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Consumers Exhibiting a Change in Mindset Toward Life Insurance in the UAE

life insurance critical illness

As a result of COVID-19, many UAE residents are thinking about their life insurance and critical illness policies. There’s no surprise here. After all, the cost of living is expensive in the UAE and financial security has become a concern for many residents during the uncertain time of the pandemic.

Are Insurers Still Accepting Applications for Life Insurance and Critical Illness Policies?

Now is as good a time as any to get life insurance or critical illness cover. Insurers are still accepting life insurance applications so, if you don’t have a good policy, you should be looking into getting coverage. And, if you do have cover, it might be time to re-evaluate your policy in line with your current situation and future goals. For example, maybe you’ve recently grown your family and you need to increase your coverage to ensure your financial dependents will receive the help they need.

Change in Consumer Attitudes.

What is becoming really apparent over the course of the pandemic is how people’s attitudes towards life insurance are changing. People are realising that a great life insurance policy is an essential constituent of a sound financial plan. This change in mindset has resulted in an increase in demand for both critical illness and life insurance policies over the course of the pandemic.

According to a recent survey, 46% of UAE-based respondents put life insurance amongst the top of their financial priorities. In line with this, UAE residents are reviewing their existing policies and realising the areas where they need to adjust.

With recent events, people in the UAE have been able to see first-hand just how a good policy can pay financial dividends in the event that the unthinkable happens. Often, in cases of major illness, people are selling their assets in order to pay for healthcare. In such cases, they’re actually selling off a good deal of the wealth that they’ve built over their lives. For people such as this, having a good life insurance policy is essential.

Talking to a Broker.

It’s a volatile marketplace and it is currently filled with uncertainty. While some insurers are adapting to the increased demand by offering cost-effective policies and scaled-up services, some are failing to do so. This means that those who are looking to take out a policy but aren’t equipped with sufficient knowledge of the marketplace and what policies are available might end up buying the wrong policy for their needs. An expert broker is equipped with comprehensive knowledge of the insurance landscape and can provide a more accurate picture of the suitable policies that might be available.

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 info@iaeinsure.ae  or call +971 4 396 1878 for a FREE no obligation quote. Visit us at www.iaeinsure.ae

Photo credit: https://pixabay.com/photos/time-for-a-change-new-ways-letters-2015164/

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