconception that the more you earn, the more you save, but that is rarely the case. We raise our standards of living along with our earnings which means that our savings remain stagnant and don’t necessarily rise with our earnings. So always keep an eye on how much you earn and how much you save. If you earn more, make sure to save more.
2. Don’t overspend
Overspending can burn a hole right through your savings in no time. In other words, don’t put want ahead of needs. Make sure you are spending within limits and not getting into the vicious cycle of debt.
3. And did we already mention, don’t wait for the last moment?
Time is money. Don’t wait for the last moment, start planning for your retirement today.
The golden years await…
Retirement planning is not something that can be done in a day or two. It takes years of planning and saving. But the result is totally worth it. And getting the right guidance at the right time is very important.
New Age Insurance Brokers can help you in that regard. We have one of the largest portfolios of retirement plans from various companies. The experts at New Age Insurance Brokers will help you find retirement plans suited to your requirements. Contact us today to know more!
We all know the importance of insurance coverage on the various assets we possess ranging from our houses to the automobiles that we use to travel. Insurance coverage is taken on your life, family, education, and whatnot. All of this is because of the fact that we do not want to end up without it when something bad befalls us.
But insurance coverage isn’t a once in a blue moon thing that you can avoid caring as soon as you opt for one. Just like the frequent assessments that you conduct for all your possessions, insurance to needs to be reviewed at regular intervals. And you don’t have spent days on it, just a few hours once in a year will do!
Now let us delve into why an individual or an enterprise should revise their insurances annually.
To review the changes in circumstances
One of the prime reasons why one needs to review their insurances frequently is to inform the insurance company about the changes that you and your condition or the objects that you have insured have undergone during that time period. It can be anything from an upgrade on the value of the assets to the addition of a new driver into the clause. Adding this new information into the insurance clauses can ensure that your insurance holds good when the need arises and saves you from the headaches of claims not being paid out in case the necessary details were not furnished in a timely manner.
To avail any discounts or other offers
This is one of the best reasons why you should review your insurances annually. Over time, there might be discounts and bonuses that these insurance companies provide their customers with. Being updated about these benefits at the necessary times can be used to plan your insuring of assets wisely and lead to saving more money.
Discounts and offers include special rates for existing customers, lower rates for insuring more than one automobile with the same insurance provider, the status of usage of an automobile that you have insured and so on. Don’t let these opportunities to miss through your fingers due to negligence.
To notice the surge in insurance premiums
Most of the customers might have programmed their insurance such a way that it is deducted from their bank accounts at the required intervals. For the same reason, they fail to notice the surge in prices that have been affecting their insurance policies.
The increase in prices can be because of many reasons like the increase in government taxation which are legitimate as opposed to the totally ridiculous reasons some providers have for the increase in its policy premiums. So the timely review of the insurances can make the customer more aware of the current rates.
To ensure the status, relevance, and performance of the policy
Some policies get outdated over time in terms of the coverage they provide and the various exclusions in a policy. The conditions and clauses change and the policy that once suited you and your assets may not be the ideal option to cover it. In such cases, one must go through the current policy and contact the provider to discuss new policies/clauses that have come up and can be beneficially added to the insurance policy. Any policy or clause that is not beneficial must be revoked and a new one must be adopted.
To ensure the best life insurance policy
Unlike other policies, one of the policies that customer needs to check and review frequently is the life insurance policy. Life, as we know, undergoes constant changes and so should the policy that covers it. Marital status, a new member is born, the health status of the insured, current occupation and so many other life situations have a say in the type or amount of insurance one must choose to cover their lives.
Taking care of all these facts and the timely review of the insurances will give you the peace of mind you expects when you sign up for an insurance policy. As the saying goes it is always better to be cautious and be happy than lament about missed opportunities.
There is no need to panic if you haven’t gone through your insurance policies in a while, we are here to help you out. Contact New Age, the leading Insurance Brokers in Dubai to know how you can improve your existing plans or choose the best one if you haven’t already! Our experts are here to help!
Car insurance in UAE is mandatory for anyone who owns a car and it is an offense to drive without it. Basically, car insurance provides financial support to the policyholder in case of an accident. And the process of getting the insurance money in such a situation is called claiming the insurance.
Sometimes, when a person tries to claim the insurance, the insurance company may deny the claim, leaving the policyholder with the burden of paying for the damages out of their own pockets. The sad truth is that the policyholder will know that their claim will be denied only after filing for it, making their situation bad to worse.
So let’s see the ways in which insurance companies deny the claim of the policyholder when it comes to car insurance so that it does not happen to you.
Know What the Policy Covers
It is too common to see that people are more focused on the price of the policy rather than what the policy covers. There are two main types of motor insurance policies here in the U.A.E: Third Party Liability plans and Comprehensive Insurance plans. Comprehensive car insurance policies provide bumper to bumper insurance for the car of the policyholder and also covers the driver and passengers in case of an incident. Third Party Liability plans, as the name suggests, does not provide insurance coverage to one’s own car but protects the car and property of those affected by an accident in which your car is involved. So, if you have a third-party insurance policy, you will not be eligible to claim for damage to your own vehicle in case of a known fault accident. However, the plus side is that these third-party insurance policies cost less than comprehensive policies.
So, the best practice is to always inquire about what the policy covers and what it doesn’t before you put down your money on one. Otherwise, your claim can be rejected when you bring it up for compensation.
The Credibility of the Driver
Car insurance companies can deny the claim if the car was damaged when an unlicensed person was driving it. Driving without a license is considered a crime and can have serious fines and even imprisonment if caught. Hence, most of the insurance companies make it clear in their terms that the policy doesn’t apply when an unlicensed person is driving the vehicle.
So, in most cases, the policyholder might have to pay from their own pockets if the driver was not licensed. And this is an easy denial for the insurance company.
Do Not Take Too Long
After an accident has occurred, the police will be on scene and will hand you a report after studying the scene. This report must be filed with your insurance claim, but taking your own sweet time to do so might get you into trouble.
Insurance companies require that you raise the claim during the same policy period as that of your accident. If you fall out of that time frame and raise the claim after your policy has expired, then you might not be able to claim your insurance even though you had insurance at the time of the accident. So you need to make sure that you report the events to the insurance company without delay.
Break The Law and You Will Be Denied
If the damage on your vehicle happened as a result of you breaking the law, then the insurer will most likely deny your claim. For example, if you met with an accident while under the influence of drugs, then the insurer doesn’t have to take the liability since its already mentioned in their terms and conditions.
On top of that, causing damage to people or property as a result of breaking the law is a crime, and you may end up paying a hefty fine, or in the worst-case scenario, even imprisonment.
From what we have discussed, it’s clear that a claim will not be rejected by the Car insurance company without valid reasons. They are there to help you when you need money the most, and with the right approach, it is always a win-win scenario!
Buying a house is certainly a huge milestone in one’s life. This place is now going to be the foundation of your family’s future where memories will be made and cherished. So it’s natural that you want to protect it in any way that you can. And this is the reason why more and more homeowners are gravitating towards Home insurance in Dubai.
However, Home insurance comes in many shapes and form with different benefits offered by different insurance companies. So choosing the right insurance policy is easier said than done, and most of the time, we see people either over-buying their insurance covers or undercutting the bare minimum level.
What is Home Insurance?
Home insurance is a type of property insurance where the policyholder will be covered for damages and losses that may happen to their house. The insurance basically covers internal and external damages, and in some cases, even covers for the loss of personal items.
Let’s now jump into how you can choose the best insurance policy to suit your specific needs.
Keep the valuation real and accurate
We sometimes see that the actual value of the house and its possessions is different than what they are under one’s home insurance policy. And this is a problem when it comes to opting for home insurance because the premiums that you will have to pay will depend on the valuation of the house. If you over-estimate your home, then you will be paying higher premiums that you want to, and if you undervalue your home, then in case of any adverse events like a fire breakout or water damage, the compensation that you are going to get from the insurance company will be less than what you need.
Don’t include the price of land
When you are evaluating the price of your house and everything within it, many make the mistake of adding the cost of the land it is sitting on. However, you must not factor in the price of the land when evaluating the price of your home. This will result in over-estimating and will cost you a ton in the form of insurance premiums.
Make sure to not include land as a factor when estimating the price of your home.
Pay attention to the policy details
While reviewing your home insurance, make sure that you peruse through each line. Sometimes, a line means one thing to you but in actuality means something different.
For example, a line like “all household goods located contained by your premises will be covered” might make you think that all the goods within your house might be included under the cover. However, the term “Household goods” most commonly leave out electronic devices from the mix. So asking questions and raising doubts is a good thing when you are looking for home insurance in UAE.
Home Contents Cover Vs. Personal Possessions Cover
Another area that you have to pay attention is in the insurance covers themselves as they can get confusing at times and lead you to make an error in judgment. And two of the most confusing home insurance covers are Home Contents Cover Vs. Personal Possessions Cover.
Home Contents Cover insures for the articles of value that are present in your home against damages. They are supposed to be a part of the home at all times.
Personal Possessions Cover insures for the articles of values that the homeowners carry with them against damages, as well as theft. For example, the smartphone that you carry with yourself every day comes under personal possessions cover.
Personal Possessions Cover is costlier than Home Contents Cover. So, ensuring a laptop that you only use indoors in a Personal Possessions Cover will cost you more without any benefit. Carefully review the guidelines of home insurance covers to see if they may or may not come to you of use in the future.
Use discounts & offers
This is one of the most underrated tips out there as people do not think of special discounts when choosing a home insurance plan.
UAE has more than 50 licensed insurance companies and this means options for the customer. The competition between these companies is also a great thing for the customers. Many insurance companies do put out special offers and discounts for a limited amount of time.
When you own a house with a quite an expensive valuation, shaving off a few percentages here and there can lead to a whole lot of difference in the final price tag. The best way to know about these offers and discounts is to ask your broker.
So, let’s get going?
At New Age Insurance Brokers, we take the time to understand what you want to insure and shop the market so that we can get you the best coverage at the best rate possible from best insurance companies in UAE.