Why You Should Consider Getting Insurance While in Qatar

It’s not an easy task to choose an insurance that will fit your needs living in your own country. What more if you are in a foreign country? There are so many things to consider before you finally decide on getting insurance for yourself and even for your family.

And being an overseas Filipino worker in Qatar, it is advised by experts to avail insurance while working abroad. But you have to be careful in choosing one that offers maximum protection at lower premiums so as to avoid wasting your time and money.

Getting insurance is always a good decision. ©House Buy Fast/Flickr

Insurance Policy in Qatar

With its government getting more open to foreign investments, the insurance industry in Qatar is growing fast; that and society’s changing views on the concept of insurance. If before they viewed having life insurance as garam or unholy, many locals now see it as an alternative method in protecting their family’s welfare.

Choose the best plan that suits your needs. ©GotCredit/Flickr

And securing the protection of your family and yourself against unexpected circumstances is something everyone should consider. It could be protection against untimely death or loss of earnings due to illness or financial misfortunes. One has to make sure that his family is sufficiently provided for should anything happen to him.

Which Insurance Policy Do You Need

Consultants and brokers advise both locals and expats to avail insurance policy early in life, but not to do it in haste as it is your future that is at stake. Before deciding on which insurance fits your needs best, be sure to weigh the pros and cons of each offer.

The following are some of the insurance policies you can choose from based on your needs:

  • Term Insurance Plan, the plan which will provide coverage for a definite period of time. If the insured expires for the duration of the term of the policy, the death benefit will then be payable to the beneficiary. It is specially designed to provide protection to your family’s needs in case of premature death.
  • Whole Life Insurance, or whole of life assurance (as they are commonly referred to in the Commonwealth of Nations), is a life insurance policy guaranteed to remain in force for the entire lifetime of the member. That is, providing that the member paid in full the required premiums or until the plan’s maturity date.

Avail insurance when still young for lower premiums. ©Pictures of Money/Flickr

  • Mortgage Life Insurance is usually purchased to cover a mortgage, so your family can pay off your existing mortgage in the event of your death. Some brokers refer to it as decreasing term life insurance.
  • Income Protection Insurance(IPI) is an insurance policy, available principally in Australia, Ireland, New Zealand, South Africa, and the United Kingdom, paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident.
  • Private Health Insurance is usually offered by employers to their employees or other organizations. While other employers let you choose from various plans, many offer only one kind of health insurance plan. You can personally buy health insurance, but it would cost more than if it is offered by your company.
  • Critical Illness Insurance also known as critical illness cover is considered to be dread disease policy. Policyholders usually make a lump sum cash with this insurance product when they are diagnosed with one of the critical illnesses covered in this insurance policy.

Secure your family’s future by getting insurance. ©franchise opportunities/Flickr

Why it’s Best to Get Insurance When You’re Young

No matter your age, it’s best to get an insurance to protect your future; but experts suggest that it is better to have it when you are on your 20s or even younger. The reason is because you pay lower premiums when you avail it at a younger age. So the older you get the higher premiums you have to pay.

Insure yourself. Secure your family. ©Alan Cleaver/Flickr

And you also have to know that smoking and being involved in risky activities could mean more costly premiums.

It is best to note that being honest with your insurer with the real state of your health will secure your beneficiaries to get the best out of your insurance policy in the event on your death. Withholding this vital information can prevent your family from receiving the exact payout of the insurance policy that you availed should you die unexpectedly.