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25 Jul 2016

Insurance 101

by RAKBANK

There's always something better to do than to think about insurance, right? Especially for people living in a fast-paced environment.  Reality is, insurance comes least in our priorities until an unexpected loss happens and we realise that we are not protected. The good news is, getting the right insurance these days is a lot easier, a lot quicker, and a lot cheaper than you may think.


A recent report by Nielsen called 'Insurance Literacy in the UAE', commissioned by RAKBANK and RAK Insurance, found that a whopping 78 per cent of respondents in the study understood that 'insurance is a way of securing the future of me and my family' while 82 per cent of respondents felt that the main reason for taking out insurance was 'to protect myself/my family against any unforeseen events'. This level of interest is a good indication, but what should you do now? Where do you start? 


We spoke to RAK Insurance to offer some guidance:


1.    Decide what type of insurance cover you need
As you do your homework, you will find that insurance is really incredibly straightforward so don't be puzzled with jargon. Read the brochures. Check the websites. Talk to a consultant from the insurance provider and make sure that you have understood everything correctly. Then you will be in a position to compare the different policy offerings available in terms of cover, costs and deliverables.


2.    Find a provider you are comfortable with
The key for most people looking for insurance cover is to find an insurance provider that they are comfortable in dealing with. You may want to deal directly with your insurance company or indirectly with your bank, since lots of banks extend a wide range of insurance products through their third parties insurance partners. One of the advantages in dealing with your bank is that the level of trust has been established, you know how they operate and you feel comfortable dealing with them.
You might decide to go with an insurance company based on reputation in the market or recommendation from a friend or colleague, but the important thing is to establish a level of comfort with the provider that you choose based on what is important to you.


3.    Discover the benefits of having the correct type of insurance
The major benefit of securing the right insurance is to enjoy the peace of mind you truly deserve. Everyone is susceptible to health problems, risks being involved in an accident or even losing something precious. These blows can be bad and stressful enough especially the out of pocket cost. Being properly covered by insurance simply means a lot less to worry about when the unfortunate or unforeseen happens.
If you want your loved ones to be looked after financially no matter what the future may bring, the right type and level of insurance goes a long way to ensure that.

 


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Insurance 101

25 Jul 2016

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There's always something better to do than to think about insurance, right? Especially for people living in a fast-paced environment.  Reality is, insurance comes least in our priorities until an unexpected loss happens and we realise that we are not protected. The good news is, getting the right insurance these days is a lot easier, a lot quicker, and a lot cheaper than you may think.


A recent report by Nielsen called 'Insurance Literacy in the UAE', commissioned by RAKBANK and RAK Insurance, found that a whopping 78 per cent of respondents in the study understood that 'insurance is a way of securing the future of me and my family' while 82 per cent of respondents felt that the main reason for taking out insurance was 'to protect myself/my family against any unforeseen events'. This level of interest is a good indication, but what should you do now? Where do you start? 


We spoke to RAK Insurance to offer some guidance:


1.    Decide what type of insurance cover you need
As you do your homework, you will find that insurance is really incredibly straightforward so don't be puzzled with jargon. Read the brochures. Check the websites. Talk to a consultant from the insurance provider and make sure that you have understood everything correctly. Then you will be in a position to compare the different policy offerings available in terms of cover, costs and deliverables.


2.    Find a provider you are comfortable with
The key for most people looking for insurance cover is to find an insurance provider that they are comfortable in dealing with. You may want to deal directly with your insurance company or indirectly with your bank, since lots of banks extend a wide range of insurance products through their third parties insurance partners. One of the advantages in dealing with your bank is that the level of trust has been established, you know how they operate and you feel comfortable dealing with them.
You might decide to go with an insurance company based on reputation in the market or recommendation from a friend or colleague, but the important thing is to establish a level of comfort with the provider that you choose based on what is important to you.


3.    Discover the benefits of having the correct type of insurance
The major benefit of securing the right insurance is to enjoy the peace of mind you truly deserve. Everyone is susceptible to health problems, risks being involved in an accident or even losing something precious. These blows can be bad and stressful enough especially the out of pocket cost. Being properly covered by insurance simply means a lot less to worry about when the unfortunate or unforeseen happens.
If you want your loved ones to be looked after financially no matter what the future may bring, the right type and level of insurance goes a long way to ensure that.