Experts round up 5 reasons why you should not skip on an insurance policy while living and working in Dubai.
4 May 2020| Last updated on 4 May 2020
Five reasons why you need to choose an insurance policy, even if you think you don’t.
A confusing over-abundance of coverage options can leave us wondering what insurance we need as Dubai residents.
Most people would not think of buying travel insurance when flying back home to their country, or contents insurance when buying a laptop, among others.
There are so many uncertainties, risks, and future goals that may arise that it is best to be prepared for almost every eventuality.
Before you consider skipping out on securing a particular insurance plan, here are a few reasons why you probably need it, according to experts at ExpatInsure:
1. Helps in dealing with debts
If you own a home, are making payments for property, have a business, or other personal liabilities, your next of kin will generally become responsible for paying your debts in the event of your passing.
Choosing a life insurance plan helps in saving money and protecting your loved ones and business from debt.
2. Helps in achieving long-term goals
Some of the biggest long-term goals people have include saving up for retirement, paying for your child’s college education, securing a forever home, and more.
In the event that something were to happen to you or your partner, your home, car, etc. these goals may as well be tossed out the window due to not having an insurance plan in place. Housefires, car accidents, liabilities from deaths, etc. can cost you up to thousands of dirhams, which will impact your goals.
3. It is a tool for forced savings
Insurance can be used as a tool for forced savings. If you have a future goal in mind, such as funding college or buying property, some insurance plans are designed to help you set aside your money or premiums until you can access your forced savings.
4. Insurance supplements your requirement goals
Buying insurance policies can help you meet certain requirements, such as securing a job in Dubai, or to own a vehicle in the Emirate.
5. Invest in insurance when you are young as it is cost-effective
Some younger residents may think that buying an insurance plan is unnecessary as they feel that nothing bad will happen. However, age plays a significant role in affecting your insurance quote. The younger you are, the more cost-effective your insurance policy will typically be.
To know more, simply tap contact below to ask Dubai's insurance experts at ExpatInsure.