weed

Choosing the right insurance plan- What to look out for?

Published On March 3, 2017 | By Mandy Manning | Finance

In the present day, there are several options to choose from, especially in the case of the insurance policies. Be it the life insurance or the travel and medical insurance, there are lot of options to choose from. As it is, all these insurance policies serve a single purpose of safeguarding the person’s life and properties. With so much to choose from, people can naturally get confused about the right plan that they need to choose for themselves. More than often, some people end up choosing an insurance plan that does not suit their end, all in a hurry to get things done.

Before moving ahead to the factors that you need to consider while taking up an insurance plan, here are few reasons as to why you need insurance in the first place.

  • Insurance provides timely financial help and reduces the burden during the demise of a person in the family.
  • Insurance money that you are saving up now, can be used for paying the education fee for the children and also for their marriage.
  • Insurance policies act as the perfect tax saving options for many.

Factors to consider while choosing a plan

If ever you are in a situation to take up insurance in Dubai, these few pointers might act as a guide to help you choose the right insurance plan for you and your family.

weedWith the option available in front of you, evaluate the need for the insurance. When you are travelling, travel and medical insurances will come to your aid. For purchase of properties and houses, home insurance is the right choice. If you plan on getting a new vehicle, then the automotive insurance is the best option for you.Focus on the need

  • Evaluate assets and liabilities

Before you compare insurances, chart out your assets and liabilities that you currently have in possession. This list would include everything, right from the property, houses, vehicles and objects that you own, the number of dependents in your family, and the future needs of the family, like education of the children, marriage and other medical expenses.

  • Compare insurance plans

When you decide to take up insurance in Dubai, you will be provided with three different plans that include term plans, whole life plans and endowment plans. Consult with the insurance agent from a trusted company and understand what each of these plans cover. Compare the returns that you would gain from each of these plans and choose the one that is favourable.

  • Check your financial affordability

Insurance plans would require you to pay certain premiums to keep the plan active before you can claim the money during the time of emergencies. Check if the premium rates suit your current earnings, as it is not favourable if you are made to pay your entire salary as premium, just because the plan offers the right deal. Take a patient decision, as there are several insurance plans that requires small premium, though the return may be big.

Author bio:

Pibco can help you compare insurance policies before you choose one for you and your family. For all kinds of insurance in Dubai, they have been helping out their clients and have years of experience in this field.

Like this Article? Share it!

About The Author

Comments are closed.