You’ve checked-in to a healthy, sun-kissed lifestyle here in the UAE. Life insurance is probably the last thing on your mind.
And so it should be – providing you have it.
It doesn’t matter who you are or what you do, you need life insurance to give your loved ones financial support in the event of your death. By taking out a policy, you are not tempting fate. Rather, you are granting yourself peace-of-mind in the knowledge that your family will be provided with financial security, should the worst happen.
Unfortunately for 70% of couples, that financial security does not exist, according to insurance provider Royal London.
Who should you be protecting?
If you are unsure whether you need life insurance, ask yourself if someone you love will suffer without your income support?
One of the biggest misconceptions seen here at Globaleye is that people believe they don’t need to worry about life insurance until they are married or have children. This is not the case. Things like funeral costs, car loans, credit card balances, rent and household bills can very suddenly cause financial hardship for family members who are also trying to come to terms with grief.
To give you an idea on your insurability, take a look and see if you fall into any of these categories:
"I’m young and single. I don’t need insurance"
Think about whether it is important for you to provide support for your aging parents, or perhaps a sibling with special needs. Do you have significant debts that may cause problems for loved ones?
Being young, single and in peak health with a good family history pays dividends for your insurability.
"I’m a stay-at-home parent with no salary"
Just because you don’t bring a salary to the table does not mean you don’t make a vital financial contribution towards the family. The duties of being a child-carer, chauffeur, cook and housekeeper add up to a significant value. Insuring your family’s caregiver may help to preserve your quality-of-life at home.
"I have life insurance with my employer"
Some employers grant life insurance equal to two or more years’ annual salary. Unless you are single with no dependents, it is important to ask yourself if this is enough to care for your family’s future.
"I’ll be gone. I won’t care."
The reason you need to insure your life is to protect your legacy, and to make sure your life’s work has not been in vain. Ask yourself if your family can maintain their lifestyle without you? Can they pay the mortgage without you? Can your children attend college without you?
There is no ‘one-size-fits-all’ solution to life cover but you can learn more about personal insurance by using our online tools.
Alternatively, we are happy to discuss the options available to you.