As we move into a new year, everyone talks about their resolutions. Whether you want to live a healthier life, spend less time on your smart device or pay off excess debt, it’s important to remember another essential aspect of your life – insurance. Our loved ones are perhaps the most important part of our lives, and insurance policies ensure they are financially protected in the event of the policy holder’s death or serious illness.
Often overlooked, insurance offers protection for various aspects of your life to ensure your loved ones are protected. As you work on your list of resolutions this year, be sure to touch base with an insurance expert, such as one of the professionals at Petra Insurance. We leverage decades of experience and expertise to ensure your policies are up-to-date to fully meet all your needs.
Life Insurance & Critical Illness Insurance
While we all would love to live forever, life is fleeting. When that day comes, you want to ensure your loved ones are financially secure. Life insurance helps your family to pay off debts in the event of your death. Depending on your specific needs, you can select term life insurance or whole life insurance.
Term life insurance requires a regular monthly premium for a pre-agreed period. Policy periods typically range between five and 25 years. If you die during this time frame, the policy pays a cash lump sum to your beneficiary. However, you do not receive anything if you die after the policy period ends. Once the policy period ends, you can opt to select another term life policy. However, rates will depend on your age and current health conditions.
Whole life insurance is designed to run for the full duration of your life. With a whole life policy, you are required to pay regular monthly premiums. Regardless of when you die, a cash lump sum is paid to your policy beneficiary. Depending on how your policy is written, you will continue to pay policy premiums for as long as you live. However, there may be a cut-off period at a specific age (typically between 80 to 95 years old).
According to Dubai’s Health Law No. 11, all residents, expats, and dependents are required by law to carry health insurance. Medical insurance is designed to cover medical expenses in the event of an accident or illness. Every medical insurance package outlines the range of coverage it provides, listing the health conditions and health care services covered under each policy. From individual and family medical insurance to group and traveler medical insurance, we can help ensure full coverage for you and your loved ones.
Most of us need our car to survive. From driving to and from work to running essential errands, our auto is an important investment in our life. Auto insurance is designed to protect your car against expenses from accidents, third-party liability, and theft. The UAE requires every car owner to carry third-party auto insurance by law, which provides a basic level of insurance coverage. Third-party auto insurance does not cover the policy holder’s vehicle in the event of theft or damage.
Comprehensive auto insurance provides an additional layer of protection and protects the policy holder’s vehicle from all damages resulting from theft or an accident. Far more extensive than standard third-party auto insurance, comprehensive coverage can include coverage for medical expenses, damage, towing and roadside assistance, third-party property damage, and personal belongings.
Your home is not only a significant financial investment, but it’s also where you spend time with your loved ones, enjoying life and creating precious memories. From flood and fire to other unforeseen events, homeowner’s insurance is designed to provide coverage for damages associated with losses in the event of an accident to your home. Homeowner’s insurance also provides liability coverage against accidents in the home or on your property. Additionally, it provides coverage for the items within your home.
At Petra Insurance Brokers, we take pride in helping our clients find the best coverage to protect their loved ones and legacy. Regardless of your medical history or age, our team of advisors is ready to help you review your existing coverage or provide you with a quote for new coverage to ensure you’re protected in the new year and beyond.
Happy New Year!