UAE : Are You Protected Against Unexpected Eventualties ?

Feb 20, 2011

Following the recent successful workshop that was organized by KEL on ‘The Importance of Wills for Expats in the UAE’, I thought it might be fruitful, if I shared some basic knowledge on the essence and need to protect yourself from your financial debts and liabilities in the case of an unexpected event.

For any individual, certain events are imminent.  Prime examples of such unavoidable events are illness, disability and untimely death. Not many people stop to consider the debilitating effect of such unexpected events on the family’s finances and lifestyle; and unfortunately the importance of appropriate protection is realized only once you are faced with this tough situation.

While it is clearly obvious that the risks of illness, disability and death cannot be totally mitigated, implementing the appropriate measures can help to reduce their financial implications.

As one of the primary breadwinners of the family, your ability to earn is perhaps your most valuable asset. Therefore, investing in a suitable life insurance plan will not only ensure the long-term security of your loved ones, but will also give you complete peace of mind knowing fully that you have covered yourself for such eventualities.

When we talk of “protection”, we are essentially referring to the need for hedging against one’s liabilities. These liabilities range from personal loans, credit card bills or money borrowed from friends or potential liabilities such as school fees, weddings or other family commitments.

While insurance is primarily used to address the eventualities of untimely death or disability that is caused due to an unforeseen accident or illness, one can also find policies that can protect one from the financial burden that comes from losing one’s regular income and/or having to treat a serious long-term critical illness. Insurance policies are also available to cover the cost of medical treatment for both minor as well as major illnesses; something that many consider very essential in today’s day of ever-increasing medical costs.

With so many insurance companies and brokers in the market today, one will often find one’s self hounded by over-eager salesmen, who do not bother to understand your needs, but are often keen to sell you the product that will earn them the highest commission.  As someone who has spent several decades in the insurance industry, it is my advice to those of you interested in ‘protection policies’ first discuss your requirements in detail with an independent advisor, ensuring that the product/plan being recommended to you, is indeed, the one you want and need.

Hence it is important for you to educate yourself on what is available to derive at what will fit you the best.  KEL is organizing an event on 23rd February to provide a platform for such education and networking.  If interested, kindly register and attend this event. 

by Albert Rodrigues - Dubai
About the Author:
Mr. Albert Rodrigues is the Managing Director – Millennium Insurance Brokers L.L.C. and immediate Past President of KEL, Dubai. He has served for over three decades in the Insurance industry in the UAE handling various products from General Insurance to Personal and Health Insurance.

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Comment on this article

  • Edmund Pereira, Mangalore/Toronto

    Mon, Feb 21 2011

    Excellent article and initiative. Wishing you success in all your endeavours.

  • mcshetty, Bangalore/Sharjah

    Sun, Feb 20 2011

    I am delighted to know that our KEL planning to hold this seminar to educate the people how to protet their future against the personal finacial crisis due to sudden disability or dealth of the bread winner.I have been in this field for the past 3 decades and often find people have least priority in discussing this important topic and hope this opportunity will be utilised positively.

  • Veronica Alva, Udupi/Dubai

    Sun, Feb 20 2011

    Indeed a very good move from KEL.I appreciate that.This will surely help people to know how to safeguard their retirement when they still living and also loved one's future in their absence.A must attend session.
    Best wishes

  • Sunil, mangalore

    Sun, Feb 20 2011

    ONLY 6% of Indian population is insured & only 2% is adequately insured in India. Most of us have Housing loan..but do you know that the insurance what the bank offers along with the loan is only for the building & NOT FOR LIFE. It means death occurs the EMIs have to be paid. So kindly cover your loan with a term loan.
    Now THE GOOD NEWS is all ULIP plans are customer friendly with less than 4% charges. All commissions for advisors has been REDUCED from 40% to just 5%. Thats why no agent is selling you a ULIP plan. I dont have the stats for health insurance. But it cost less than a dinner for 4 in a restaurant for a health cover of Rs. 1 Lac per person. A 2 days visit to a hospital will cost you min Rs. 20K
    Think about it.....

  • B.G.Mohandas, Manipal/ Dubai

    Sat, Feb 19 2011

    As Non Residents it is important for us to educate ourselves on how to protect ourselves in changing health care facilities availbale in the Emirates.

    Gone are those days where in we were covered in emergencies due to the free availability of services in Govt Hospitals. The increase in prices of Health Care facilities available in the Pvt Hospitals makes it more essential that we know in detail of how to protect ourselves.

    On the otherhand, we face liabilities range from personal loans, credit card bills or money borrowed from friends etc as mentioned above.

    I appreciate & welcome this session by KEL.

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