Ahmed and Fatima (names changed to protect confidentiality) signed up for critical illness and term life insurance. They were in their 50’s at the time and in good health. Several years later Ahmed was diagnosed with early onset Alzheimer’s disease at the age of 59. With his particular policy, Alzheimer’s disease was covered if diagnosed before the age of 65. The paper work was submitted and after about 6 weeks they received the lump sum payment for Ahmed. Fatima could not afford to stop working, so she used the lump sum to pay a friend to care for Ahmed during the day so she could work. This was a challenging transition for both Fatima and Ahmed, but with the insurance pay out it made the transition much more manageable.
Emily and Dave (names have been changed for confidentiality) live in Dubai. One day their good friend Chris is walking in a parking garage when a reckless driver hits him and he is killed. After hearing the news of Chris, Emily and Dave are heartbroken over the loss of their friend. They start to wonder what would happen to their family if a similar situation happened to Dave, who is the sole income earner for the family. Dave and Emily approached our team about different options to address this potential risk, and after examining their situation we recommended a suitable term life insurance policy to give them the protection and peace of mind they wanted.
Thousands of years ago when a family had a loss, such as their farm being destroyed due to natural disaster, communities were close-knit and everyone helped out. As society became more depersonalised with the development of modern economies, how would individuals manage the loss of a severe catastrophe?
The Insurance Authority of the UAE recently announced that it will be moving ahead with a major overhaul in the regulation of life insurance and family takaful products in the UAE. Exactly when this will take place? We don’t know, but it is indeed coming.