GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Average Age of Critical Illness Claimant in the Middle East is 48, with Youngest Child Claimant just 4-Years-Old;
76% of UAE Residents ‘Underinsured' for Critical Illness: Industry Report
“Many clients are coming to us too late,” warns Region's Largest Independent Financial Advisor

Dubai, UAE, March 13, 2017: There is no doubt the emotional and physical burden patients face when diagnosed with a chronic disease or terminal illness, however financial strains can often exacerbate an already debilitating situation for both patients and their loved ones.

“How will I cover my treatment and rehabilitation costs? What will happen to my family if I need to leave work? Who will cover their basic living expenses? These are questions patients sadly often have to face while already trying to cope with the emotional, mental, and physical tribulations of chronic illness,” said SS Raju, personal finance expert at the region's largest independent financial advisor, Nexus Group.

“Instead of focusing on their health and wellbeing, patients find themselves worrying about their families' financial security – and that is especially the case when the patient is the breadwinner in the family.”

Recent figures from insurance giant Zurich International Life show that cancer (44%) and heart disease (41%) account for the majority of critical illness claims in the UAE. Across the Middle East, the average age of a critical illness claimant is 48, with the youngest child claimant just 4-years-old.

Unlike medical insurance, a critical illness plan pays the policyholder a lump sum amount in the event he or she is diagnosed with a life-threatening illness. The policy covers more than 30 medical conditions, including cancer, heart attack, kidney failure, stroke, as well as third degree burns, blindness, deafness, and loss of speech. How patients then choose to use that money is up to them, whether it is replacing a loss in income (due to decreased ability to earn), paying for hidden healthcare costs (such as physiotherapy or speech and language therapy), financing a change in lifestyle (such as home modifications for wheel chair access), or paying repatriation costs.

“Due to advances in medicine, more people are living longer and surviving chronic diseases. Adding critical illness cover to a life insurance policy is a cost-effective way to supplement a loss of income, should someone be unable to work during treatment and recovery,” explains Raju.

However, experts warn that chronically ill patients in the UAE and across the Middle East are seeking critical illness protection too late, and, as a result, are putting themselves in “avoidable” financial jeopardy. According to recent figures from Zurich International Life, more than three-quarters (76%) of UAE residents are underinsured and 85% of women are not covered for critical illness.

“Although we are definitely seeing greater awareness in the region, this awareness is not necessarily translating into action. Many patients are coming to us too late, after their illness has already progressed, and therefore insurance companies reject the cover based on the existing status of the patient's health,” says Raju. “More needs to be done to make people secure the cover while they could.”

And with the rising rates of chronic diseases across the region, the earlier a person signs up for critical illness cover, the better. Studies show that diabetes and obesity are two of the leading causes of vascular diseases, including heart attacks and strokes.

Figures from the International Diabetes Federation put the number of people living with diabetes in the MENA region at more than 35 million, with that number expected to rise to 72 million by 2040. More than 40% of these cases have not been diagnosed and are at risk of developing harmful and costly complications. Moreover, diabetes caused 342,000 deaths in 2015. Of those, more than half (51.3%) were people under the age of 60.

And the figures for obesity do not look anymore promising – according to BMI Research, more than two-thirds of MENA countries posted overweight and obesity prevalence rates of more than 50% for both men and women.

In addition to securing cover, investing early in a critical illness plan will maximize the value of the cover while keeping the premium exceptionally low. Data from Nexus Group shows that the monthly premium for a 40-year-old non-smoker securing a USD $500,000 term insurance cover until age 65 could be as little as USD $250. Meanwhile, securing the same cover at age 30 could be just USD $150 per month.

Clients can also choose to pay the premium in a limited period (5 years or more) and secure a whole-life cover together with life insurance. However, the premium will be slightly higher than the term insurance option. The maximum amount of cover one can obtain in the UAE market is USD $1.25 million.
A common misconception about critical illness is that making a claim is a tedious process and insurance companies often do not pay. However, figures from Zurich International Life show that 87% of claims in the Middle East were successfully paid out between 2013 and 2015.

“The process is fairly simple,” explains Raju. “Upon diagnosis of a life threatening critical illness, all the insurance provider requires is a doctor's certificate and related test results. In majority of cases, we receive claim amounts in as little as three working days. Sometimes the insurance company may need more information from the client's personal physician, which may cause a slight delay, but most times it is a seamless process.”

Another common misconception, explains Raju, is that having a medical insurance policy offers adequate cover, when in fact, there may be many limitations, ranging from a cap for treatment costs to the exclusion of more advanced and investigative procedures.

“The last thing you or your family wants to worry about at a time like this is expenses,” concluded Raju. “All your energy should be channelled towards getting better. Ultimately, what you are investing in is your peace of mind.”

Medical conditions covered by Critical Illness insurance include, but are not limited to:

  1. Heart Attack
  2. Coronary Artery Disease Surgery
  3. Cancer
  4. Stroke
  5. Renal Failure
  6. Major Organ Transplant
  7. Multiple Sclerosis
  8. Any other Terminal Disease
  9. Aortic Graft Surgery
  10. Benign Brain Tumour
  11. Heart Valve Replacement or Repair
  12. Motor Neurone Disease
  13. Parkinson's Disease
  14. Third Degree Burns
  15. Alzheimer's Disease
  16. Blindness, deafness, and loss of speech



Posted by : GoDubai Editorial Team
Viewed 11273 times
Posted on : Monday, March 13, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Ministry of Health & Prevention confirms that the medicine Flumox is not available in UAE and warns ...
Next Story : UAE Minister of Health and Prevention meets with Dutch Ambassador to strengthen health cooperation i...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
SOUQ.com to Launch Half a Million Deals for White Friday 2017
Give the Gift of Beautiful Hair with SHOW Beauty
PLAY FOR PEACE, Spread Good Vibes this Christmas
Roja Parfums ELYSIUM - Now available at Paris Gallery in UAE
Runway Dubai Wrapped up an inspiring star studded event with iconic designer, Wa...
FOREO: Futuristic Gifting Ideas
Six pairs of Emirati siblings marched together at Skyline's 27th Graduation Ceremony
Infinix Launches Zero 5 in Dubai in Partnership with Souq.com
Santa Claus is coming to town on a festive Graham Chronofighter Vintage Nose Art Ltd
Stylish automatics from CITIZEN made for the special occasion
Alpha Assured Assistance (AAA) Loyalty Program to ramp up loyalty landscape in t...
Tub Of Butter Celebrates First Birthday with 1 Dhs Coffee
SOUQ ramps up operations ahead of White Friday Sale
SAINT HONORE Celebrates the UAE's 46th National Day with a Limited Edition Hauss...
Experience the best of Korean beauty with Missha
Make Room for Play and Celebration With IKEA During Dubai Design Week
Dubai RAK Diabetes Center launches Dhs 1 Diabetes screening for residents
50 Years of Puma Suede: PUMA Brings It for the Culture With the B-boy Pack
Dubai Shines as Global Industry Descends on Vod Dubai International Jewellery Show
Godiva Arabia opens its 17th branch in the UAE
Premium Beverages Maker Hielo Beverages India Forays into Dubai(UAE)
H.H. Sheikh Hamdan bin Zayed Al Nahyan Tours the Barakah Nuclear Energy Plant
Chattels & More returns to Downtown Design showcasing limited edition pieces whi...
Toyota goes Xtreme with Land Cruiser, FJ Cruiser and Fortuner
Dubai Sports Council Championship for Football Academies set for a “bigger and b...
Dubai Festival City Reveals Highlights of the Dubai Fitness Challenge Closing Ce...
Wataniya Airways to add 25 A320neo Family aircraft
Fashion Forum by College of Fashion Design (CFD)
Dubai Customs' Smart Refund initiative to the finals of “Smart Government” program
Better Life launches new retail strategy focused on kitchen appliances
ADFD, IRENA Open New Round of Funding for Renewable Energy Projects in Developin...
Schneider Electric at ADIPEC 2017: Real-time Data to Revolutionise Oil and Gas I...
ADSB successfully expands into oil and gas industry despite low oil prices
Non-Muslims to secure inheritance distribution through RAK ICC registered Wills
Dubai non-oil foreign trade increases by 13% year-on-year in the third quarter o...
New Intelligent Huawei Phone Wows UAE's Most Stylish at Arab Fashion Week
Khalifa University Showcases Research Projects in Oil and Gas Sector at ADIPEC 2017
2XL captures the essence of vintage living with Prague Sofa set
Steel Alliance Against Counterfeiting: “Risks posed by counterfeiting put the wh...
Schneider Electric at ADIPEC 2017: Real-time Data to Revolutionise Oil and Gas I...
Augmented Reality safety glasses eye Middle East debut at Intersec 2018
Quantum Eurostar to implement the largest ESCO project in the UAE leisure and en...
Aston Martin at the 2017 Dubai International Motor Show
Lexus launches reimagined flagship, all-new 'LS' in the UAE
HUAWEI Mate 10 Pro arrives in the UAE to begin new era of Intelligent Smartphones
Pure Health adopts latest SAP solutions
2018 Camry Hybrid Electric Vehicle makes appearance at the 2017 Dubai Internatio...
Huawei Unveils Proactive Security System at RSA 2017 Abu Dhabi to Build a Road t...
Successful Debut for VOD Dubai International Jewellery Show
Ministry of Education Partners With British Agency to Uphold Quality Assurance i...