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How are you protecting tomorrow, today?
We know what it’s like – the feeling you get when you live life in a new country.
There’s so much to take in. The view from your bedroom window, the sounds coming from the street below, the colours, the tastes, the smells.
You’ve got plenty to think about when you’ve embarked on an adventure like this.
‘How will I make this place feel like home?’
‘Will my family feel settled here?’
‘How will the kids find their new school?’
What happens when things take a turn for the unexpected? What if you lost your job, or fell ill and are out of work for a lengthy period? What if your partner is injured in an accident and needs you to take care of them?
How will your family manage?
Nobody wants to think about these kinds of scenarios, but injury and illness are part of life. Whether you’re just about to make your life-changing move, or you’re settled in your new home, it’s always a good time to have the conversation and plan how you want to protect your lifestyle and your loved ones’ future.
1 in 5 people’s saving would only last a single month if they were unable to work [source, country, is this a global stat?
Despite this, in the UAE for example, 75% of people do not have provisions1 in place to protect their income against unexpected illness, or even death.
Are expats particularly at risk?
It has been shown that expats are more likely to insure their health than make financial provisions for unexpected events in the future, such as an inability to work due to illness/injury.
In fact, just 33% of health insurance customers2 also had life and/or income protection insurance. This is in contrast to 70% of life and income protection customers who also have health insurance in place.
A focus on immediate health concerns, at the expense of long-term planning for an untimely death or protracted workplace absence, can therefore mean many expats remain unprepared.
Life and income protection customers – 77% have health insurance
Health insurance customers – just 33% have life and income protection
Reducing the burden on your family
The loss of a loved one is an emotional time – and there will be a lot to deal with.
This might include, registering the death, repatriation of remains, funeral arrangements, administration of wills, accessing bank accounts and investments, and continued mortgage and rent payments.
While you cannot eliminate a lot of this distress, you can remove some of the burdens associated with an untimely passing.
Life insurance could help your family to remain financially secure and receive the help they may need and protect the legacy you have built for them.
5 questions to ask yourself:
- How long are you considering staying abroad?
- What are your career plans?
- What contingencies do you have in place should something unexpected happen?
- How will your family be looked after in your absence?
- What practical challenges might your family face if the worst should happen? How might this be made more difficult by being overseas? What could you do to protect your family’s lifestyle?
Start planning today
Moving and living abroad is exciting. A little planning will go a long way to help secure the best future for you and your family. It is our opinion that protection against unexpected events is an important item to put on your list. Make sure any arrangements you make reflect your unique lifestyle and needs and that they are flexible enough to work with you and your family, wherever life takes you.
The information provided in this article is designed as a guide and reference point to what you might expect in Dubai. Please be sure to check any information with local Dubai authorities to ensure information is valid and timely.