The Friends Provident International (FPI) survey conducted in 2016 revealed that 58% of the respondents do not have life insurance in UAE. Also known as life and critical cover, females were even less likely to have it as compared to men!
The main reason cited by the respondents for not opting for life insurance is that it is too expensive. In UAE, only basic health insurance in mandatory for every resident of the country, hence, more than half the population does not opt for life insurance.
However, in these catastrophic timings, a little extra money spent on life insurance is invaluable for you and your loved ones. Some reasons to definitely opt for life and critical insurance are:
To protect your loved ones
If you are the sole bread earner of your family, then opting for life insurance should be your priority. This will ensure that your family be payed a fixed amount even if you pass away.
A type of inheritance
Even if you have not been able to pass on other assets to your children, life insurance is a form of inheritance that can be provided to your children after your demise if you name them as beneficiaries.
It is good to ensure in your livelihood that your children’s education and marriages will be covered should you not be alive to oversee these important milestones yourself.
Unforeseen major illnesses
With life threatening illnesses on the high requiring thousands if not millions of dollars, you should play it safe by availing life and critical cover. In such a case, even illnesses like cancer and its treatment and chemo will be fully covered. If in such times you are without insurance, you may not be able to afford a good treatment for yourself and your loved ones.
Peace of mind
Buying a life insurance definitely gives one peace of mind knowing that there is some form of support for their family even if something happens to them.