Who takes care of your family if you can’t?
It is fair to say most of us go through life with a healthy disregard of illnesses we can contract and injuries we can suffer. Instead, we tend to focus on things that are happening ‘right now’ and the future. Sadly, not having a contingency plan in place is a mistake. This post provides sound and concrete reasons why having life and critical illness cover is essential.
Protecting Family Income
The fact is should you fall victim to illness or injury your life and your family’s life will turn upside down. From medical treatment to rehabilitation, life as you know it will never be the same again. Your income will vanish, and you will be left with mounting bills.
Consider a few facts:
Around 40 million people in the MENA region suffer with diabetes in 2015.* Obesity levels in the region are at dangerous levels with half the population being overweight according to Middle East Health in 2014.
Cancer, cardiovascular disease and injuries, mostly road traffic accidents accounted for:
- 51% of deaths in Bahrain
- 65% of deaths in Qatar
- 66% in the UAE
(Figures from the World Health Organisation 2014)
Coping with death or suffering in a family is hard enough. It is considerably compounded by loss of income. As we can see the death rates from illness and injury are high.
Loss of Quality of Life
If you have not underpinned your income through life and critical illness cover, then your family is in for a shock. Not only have they lost you in some capacity, but they also have lost at least one half of the family income, in all probability all of it.
If you were based in your own country this would be bad enough, but not having the support as an expat family will make this even worse. A loss in quality of life is sure to follow, from education to presents on birthdays and Christmas.
You’re never too Young
The perception is that critical illness happens to us when we are older, after retirement. A leading insurance company recently revealed the following statistics that will make you think twice:
- Average age of a critical illness cover claimant is 47
- Average age of a life cover claimant is 51
- Youngest critical illness cover claimant is 20
- Youngest life cover claimant is 23
- Youngest critical illness child claimant is 4
How do I prepare for the Unknown?
With all the products on the market it is hard to make sense of whether you are getting value for money and what you policy includes and excludes. This is where my award winning financial know-how can help.
I am an award winning financial planner and can help you make sense of the market, choose the right products to protect you and your family, and give you the peace of mind knowing that you are protecting your family should the worse happen.
*International Diabetes Federation