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
Friends Provident International (FPI) releases protection survey results for the fourth consecutive year
 
Dubai, UAE, September 25, 2018:  FPI's fourth annual protection survey results show that brand reputation and price have the greatest influence on people's decision to buy life and critical illness insurance in the UAE. These factors were considered more important than others, such as adviser recommendation, claim payment history and portability; which enables continuity of insurance coverage when relocating to another country. 
 
The survey, conducted in collaboration with market research and data analytics firm YouGov, polled more than 1,000 respondents. 40% of respondents said brand reputation of the insurer was the most important factor behind their decision to purchase life insurance, while another 30% cited affordability as their key consideration. Only 7% of respondents said that adviser recommendation was the most important factor in choosing insurance. 
 
The survey also showed that just under half (49%) of respondents have life cover and overall just 24% have cover against serious illness. Of the male respondents 28% claimed to have critical illness insurance (up from 25% in 2017) and only 19% of females (down from 24% last year) said they had this cover.
 
Of the 51% of respondents who said they did not have life cover, 36% said it was too expensive while 30% of respondents without cover were not familiar with the concept of life insurance. Another 39% said they were not familiar with critical illness insurance. 
 
Chris Divito, Managing Director, Middle East and Africa at FPI said: 
 
“Understanding the need for life and critical illness insurance, and selecting the right policy is crucial. I urge people to speak with a financial adviser, who will be able to help them to determine whether they need cover and the amount of cover they need. As the survey shows, there is a worrying lack of understanding around life and critical illness insurance and therefore people are likely to base their decisions on factors such as brand reputation of the insurer and price. While it is important to consider these aspects, a financial adviser is best placed to review a range of plans from different providers, and to help people choose a plan that is appropriate for their individual circumstances; and not just based on price and brand.”
 
Term insurance plans provide a payout in the event of death or serious illness of the policy holder before the plan's expiry date.
 
Such plans can provide a much-needed lifeline for a family if a breadwinner should die or become seriously ill and can be used as protection for a mortgage or loan, or to protect a business in the event an important employee passes away or becomes seriously ill.
 
Chris Divito commented:
 
“The importance of life and critical illness insurance cannot be over-stated – especially if people have family or loved ones who rely on them financially. In addition to providing your family with funds to cover everyday expenses, insurance can cover outstanding debts like a mortgage or credit cards that would need to be paid off if you become seriously ill or if you die.  
 
As the survey suggests, the common misconception is that life insurance is expensive, which is probably why so many people in the UAE delay taking out a policy. What people don't realise is that there are various options that work for every budget and financial situation. Financial advisers can work with you to determine how much cover your family would need to replace your lost income. For example, a 34-year-old, non-smoking male living in the UAE could secure life cover of USD250,000 for a plan term of 20 years, for a premium of just USD30.53 per month, on standard terms. 
 
A protection policy will ensure your children can continue their education and your family can lead the life you would have provided, even if you are not around to enjoy it with them.”



Posted by : GoDubai Editorial Team
Viewed 9199 times
Posted on : Tuesday, September 25, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : DIB's Double your Salary Promotion Brings Joy to more than 100 New Customers
Next Story : UAE Residents Should be Aware of the Circumstances in which Personal Bank Accounts can be Frozen
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
Tissot Introduces Chrono XL 3x3 Street Basketball Special Collection
Chloé Launches The New Cloud-shaped “rosie” Sunglasses
BYS COSMETICS Now in UAE
Max Mara Resort 2020 Collection
Saint Honore
Hackket's Bags of Style
Introducing the Swim and Beachwear Summer Collection from Marks & Spencer
VBQ-presskit-denim-70s Capsule
New Land Rover Defender Completes Tusk Testing to Support Lion Conservation in Kenya
Ministry of State for FNC Affairs Launches Forum Titled ‘Political Empowerment i...
Eberhard & Co. Alfa Romeo Limited Edition
OMEGA Rocket Engine - Introducing the Master Chronometer Calibre 3861
Natural and gentle haircare essentials for your little ones from Fifi & Friends'
Jaguar Land Rover & Bmw Group Announce Collaboration for Next Generation Electri...
Rado Captain Cook Automatic Limited Edition with travel case'
Kickstart your summer workout with Ibn Battuta Mall's free indoor family Fun Run
Vincitore Realty sells out 108 homes in the Dh375 million Benessere project in j...
UAE and Oman bodies sign MoU to jointly promote Internal Auditing
Britain's Greatest Test Driver, Norman Dewis Obe, Passes Away
The Gucci Runway Makeup Looks for Cruise 2020
Certina DS PH200M collection'
The Economic Times recognizes Malabar Gold & Diamonds as one of the Best Brands 2019
Electricity Most Searched Fuel Energy Term Online in UAE
Sony World Photography Awards Reveals New Categories for 2020 and Latest Sony Gr...
Aston Martin Produces First Cars at St Athan
Historic Opening of Coca-cola Arena Gets the Seal of Approval From Thousands of Fans
ZAAM Launches a spin on their iconic Polyhedron bag
Jennifer Lopez in Ralph Lauren
Backseat battles: kids driving their parents to distraction – and danger on the ...
The SS19 Exclusive Edit From Etoile “La Boutique''
Choose the perfect fragrance this Father's Day with Rasasi
BMW Group and Jaguar Land Rover announce collaboration for next-generation elect...
CEO of Etihad ESCO, Ali Al Jassim's Statement on World Environment Day 2019
Empower launches summer campaign to reduce district cooling consumption for the ...
The Chaumet Garden of Earthly Delights
Sharjah Chamber to Take Part in the 11th Edition of the World Chambers Congress ...
Jaquet Droz Unveils Its 2019 Novelties at Dubai Mall
Happy Father's Day with Tonda 1950 Skeleton
Dubai Cares supports 3-year teacher training program in Ghana to boost early chi...
Dp World, UAE Region's Strategic Solutions Boost the Automotive Sector
Dan Martin Returns to the Road to Lead UAE Team Emirates at the Criterium Du Dauphine
Resolution: Airlines Urge Governments to Adhere to Global Slot Allocation Guidelines
Team Abu Dhabi award Cappellini new long-term contract
Ibn Battuta Mall Eid Al Fitr Celebrations
Constructsteel Conference to take place in the Middle East for the first time
Emirates NBD highlights commitment to preserving marine biodiversity on World Oc...
Long-term visa granted to Dr. Azad Moopen & wife
Turkish Airlines added Strasbourg to the list of its destinations in France
Lukoil Marine Lubricants strengthens its collaboration with KOTC
Celebrate Father's Day with Marks & Spencer