The Worst-Case Scenarios of Life - Are You Prepared?

The Worst-Case Scenarios of Life – Are You Prepared?

We all hope to live a long and carefree life. However, things happen that are completely beyond our control. Accidents, natural disasters, and even an untimely death can wreak havoc on our lives, or the lives of our loved ones. 
As you review your insurance portfolio, ask yourself, “Have I protected all of my interests?” From auto insurance and home insurance to life insurance and business protection insurance, insurance coverage is designed to protect your assets so you can live your life to the fullest – with peace of mind.
The experts at Petra have put together this list of insurance must-haves to get you on the path to protecting all of the various aspects of your life.

Life Insurance/Critical Illness Insurance

Whether you are the primary income provider, work part-time, or are a stay-at-home parent, life insurance will provide financial relief to cover your missing salary and your debts (such as a mortgage). Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
Essentially, life insurance is designed to protect your loved ones in the event of your death. Not only will life insurance provide financial relief to your beneficiaries, but it will also help to pay any subsequent funeral and burial costs.

Medical Insurance

Dubai’s Health Law No. 11 of 2013 made it mandatory for all residents, Expats, and dependents to have health insurance with sponsors being responsible for paying for basic health coverage.  Medical health insurance is designed to cover your medical expenses in the event of illness, accident, and/or general health concerns.
Every health insurance package has a range of coverage listing health conditions and health care services covered under the policy. There are four main types of medical insurance plans to cover everyone from the solo expat to relocated families:

  • Individual Medical Insurance Plans: ideal for a single individual looking for a comprehensive healthcare plan
  • Family Medical Insurance Plan: these plans can provide great value with qualifying family discounts
  • Group Medical Insurance Plans: ideal for businesses, group plans provide policyholders with significant for policies with more than 20 people
  • Traveler Medical Insurance Plans: ideal for groups and individuals who frequently travel to the UAE, traveler medical plans typically offer a high level of flexibility and can be tailored to your specific itinerary

Auto Insurance

Your vehicle is an important part of your life. Auto insurance is designed to protect your car against expenses incurred due to unforeseen events like third-party liability, accidents, and theft.

Every car owner in the UAE is required by law to carry third-party auto insurance. However, third-party insurance only provides a basic level of insurance coverage, (protection against third-party bodily injury or property damage caused by the insured vehicle). It does not cover the policy holder’s vehicle in the event of theft or damage. 
In addition to covering all third-party liability, comprehensive auto insurance protects the policy holder’s vehicle from all damages resulting from theft or an accident. Comprehensive auto insurance can include coverage for damage, medical expenses, third-party property damage, towing and roadside assistance, and personal belongings.

Homeowners Insurance

For most people, their home is their largest financial investment. From fire and flood to other unforeseen events, homeowners insurance is a form of property insurance that covers damages and losses to an individual’s home or property. Additionally, homeowners insurance provides protection for the items in your home, as well as providing liability coverage against accidents in the home or on your property.

Business Protection Insurance 

Many business owners neglect to consider what would happen to their business if they were to die unexpectedly. Business insurance is designed to protect your company and loved ones in the event of your death. Your death could have a devastating impact on your business profits and possibly lead to financial hardship for your own beneficiaries. Although you cannot be replaced, business protection insurance will help to protect your business assets, as well as your beneficiaries.

Petra Insurance

At Petra Insurance Brokers, we leverage our decades of industry experience and expertise to find the best coverage to protect your family and legacy. Regardless of your age, medical history, or career, our team of advisors are ready to provide you with a quote for new coverage or help you review your existing coverage.
Contact a member of our team today to find out how we can help you protect the life you’ve worked so hard to build. You can also reach us on Facebook, Instagram, Twitter, and LinkedIn.

We look forward to hearing from you.

The Worst-Case Scenarios of Life - Are You Prepared?


Managing Partner

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