Once you guys have moved abroad, found a great job, made friends and started enjoying your life as expatriates in the UAE, this is not the most compelling subject to think about.
However, it is a significant one and should be addressed rather sooner than later: Do you have life insurance or critical illness cover?
Especially when living abroad, this is a crucial question. As expatriates in the UAE, you live many kilometres away from your home country, and making sure that your wife/husband and/or children are taken care of if the breadwinner of the family dies or gets critically ill, is important.
50% of expatriates don’t have sufficient insurance
According to GulfNews, a recent study revealed that nearly 50% of all expatriates in the UAE don’t have sufficient insurance coverage. Most people either think the premiums are too high or are unfamiliar with the concept.
To give you a better understanding: A life insurance policy makes sure that in case you or your partner (husband or wife) dies, the other members of the family are financially taken care of. A critical illness plan, on the other hand, works best for those who haven’t sufficient health insurance.
In the latter case, you want to make sure that your health insurance also covers critical illnesses, such as cancer or chronic diseases that involve long term treatment and expensive medical procedures.
What happens when you leave the UAE?
Once you are married, experts strongly recommend to speak with a financial adviser and get the insurance that suits your situation best – whether you have children or not.
Even though your life insurance and critical illness plan might be part of your employment package, you should still check if this is the best deal you can get.
Also, bear in mind that you will only be covered during the time of your employment. But what happens when you and your partner decide to leave the country and continue your life as expatriates somewhere else other than the UAE?
Insurance policy and savings scheme at the same time
Do your research and check with a financial adviser what solution would be best for you and your beloved ones. You might want to have an insurance policy and a savings scheme running at the same time. This way, you will make sure that you will be covered in case of death, illness or in your old days.
You can also touch base with people in our ExpatConnect Insurance Group and get answers to whatever questions you may have. Don’t wait. Do it now!