If you don’t have Life Insurance or Critical Illness cover in place for when you need it, you’re too late and have missed the point of it. However, if you have a policy in place, you can ensure and make sure you have enough protection by talking with an experienced broker.
We have many customers who took out a Life Insurance or Critical Illness policy a number of years ago and, at the time, the levels of cover required were perfectly adequate for their needs. Over time however, things can happen and the level of cover you believed was adequate is suddenly not enough to see you through. The main reason people take out cover is to be able to financially secure their loved ones’ futures in the event of a life changing illness or, in extreme cases, should someone die. This ensures large debts – such as a mortgage, loans, credit cards – are paid off. It also allows immediate access to money in order to pay off costs such as funeral expenses. However, if your circumstances change, will you have enough cover to deal with any financial implication that comes with certain life changing events?
Every insurance policy should ideally take a number of factors – like your age, lifestyle, income, inherent diseases and the like – into consideration. These factors help underwriters decide which insurance policy suits you best. However, it’s about much more than setting up a Life Insurance or Critical Illness policy and thinking that’s the job done. Yes, it’s a vital step to ensuring you have some financial security moving forward, but you also need to factor in any future changes in your circumstances. With the help of a broker you can quickly understand the difference between the benefits of the cheapest plan against those offered by the most affordable plan so that you have a much more rounded vision of how the type of cover will work best for you. One of things you don’t really want to do is to prioritise premiums over coverage. Whilst it’s natural to want to spend as little of your income as is possible on your insurance policy, you don’t want to short change yourself either. Make sure you can afford your premiums of course, but ensure you also have enough coverage so that in 10 years time you don’t regret not having taken out enough cover should things happen that change your life for the worse. Ultimately, you’ll be able to lock in a fixed premium so that your costs are fixed and you know exactly what you need to allow for. Think of it this way: if you wanted to buy the same level of cover in 10 years time, the costs would have increased considerably. What’s more, think about inflation and the cost of care, any medical bills, and what you need to live on if you still in your 50s when you need to access your policy. Will the cover you take out today be enough to let you carry on living to a comfortable standard tomorrow? Always try and talk with an adviser or broker. It helps you understand your options and gives you more information (without any obligation) than you could ever receive from an internet enquiry.
If you’re concerned about whether you have enough cover or want to discuss what policy is right for you, contact IAE Insure today atinfo@iaeinsure.ae or call +971 4 396 1878 for a FREE no obligation quote. Visit us at www.iaeinsure.ae
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