More than half of the UAE residents do not have Life Insurance coverage and only 24% are covered against critical/serious illness as many of them (incorrectly) found it too expensive, reveals a new survey. Of the 51% of respondents who said they did not have Life Cover, more than a third (36%) said it was too expensive (again incorrectly) while 30% of respondents were not familiar with the concept of life insurance! Another 39% said they were not familiar with Critical Illness Benefit insurance, according to a Friends Provident International (FPI) survey conducted by YouGov.
Of the male respondents, 28% claimed to have Critical Illness Benefit insurance – up from 25% in 2017 – and only 19% of women – down from 24% last year – said they had this cover, local media outlet Khaleej Times reports. Greg Pogonowski, a leading Independent Financial Adviser based in Dubai, told the news site that there is a worrying lack of understanding around Life and Critical Illness Benefit insurance and therefore people are likely to base their decisions on factors such as brand reputation of the insurer and price.
“While it is important to consider these aspects, an Independent Financial Adviser is best placed to review a range of plans from different providers, to help people choose a plan that is appropriate for their individual circumstances; and not just based on price and brand,” he said.
“Common misconception is that Life Insurance is expensive, which is probably why so many people in the UAE delay taking out a policy. What people don’t realise is that there are various options that work for every budget and financial situation. For example, a 35-year-old, non-smoking male living in the UAE could secure life cover of $250,000 for a plan term of 15 years, for a premium of just AED137 per month, on standard terms,” he added. In addition, the same person on the same terms, can secure $100,000 Critical Illness Benefit insurance for only AED132 per month! So, why wouldn’t you?!
Independent Financial Advisers can work with you to determine how much cover your family would need to replace your lost income, so contact your trusted Adviser today. For the equivalent price of a cup of coffee/tea every OTHER day, you can protect YOUR family if you die, AND protect YOURSELF if you live……………..
Not properly covered, or worse still not covered at all……………do yourself a favour and contact me now!