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Safeguard your shipments with comprehensive marine cargo insurance from Crossroads Insurance. 

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Affordable Workmen Compensation Insurance in the UAE

Discover comprehensive Workmen Compensation Insurance in the UAE with Crossroads Insurance. Shield your employees from workplace accidents with tailored coverage plans. Our expert brokers help navigate legal requirements, providing peace of mind for employers and protection for workers. Ensure compliance and safety with our trusted insurance solutions.

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Corporate Insurance Brokers in UAE

Unlock unparalleled expertise in corporate insurance in the UAE. At Crossroads Insurance our dedicated brokers deliver bespoke solutions crafted to shield your business from unforeseen risks. From property to liability, trust our tailored coverage plans to safeguard your company's assets and operations in the dynamic UAE landscape.

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Numbers You Need to Look for in a Good Health Insurance

The 'premium' and the 'deductible' are the first two figures that everyone looks at, whether or not you have much control over your health insurance from insurance brokers in UAE and other insurance companies. There are other figures, though, that are equally significant yet sometimes ignored. Let’s have a look at the costs!

The annual cost of your health insurance plan generally consists of a recurring monthly payment, or "premium," for 12 months. This monthly payment is essentially what you make to your insurance provider to keep your coverage. However, a 'deductible' is the amount you pay for covered services upfront before your health plan begins to pay. In essence, it is the amount you must pay for covered health care before your insurance company begins to pay. We suggest having a detailed check on corporate insurance brokers or companies you choose to purchase from.

How are Deductibles and Premiums Related?

Generally, a plan's premium will be lower the larger its deductible. You save money on what you pay each month when you're willing to pay more upfront when you need care. The premium for a plan increases as the deductible decreases.

For those who expect to need expensive medical care or continuous medical treatment, a plan without a deductible typically offers good coverage and is a wise decision. No-deductible health insurance typically entails higher monthly costs. The 'out-of-pocket (OOP) maximum' and 'policy limit' are the other crucial numbers to pay attention to, however, the 'premium' and 'deductible' are the numbers that define whether you can afford the insurance and when it starts paying if you become sick, respectively.

What is the 'Out-of-Pocket Maximum' and How is it Calculated?

An "out-of-pocket maximum" is a ceiling or limit on how much you must spend out-of-pocket for insured medical treatments within a plan year. Your health plan will cover all covered medical expenses for the remainder of the plan year if you reach that threshold.

Knowing the 'OOP maximum' is important since, in the majority of cases, even after paying your deductible, your insurance only covers a portion of your expense. Currently, you frequently see 90% for in-network coverage and 50% for out-of-network coverage, compared to the previous standard of 80%. You never have to pay anything after you've reached the highest limit for out-of-pocket spending that an insurance plan always includes; the insurance company covers the remaining costs.

What is the 'OOP Maximum' Amount One is Required to Pay?

For instance, you have a deductible of Dh5,000, and your medical expenses for a certain therapy will be Dh100,000. How much do you have to pay if the maximum out-of-pocket amount is Dh10,000? You will first pay the deductible in full. You will continue to pay until your out-of-pocket (OOP) spending limit is reached. The insurance provider, insurance brokers in Dubai and the UAE, or other insurance companies you have chosen will cover the remaining Dh90,000 after you pay the first Dh10,000.

The 'out-of-pocket maximum' amount is significant because of the scope of coverage. As soon as your maximum charge share is reached, the insurance should cover the remaining balance. The 'OOP maximum' is a significant figure that supports deciding whether your insurance is worthwhile.

Your insurance policy is the right size if your finances permit you to pay the full amount. If not, you have one of those increasingly popular pre-paid medical packages, which puts you at risk of having a medical emergency that negatively impacts your financial situation.

How Should the "Policy Limit" of a Health Plan be Considered?

Medical insurance has a "policy limit," or the most you'll have to pay for coverage, just like any other type of insurance from insurance brokers in Sharjah, Dubai, Abu Dhabi, or other cities. Without a "policy limit," the insurance company cannot determine what premium to charge you or determine how much you would ultimately be responsible for paying. Thus, a "policy limit" is the maximum sum that your insurer will pay for a claim that falls under the purview of your insurance policy.

Knowing the "policy limit" is crucial since, if you've used up your plan's allotment, you'll have to foot the bill for the rest of the duration of your insurance. Additionally, plan limits cannot be transferred. You could not renew and use the plan limit for the following year to continue paying your medical expenditures if you reached your plan limit two months before it expired.

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Everything You Need To Know About Group Life Insurance Policy For Employees in UAE

Business organisations in the UAE provide financial security to their employees using a group life insurance policy. The cost-effective and beneficial plans safeguard employees and their dependents against financial liabilities that can result from accidents, critical illness, disabilities or death. It is one of the best ways employers support employees and build trust and loyalty.

Find out more about the group life insurance policy for employees in the UAE. 

Types of Group Insurance Policy 

There are generally two types of group insurance policies:

Employer Contribution Insurance Plans - Employers purchase and provide this type of group insurance plan, and they make the contributions. Generally, this insurance type is offered to employees as part of the hiring package to make them more secure financially.

Employee Contribution Insurance Plans – Employers purchase this type of group insurance plan. However, both employer and employee make the contributions. These types of insurance plans usually have comprehensive coverage. Thus, it protects policyholders from financial liability in case of unforeseen events. 

Group Life Insurance Features

Some of the common features of the group life insurance policy are listed below. Please note that the features can vary from one insurer to another in the UAE.

Eligibility – All salaried employees of an organisation are eligible for group life insurance benefits. Generally, the minimum age for an individual to get insurance in the UAE is 18 years. Also, the maximum age to take insurance varies between 65 to 69 years.

Coverage – Insurance coverage differs from one insurance provider to another. Some of the common coverage features include partial and permanent disabilities, critical illness, accident medical expenses, accidental death benefits and repatriation expenses. 

Premium – As discussed before, the premium of a group insurance policy is either paid by the employer alone or paid by both employer and employee. The premium amount is usually deducted from the employee's salary. 

Some group insurance policies provide a maturity benefit if the policyholder survives until maturity. In addition, these policies are generally renewable annually. 

What are the Benefits of Group Life Insurance Policy

Both employers and employees enjoy the benefits of a group life insurance policy. 

 Employer Benefits

Cost-effective and affordable insurance plan

Builds employee trust and loyalty

Builds brand reputation

Simplified administration and processing of insurance policies

 Employee Benefits

Financial security against any untoward events

Financial protection for the dependants/family members

Free cover limit. It means the maximum amount of life cover without a medical check-up

As the insurance needs evolve, different companies have started to offer customised solutions. Consult Crisecure, one of the leading and trusted insurance brokers in the UAE. For complete details about the excellent offerings, contact us today.

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How to Choose the Right Home Insurance in the UAE?

Home insurance is a type of property insurance that covers losses and damage that occur to an individual’s house or insured belongings. The coverage can cover costs due to natural calamities such as floods and earthquakes. Plus, it covers fire-related damages to the property. 

Although the UAE is one of the safest places, the absence of home insurance can put a huge financial burden on people for rebuilding. In this blog, find out how to choose the right home insurance in the UAE. 

Understand Insurance Needs

The first step is to understand personal insurance needs. The location of the residence is one of the major factors one should consider while opting for a home insurance policy. In addition, decide if you want insurance coverage only for the property or the belongings in the house or both. Other factors such as age, income, health, employment, settlement plan, family and more can be considered too. 

Do Research

 Do your own research about the different insurance companies. Find out the following about the insurance providers:

Company Reputation

Financial Stability

Customer Service

Claim Settlement Time

Search online for reviews, customer feedback and ratings. Seek help from friends and families. Else, get expert advice from insurance experts in the UAE. Also, it is important that the insurance provider has a licence as per the laws in the UAE.

Compare Different Home Insurance Policies

Once you narrow down the list of insurance companies, start comparing different home insurance policies offered. Read carefully each and every detail to have a complete understanding of the insurance coverage promised. Plus, read the terms and conditions thoroughly. Compare the procedures to claim insurance and the time required to achieve a settlement.

Consider the Features

Find out if there are additional benefits or add-ons offered by the insurance company in addition to the standard coverage. It is necessary to cover specific needs besides basic coverage. However, one of the main factors to consider is the cost. Take time and assess if the add-ons are worth the additional money. 

Budget

The cost of a home insurance policy is one of the key factors that distinguish one insurer from another. Compare the following things to find the best insurance policy that provides the best value:

Premium

Deductible Amounts

Exclusions

Discuss if there are discounts or promotions that can significantly lower the cost and boost savings on insurance.         

Review

Periodical review of the home insurance is essential to meet the changing needs and the coverage required. The best thing is to review annually if the insurance coverage is enough for the future. 

Claim Rejection

 Make sure to submit all the necessary documents and provide all the necessary details to avoid claim rejection when one needs it the most. As world events become more unpredictable, choosing a home insurance policy can keep everyone protected. Crossroads Insurance Brokers is a leading insurance broker in the UAE offering cutting-edge insurance solutions. Contact us for more details.