With a vaccine on the horizon, optimism is growing about the COVID-19 pandemic drawing to a close. But, with life heading towards the new normal, people’s attitudes and mindsets have permanently changed.
It’s no surprise that both people’s attitudes and priorities are changing as a result of the COVID-19 Pandemic. A recent study by Cigna has confirmed that attitudes have changed – especially where working cultures are concerned.
According to this study, 18% of people worldwide think that life will permanently change. 60% of those surveyed have been able to work from home which has led to over half of respondents hoping to work from home in the future. Employees are looking for their employers to offer support with added workplace benefits, contributing to a more well-rounded workplace culture. But how do these changing mindsets affect life insurance?
Changing Mindsets and Life Insurance.
Only a few months ago, IAE wrote about how insurers could adjust to changing mindsets and work with employers to incentivise their employees to live healthier lifestyles. The necessity for insurers to adapt and work with other entities – like employers – in the marketplace is even more pressing now.
With the new BOD-49 regulation, insurers and brokers will need to offer better, more competitive products geared toward the long-term wellbeing of their customers. And, with the changing attitudes of employees in the UAE, the insurers that are adapting to accommodate employers, employees and evolving mindsets around work/life balance will fare best in the future.
Protecting Your Loved Ones.
‘People’s lives have changed’ says Ian Featherstone, CEO of IAE Insure. ‘We’ve found that, with this, their perspectives have also changed. People have spent a great deal of time in their homes and this enforced confinement and the blurring of workplace and residence has led them to attribute greater value to their home life. What comes with this change of lifestyle is a reminder of the important aspects of your life: namely, spending time with – and protecting – your loved ones.’
‘It’s not surprising that there’s been a surge in enquiries for life insurance of all types. While people’s concern for their health and livelihoods has grown, the pandemic has also brought attention to why people need to care for their loved ones. They’ve seen real life consequences, possibly with people they know. And they’re finding that the best way to protect what they care about is through life insurance.’
In the event of your death, a good life insurance policy will make sure that your family are still well cared for and are afforded a continuity of lifestyle. This means that your child can continue to attend the same school, regardless of fees, and continue on to study at university. Critical illness cover – insurance that is often included as part of better life insurance policies – means that if you are afflicted with a debilitating illness leaving you unable to work, you will receive a lump sum to help with the cost of living while you are unable to provide.
‘COVID-19 has caused an incredibly turbulent time for many people. But with this turbulence, there has also been renewed focus for many. The priority of protecting your family and the realisation that lifechanging illnesses can affect anyone means that lots of UAE residents are recognising that life insurance is a necessity, not a luxury. Whilst change is inevitable and unavoidable, the song remains the same for insurers and brokers: for those willing to adapt and offer a client-centric approach, the future is bright.’
If you’re concerned about whether you have enough cover or want to discuss what policy is right for you, contact IAE Insure today at firstname.lastname@example.org or call +971 4 396 1878 for a FREE no obligation quote. Visit us at www.iaeinsure.ae.