The New Year is well and truly upon us and it’s time to commit to those resolutions that we began 2019 with. I am proud to announce a brand new initiative designed to help us achieve our resolution of supporting financial literacy in the region. Welcome to Zurich IQ! This is the first in a series of blogs from our experts here at Zurich Middle East. Every month we will bring you information on saving, investing, insurance, financial planning and market leading innovation. Make sure you join our LinkedIn community and be alerted to new blog articles as and when they are released.
As 2019 starts to unfold, I encourage you to set up your New Year’s financial resolution. Look ahead and not just at 2019. Start with defining both your long term and short term financial goals, then prioritise and set a clear path ahead. A financial goal written down into steps becomes a plan, and a plan followed through with action can become a reality.
Take stock of your protection and savings needs and understand whether what you have is enough for the future you envisage for you and your family. Use our online tools and guides to better understand what you need, talk to your financial adviser and set up your resolutions accordingly.
A recent survey has revealed some startling statistics - only 49% of UAE residents have some form of life insurance cover. Combine this with our claims statistics which show that the average age of critical illness claimants is 48 and we get a clear picture of what we call the protection gap – the great divide between what our community needs and what they have currently. If you have debt or dependents that rely on your support, you need to consider taking out life cover. If you have life insurance, do your math and work out if what you have is enough. As managing risk is a big part of any financial plan, review your protection needs in your resolution to do list and set up action plans with your finance consultant.
To make your aspirations a reality, incorporate a savings strategy into your New Year’s resolution. Consider your viable options, stay ahead of inflation and other financial uncertainties and ensure that your savings yield you real value in the long run. Consult your financial professional to review your short and long term goals, choose your savings plan, stay committed to your goals and stick to the plan.
Our customers come first. We are committed to listening and communicating more, and providing information to help you stay informed and make better financial decisions. We will share financial information and insights on Zurich IQ – hope to find you here!