If you are stuck in the dilemma and are unable to decide whether you should get a credit card or not, reward programs, cashback schemes, rate of interest, annual fee, and welcome bonus would be some of the best things that would cross your mind at first. You might not be planning to use your credit card regularly, it’s the credit card insurance that makes a difference in the end.
Credit card insurance is also known as payment protection insurance helps credit cardholders to pay their outstanding balance in case of any unforeseen events that interrupt the repayment process. If you want to make the most of your credit card it is essential to be aware of the benefits offered by credit card insurance. In order to make sure that you make the most out of your credit card, in this blog, we will shed light on credit card insurance. Furthermore, we will explain the features and benefits of credit card insurance in the UAE.
The primary array of benefits offered by credit card insurances usually vary from provider to provider, but aids usually include coverage for critical illnesses, disability, loss of employment, and accidental death coverage. There are numerous credit card insurance plans that are designed and developed considering a specific segment of clients i.e. student, family, and spouse of the primary cardholders.
The maximum amount of coverage offered by credit card insurance plans varies on the basis of the credit card that you have. With the right credit card insurance in UAE, one can minimize the burden of making the repayments to the credit card provider. Credit card insurance manages the repayment of outstanding financial obligations in case of an event that leads to the disability/demise or loss of employment of the policyholder.
If you already have an insurance plan in places such as term insurance, the whole of life insurance, health insurance, car insurance or critical illness insurance you might not essentially need a credit card insurance in UAE. Contrary to the first situation if you don’t have enough funds to make the repayment of your outstanding credit card bills as a result of a reduction in income or unforeseen events then credit card insurance might turn out to be a savior for you.
There are various benefits that are offered by credit card insurance, here’s a quick rundown-
In a Nutshell
With different types of credit cards, there are different types of credit card insurance that are offered to customers. If you are getting a new credit card make sure you get yourself the right credit card insurance plan that will protect you against unforeseen events.