... because medical insurance only pays the hospital bills - what about everything else?
As an expat living in the Middle East, you are likely already covered by medical insurance. However, have you considered the impact of a serious illness or accident on you and your family's finances?
Protecting what matters
Nobody likes to think about the possibility of suffering from ill health. However, you need to consider the financial consequences of surviving a serious illness or accident.
With advancements in medicine, we now live in a world where suffering a critical illness such as a heart attack, stroke, or being diagnosed with cancer, whilst being a life changing event - may not necessarily be a life-ending one.
Perhaps you need surgery, or a course of treatment such as chemotherapy or radiotherapy, or an prolonged period of recovery at home.
How will you pay the bills?
The majority of people couldn't survive financially more than 3 months
In a 2021 survey carried out by YouGov, of more than 1000 respondents in UAE, 57% of people wouldn't be able to survive financially for more than three months if they contracted a critical illness requiring them to leave their jobs.
If you became seriously ill and lost your job, for how many months could you survive financially?
Moreoever, from our own research, customers tell us that even though they may have enough reserves to last more than six or twelve months, they definitely don't want to be forced to burn through their retirement savings.
The Purpose of Critical Illness Cover
Critical Illness Cover (CIC) pays out a lump sum if the person insured is diagnosed with one of a defined list of critical illnesses, disablements or medical interventions. These are for example: major cancers, heart attack, coronary artery by-pass surgery, stroke, Parkinson’s disease, and blindness, amongst others.
CIC is not designed specifically to cover costs of medical treatment - that’s the purpose of health insurance.
The objective of CIC is to provide a lump sum to
- soften the financial impact of the life changes that must be made when trying to cope with a major illness, and
- ensure adequate funds to cover loss of income during treatment and recovery.
A Cash Lump Sum to Pay Off Debts and Cover Income Needs while you Reset your Life
This could be, for example, the cost of repatriation, the cost of changes to family living arrangements, enough to support school fees, mortgage etc., while you cannot work, the cost of an attendant carer and/or housekeeper, a sum to cover general lost income, or to pay off debts.
For single people with no family or responsibilities, life insurance is hardly important. But critical illness cover could be essential. If you get hit with a serious illness, who is going to look after you, and what will be financial impact on their lives as well as yours?
To get started, and find out how cost-effective critical illness cover can be for you personally, please click below.
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