It is important that you take out the most suitable policy for you and your family’s needs when taking out cover for death, serious illness or injury.
How to take out the right Critical Illness and Life Insurance protection. We all need a little protection in life. Even as a young adult, serious injury, illness and death can still unfortunately strike at any time.
If your family is financially dependent on you, you really need to think about how you would protect them should the worst happen.
Insurance is hugely valuable but you need to think about which policy is best to protect you and your loved ones.
Do I need cover?
The simple question you need to ask yourself is “Could my family manage financially without me?”
If they rely on your income and maybe have debts then the answer is “No” This will also apply is you have family in your home county who may be dependent on your income too.
How can I protect my life?
There are various types of life cover, but the most common type of cover is known as ‘Term Insurance’ This cover will pay a lump sum if you pass away within a pre-agreed period. This is typically between five years and 25 years.
Whilst it keeps the cost down, there is no-cash-in at any time and no pay out if you pass away after the agreed term period expires.
The alternative is ‘Whole of Life’ life insurance policy is when your premiums are invested and the policy will pay out whenever you pass away.
What other insurance should you thing about?
Most people tend to focus on life insurance but did you know that a 40 year old non-smoking male is actually 4.1 time more likely to suffer a serious illness than die before 65?
Cancer accounted for 74% of critical illness claims with heart attached 38% of claims of critical illness customers in the Middle East
With a Critical Illness policy you can protect against this. The policy will pay a lump sum if you suffer from serious illness such as cancer, heart attack, kidney failure or a stroke.
A combined Life Insurance and Critical Illness insurance is the best value for money.
How much cover do I need?
How much you will pay for this cover depends on factors such as your state of health, your age, whether you are a smoker and which insurance you choose.
Should you suffer from a critical illness, the average recovery time is around two years, so two years income cover is a definite must. So if you earn $100,000 per annum, then you will need a minimum cover of your Critical Illness policy of £200,000.
Then take into account any emergency saving for a ‘rainy day’. If you have $50,000 in the bank then you may only need covering for $150,000.
For a Life Insurance policy, you may need more cover and you should review your financial commitments. These should include your mortgage and outgoing costs such as living expenses and children’s education costs etc.
It is also a good idea to check whether you have a death-in-service benefit from your employer. This could also reduce amount you need from your own policy, therefore reducing your costs.
Premiums can get more expensive the older you get as the risks of falling ill or passing away naturally increase. You could also pay more if you have had a previous illness. Certain illnesses and conditions may also be excluded form a policy.
It may seem very complicated, but don’t worry, our team will be able to go through all of these details with you and tailor your insurance requirements to your individual needs.
For a FREE no obligation quote, call +971 4 396 1878, email email@example.com or visit us at www.iaeinsure.ae
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Sergio Pani – Ulysses Communications & Promotions