Financial Coach - Dubai - UAE

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in reference to: Financial Coach/Expert Life Insurance advisor/Sales Trainer/Objection Handeling Techniques/Team Motivating Techniques (view on Google Sidewiki)

Life Insurance Information

Life Insurance Information

Life is unpredictable and it is important to ensure your family is taken care of financially in case anything happens to you. Life insurance is insurance on your life. If you die the insurance company pays money to your beneficiaries. They could be family, friends, the company you work for even a charitable organization.

Life insurance is also a way of saving money. On the maturity of life insurance policy, the owner gets the whole amount with interest.

But remember, buying life insurance doesn't make sense for everyone. Insurance can be unnecessary cost for you if you have no dependents and there are enough assets to cover your debts and the cost of dying.

In Dubai, awareness regarding Life insurance among people is increasing. Therefore, you will find increasing rate for the number of people who are covered under life insurance.

Shopping right product for yourself

There are a wide range of life insurance products that are floating in the market. Choosing the right life insurance policy involves assessing your particular situation and evaluating the right policy for you.

Searching online and using the internet's resources are a great way to educate yourself. Now days you can find quotes for the Insurance Policy Online. I would suggest you to refer these resources for making decision but don’t go for online purchasing of Insurance policy through your credit card or paypal account.

Try this site to find the best life insurance in UAE

http://www.emirateslifeinsurance.com/

While spending on Life Insurance, it would be better idea to take guidance of Insurance agent who can suggest you right policy with affordable premium in your budget.

HOW TO AVOID MARINE INSURANCE PROBLEMS

Choose an insurance broker who is competent enough.
Choose a broker that can answer for its faults.
Do not wait until the last moment to purchase your insurance
Be cautious of giving any kind of records to the broker.
Make a clear contract between you and the broker.
Obtain good underwriters on your policy. This would clearly mean perfect scrutiny of your policy

Take a look at who your insurance companies will be.

Look for the following in a broker.
1. How long is the broker selling marine insurance? (Past history)
2. Does it have audited financial statements and clear accounting.
3. How big is the company?
4. Beware of Reinsurance!
5. What other hulls is the insurance company insuring?
6. Have the principals in the company been involved any fraud or failure previously? (Like failed to pay or process claims)
7. Be cautious of very cheap rates. There might be areas where benefits might have been compromised.

You should have choices of only top insurance companies no matter how competitive the premiums are.

Read your policy warranties and endorsements, and comply with them, before you make a decision.

Be sure to have your original signed policy.

Don't buy insurance by price alone, instead looks at the areas of cover.
Be accurate and tell your insurance broker the truth, do not hide any information like past claims history.
Pay your insurance premiums on time so that there is no lapse in the policy.
Avoid foreign law and jurisdiction clauses. It will just create confusions.
Be sure you have coverage you are required to carry by law.
Buy p&i for your vessel crewmen and processors also.
Get enough insurance, don’t just insure for the sake of insurance because when it comes to premiums people what to pay the least but when it comes to claims everyone wants the maximum payout.

Read more ask more ! any queries related to marine insurance feel free to post your comments on this blog.

LIFE INSURANCE POLICY COMMON PROBLEMS

In my long years of experience and I have found people struggling to get out of the rut of insurance policy confusion. It is always the fine print which gets blamed at the time of either a claim or half way through the policy period.

Typically confusions relating to life Insurance policies are as follows
I was told after 3 or 4 years I can withdraw out of the policy but now you say I cannot get the full amount.
You said the capital is guaranteed but I am not even getting my capital back. I will be charged penalties.
I was not informed that this policy belongs to such and such insurance company
I paid my premiums on time then how come my policy got lapsed
How does one claim once I die.
I was not told about the charges
I thought this was a bank product not some other company
No one follows up with me
I don’t get my statements on time
I don’t know which fund I should switch on to.
Why should I pay charges towards the policy
I don’t have the original policy documents
I was promised that my fund will grow at a guaranteed rate but here I see I am not even making any profits on the contrary I am paying more charges than what I am earning.
What is Expense Recoupment charges
How much is asset management fees
What are mirror fund and how much does it cost
Why should I invest into mirror funds why not stand alone investments
What is my surrender value
If my policy is Lapsed how do I reinstate it
In the first year I was credited with bonuses and now on the statement I do not see it where did it all go.
In which years do I make profits this is not as per the illustration which was shown to me
Why should I pay additional relationship fee to the bank
Do I get tax benefits because of my policy
How do I transfer my policy to another country
Am I taxed if I transfer the policy to another country
Why does my case get rated if I have borderline diabetes
How does hospitalisation benefit work.
If I get admitted in to the hospital due to critical illness who pays the bills is it the insurance company of me first
If shift to any other country where does the claim get passed

And many more.

Most of the times the customer tends to lay trust on the Financial consultant and of course the company where the consultant comes from. Many a time even the consultant is not fully aware of how the policy works and what are its charges included in it. People really don't have the time to read the fine prints or the policy terms and conditions...so how does one organise these issue.

Do you think a review needs to be done on all the policies or correction would be required in terms of understanding the insurance policy.

In the middle east everyone comes with am ambition in mind for some it is earning lots ans lots of money and for some make a house back home . But still we fail to plan but no one plans to fail.

Due to the current market scenario some people are not in a position to even pay their premium
So how does one fight all these kind of situations

If you have any questions related to your life insurance policies bought from a bank or a broker please feel free to contact me on askjoy@insurancetailor.com or Visit http://www.insurancetailor.com/
Mobile : 0097150 5257616