CRITICAL ILLNESS INSURANCE

Image source: irishtimes.com

Image source: irishtimes.com

Critical illness Insurance is the best type of Insurance out there that you can purchase in case you are diagnosed with an illness that may be terminal, life long disability, stroke or heart attack.

This Insurance gives you the money pretty much as soon as the diagnosis is made. Of course, there is a waiting period of approximately 120 days, but that may differ depending on the type of coverage and the Company providing the insurance. This is great news that a life insurance company will help you through the worst time of your life. This money is given to you in a lump sum, or on a monthly payment plan. The funds are given and can be used for whatever you need or want at this time of your life. There are 30 covered illnesses that are included in the critical illness insurance plan.

Listed below are a few covered under a Critical illness Plan

Heart Attack

Coronary Bypass

Paralysis

Pulmonary Hypertension

Bacterial Meningitis

Stroke

Kidney issues

Lung Disease

Major Burns

Major organ transplant

Cancer

Blindness

Muscular Dystrophy

Major Organ Failure

Alzheimer’s Disease

This type of insurance gives those people the funds to get the excellent care they deserve. Sometimes, it just comes down to a second opinion by a licensed doctor in another Country that can assist you. Critical illness insurance gives you the money do what you have to do if someone is very ill.

Benefits

    • Cash to cover medical bills
    • Replacement for lost income
    • Medicine
    • Worldwide coverage
    • 24/7 support

Eligibility differs from one insurer to another, along with slightly different benefits. One great benefit is being able to convert the coverage after you are 60 years of age to a long term care insurance policy. This would offer you a weekly benefit. The benefit is calculated by the total maximum amount of the policy.

The long term care insurance policy weekly benefit amount is calculated by dividing the critical illness insurance amount being converted by 200. If your limit is $200,000, the total amount is divided by 200, giving you a weekly benefit of $1,000 per week.

If you receive work benefits, check and see how this type of insurance can also help quickly. Employers are starting to allow their employees to choose their own benefits, as many cannot wait for 120 days to get help with their income.

If you are interested in learning more about this type of insurance, visit the life insurance page of insurancemarket.ae and we would be happy to sit down with you and explain all the details of the insurance. 

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Life Insurance in the UAE

Image source: news.com.au

Image source: news.com.au

Life Insurance is always hard to talk about. To some it is like tempting fate. It is a must have type of Insurance to be able to take care of your family should something happen to you.

There are many questions that need to be asked in order to find the best life insurance to meet your needs. There are many different types of Life Insurance to meet your individual level of protection and financial security. These are the questions you should be asking about before looking at the different types available.

What limit do I need to purchase for my family to be set for life?

Is your spouse working? If not, you will have to provide for her and your children for the rest of their lives.

Will there be enough to pay off the mortgage and loans?

Would there be enough money in the bank for all the monthly bills?

The kids will need a college fund. Would that be available to them?

Will there be money in the medical bills?

Types of Life Insurance 

There are many different types of Life Insurance. We can examine a few to give you an idea on what you can purchase.

Term Life Insurance

Term Life Insurance will give you the best coverage available at the most affordable rates. You would be able to purchase this with a high limit such as $1,000,000 which may or may not be enough. There is always a lower or higher limit available. Term life insurance is simple to buy and easy to afford. Term Life Insurance makes it one of the better choices for young families to get the financial security they need. There are usually a couple of plans that insure protection for your family. If you pass away within the covered period, your family will receive the amount of the policy, normally tax free depending on where you live. This is an excellent selection as it can be used for whatever is need by your family.

Permanent Life Insurance

The different between a Permanent Life Insurance policy and a Term Insurance policy, is that a Term has a expiry date. The Permanent Life Insurance does not. It provides the insurance coverage for your life. An advantage of the permanent life insurance is that the monthly rates are guaranteed not to change as long as the policy is in effect.

Universal Life Insurance 

Universal life insurance offers a more customized type of policy which allows you to include a portfolio of investment options. It offers a large range of benefits such as choice of death benefits and flexible ways you can get the maximum protection you have accumulated over the years.

If you invest in the markets, and have a solid financial foundation to work from, this would be the type of insurance that will focus on your accumulation of wealth.

Personal Accident Insurance 

Personal Accident Insurance can be added to your life insurance policy which will assist your family with any immediate needs such as funeral or even just day to day expenses. There are varied limits on this policy. You can call us for additional information on purchasing this policy.

Come visit insurancemarket.ae and your personal shopper will happily structure a tailor-made life insurance plan for you.

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