According to a survey of 1000 UAE residents by Zurich, life insurance is one of the top priorities for UAE residents after the Coronavirus. As a result of the pandemic, almost half of those surveyed put life insurance at the top of their list of financial priorities. 51% of respondents also identified savings as a financial priority while 32% noted retirement planning as another concern.
Why Has Life Insurance Become a Priority?
The unprecedented effect of Coronavirus has made many UAE residents think about their financial priorities – particularly life insurance and critical illness cover. Many choose not to take out a life insurance policy or critical illness cover because they assume that they are safe from any serious illness or incident that might impact their income. This is the prevailing thought amongst most people comprising a working age group. The ‘I’m young and healthy, I don’t need to worry about life insurance’ attitude has been called into question by the indiscriminate toll of the Coronavirus pandemic. People are starting to realise that anyone can be affected and events that can damage health or cause loss of life are often both unpredictable and unavoidable. In short, the unexpected does happen and one of the few protections you can employ against the unforeseeable is insurance.
Buying a Policy.
Many of the respondents in Zurich’s survey admitted to shopping for their insurance policy online and this is a trend that is set to continue with many residents reluctant to deal face-to-face with brokers. What was also revealed by this survey was what respondents look for in purchasing financial services like insurance. The most important consideration was trust in the insurance provider. Also high on the list of consumers’ concerns was affordability and simplicity. But does this ensure that customers are getting the best policy for them?
One of the best ways to make sure you are purchasing the right policy is to use an expert mortgage broker. Using a broker doesn’t have to mean face-to-face meetings and interaction – it can be done online or over the phone. Further, though affordability was one of the most important concerns for respondents, consumers might be buying a policy that is only superficially cheaper. Without a comprehensive consideration of their current situation as well as their future goals and aspirations, those buying life insurance could end up spending far more over the course of their lives. Lastly, regarding policy simplicity, an expert broker can cut through the jargon and explain, in simple terms, just what the policy entails and what documentation will be required. By buying online, without seeking consultation, you could be missing out on the best policy for you.
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 email@example.com or call +971 4 396 1878 for a FREE no obligation quote. Visit us at www.iaeinsure.ae.