We have heard people say that it is better to insure certain aspects of your life to get a secured future. The number of policies given out by the insurance companies has gone up in the recent years. Insurance is basically an arrangement that the person has made with an agency that provides such services to get protection and compensation against the potential loss that one might incur in the future. The insurance policy acts as a binding contract between the client and the insurance agency. Before you think about taking up insurance in Dubai, there are few basics that you need to have knowledge about, to help you through the process.
Types of insurance policies
Insurance policies can be taken up for both the person and the belongings that they have with them. Before going further on this, you need to understand that all insurance policies can be grouped under two categories. One is the term insurance and the other is whole or permanent insurance.
- Term policy:
The term policy is the type of insurance that you can take up when you wish to get returns on your investment before the policy term ends. The term period ranges from 1-30 years. Though no other added provisions are provided under this, the person can claim the insurance money within the term period for which the investment has been made. Term policy can further be classified as level term and decreasing term policies. As statistics indicates, a major portion of the policies that have been taken in the recent years come under this type.
- Whole or permanent policy:
The condition for the permanent policy is simple. The person needs to pay monthly premiums for the policy as an investment and can be claimed during the time of death. According to this, the insurance can be claimed whenever you die and age does not have role in deciding the policy claim. Types of insurance policies under the whole life system include traditional, universal and variable universal.
Few things to know
Getting insurance in Abudhabi is quite simple. There are several insurance agencies that offer various kinds of term plans and policies to the individuals and the companies. Be it the vehicle, property or the workplace, you can now get your belongings insured with the help of the companies that offer insurance in Dubai. Needless to say, there are also companies offering medical and travel insurances to the individuals along with general insurance.
Getting an expert’s opinion before you take up insurance in Dubai is imperative. This way, you will be able to understand and choose the perfect plan for you and your family, along with your property. Furthermore, insurance has become a necessity, with the growing concerns related to owning properties or while travelling from one place to another. As it is, insurance policies go a long way in helping the individual in securing their future. Consult with an insurance agent to get to know the different types of policies that you can take up based on your requirements.
Author Bio:
Pibco is a well known agency that has been offering insurance in Dubai for the individuals and the companies. Having had years of experience in this field, they also offer various kinds of insurance in Abudhabi.
