|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
If you are a resident of the UAE and are in your healthy 20's, you may think that you may not need health insurance till you hit your mid-30's. But remember, if you buy a good plan when you are in your 20's, you can reap rich dividends.
Age is an important factor that determines the premium of a health insurance plan. Once you cross 30, you will find that the insurance premium slab has made a big leap. This is despite the fact that you continue to maintain good health even in your mid-30's.
You may argue that you have the cover provided by your employer. But remember, that cover may not be sufficient because health insurance costs in the UAE have surged considerably. Even a desultory look at the hospital bills of others, regardless of the nature of their illness, will reveal that health covers provided by the employers will not suffice. This means everyone needs to supplement their employer's cover with their own health plan.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Experts emphatically assert that desk jobs and stress-causing hectic schedules are behind major lifestyle disorders such as diabetes, orthopedic problems, lung disorders and cholesterol. Not only that, many young employees have to travel a lot also because of their job demands. So, chances of even young people falling victims to stress-related hypertension are high. If they do not address the problem now, they will be paying a heavy price when they are affected by serious illnesses. So, even young people must buy an appropriate health insurance plan without delay. Certain insurance companies offer the facility of annual health check-up also as a part of their plans.
Buying an appropriate health plan in your 20's makes good financial sense because the right plan may cover emergencies also. Further, you may not need to meddle with your savings for paying your medical expenses.
If you buy an appropriate health insurance policy, it will cover the day-care procedures as well as your out-patient treatments in addition to covering whatever hospitalization expenses you may incur. Some policies cover vector borne diseases also. Almost all the health insurance plans offer maternity benefits as well.
A good healthcare plan will have features like emergency medical evacuation so the insured gets healthcare facilities in the best hospitals of the country.
Remember, health emergencies can suddenly arise for anyone. Such emergencies will negatively impact your health as well as finances. If you buy an appropriate health cover in your 20's, you can bring down the woes to a great extent. In short, you can lead a worry-free life by getting insured sooner.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|