Insurance
Similar to other countries, there are various types of insurance available in the UAE. These can be categorized into, life and health assurance, and general insurance.
LIFE ASSURANCE
Many banks will insist on life assurance to protect its debt. It often takes the form of term assurance for the amount of loan, which reduces at the expiry of the loan. Banks will be happy to arrange this cover for you and through an extra cost it removes the uncertainty, in the event of the untimely death of one party. Many international life companies operate in Abu Dhabi and most banks have a tie up with one or several of them. When completing a life questionnaire, many international companies will scrutinize the application to assess the risk attached to living in the Middle East. Premiums maybe loaded if a client travels into countries such as Iraq, Saudi Arabia etc.
HEALTH INSURANCE
Health insurance comes as a standard benefit with many jobs. For those self employed or running their own companies, health insurance is vital as the cost of medical care is high.
General Insurance
This will include, car insurance, house and valuables insurance. Again the banks when lending money, will insist on building insurance to reinstate the property if it is damaged. Contents cover is also recommended. Car insurance is normally arranged as part of purchasing a new car and it should include provision for a blood money payment. Most premiums are denominated in Dirhams and payable by cheque. Direct debit facility is not offered through the banks.