Imagine receiving news that can totally change your life in an instant.
No one knows what is around the corner. No one knows what will go wrong in their life, when illness will hit, when a breadwinner will die.
You can’t know what will go wrong but you can plan for it. You can be prepared for when life takes a wrong turn.
In the past three months alone, I have some across two cases where a parent has become very, very seriously ill. Both in their 40s. Too ill to work, probably not for many years, if they even survive. They have young children.
Now both families are in trouble as they have expenses and no, or significantly reduced, income. The last thing they need is money problems on top of everything else.
You do not want to be in this situation. And you don’t need to be if you take steps now.
Procrastinating rather than protecting can have devastating consequences.
We can’t predict health problems, but we can make sure that you can manage financially. It makes for one less thing to worry about. One less big thing.
Taking out the right insurance life insurance and critical illness cover, is the caring thing to do for your family.
Did you know?
- The average age for suffering a heart attack in the UAE is just 45 years
- 1 in 3 men will be diagnosed with cancer at some point
- The average age for a critical illness claim in the UAE is 47 years
- The youngest claimant for critical illness in the UAE was aged just 29 years
Watch this short video for more information:
But I have good medical insurance
That’s good but it will only cover medical costs.
While your healthcare bills are covered by health insurance, day-to-day life expenses can get out of hand and often accumulate quickly.
Then add in the stress of possible lost income during your recovery.
What if you cannot work for two years? How do you manage then? What if you are unable to return to work in the future?
You also don’t want to totally deplete all savings and plunder your long-term investments as these are intended to fund retirement. Spending that will just lead to other problems.
Some other points:
- Your UAE/GCC employer can manage you out due to ill health after a period of time and that means your medical insurance ends.
- If you need to travel overseas for treatment, your medical insurance may not cover that cost.
- Gofundme requests are illegal in the UAE. Anyone sharing them here can get into serious trouble.
Money doesn’t magically make everything better but it does reduce a major worry
Losing a spouse is awful. Don’t make it even worse by leaving your family with money problems
No matter where you are in the GCC, get in touch for a chat about protecting yourself and protecting your family.
Serious topics, friendly conversations.
To arrange a discussion about critical illness cover, or any aspect of your personal financial planning, please email me at keren@holbornassets.com
Expert, qualified, professional advice on a range of issues including general financial planning, life and critical illness cover, investments and UK pensions, wills and inheritance tax planning, UK tax, offshore banking, citizenship programmes, currency transfers and more.
I write articles such as this one as part of the comprehensive personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, other media, and on the Facebook group British Expats Dubai.
Please take a look at the other useful articles on this website.
The information in this article does not constitute a recommendation.
