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LIFE INSURANCE

LIFE INSURANCE

 
Old May 6th 2014, 12:18 pm
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Default LIFE INSURANCE

More than two-thirds of UAE residents don’t have a life insurance policy in place, while 80% haven’t taken out a critical illness cover, a latest survey has revealed.

The figures are part of the latest research conducted by International market research firm YouGov, surveying more than 1000 UAE residents across the seven Emirates.

The survey revealed that although UAE’s Asian expats are the leading buyers of life insurance coverage in the region, almost 50% of them do not have a life insurance policy in place.

Of the other nationalities polled, 45% of the Western expats said they have taken out a life insurance policy, while this number declined to as low as 18% among Arab expats and 11% among the Emiratis.

Overall, almost two-thirds (64%) of UAE residents are without a life insurance policy to support their family’s financial future in the event of death of the family’s breadwinner.

“What is most concerning about this survey is the finding that 60 per cent of people with children do not have life insurance,” said Andrew Oliver, Head of Propositions and life insurance expert at Zurich International Life.

The survey also revealed that two-thirds of UAE residents who have taken out a life insurance policy only have a maximum of two years income cover.

Zurich said that while the families of those not having a life insurance policy will not be paid out a cash lump sum, those with only two years of income cover will find the payout insufficient in the absence of the family’s primary salary earner.

Of the total number of UAE residents surveyed, only one in five (20%) said they have a critical illness cover in place.

Critical illness insurance helps cover the cost of medical treatment and replace lost earnings if the insured is diagnosed with any of the life-threatening medical conditions or permanent disabilities covered under the policy.

The survey revealed that Western expats were the most conscious of critical illness cover, with 30% of them having taken out the policy. Only 22% of Emirati nationals, 20% Asian expats, and 17% Arab expats said they had a critical illness cover in place.

The report highlights the fact that families can suffer from severe economic loss and financial burdens in the event of death or permanent disability of their primary salary earner. Andrew said, “Life insurance and critical illness cover provide solutions to help protect you and your family from the unexpected.”
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