Blog

6 reasons why you can count on life insurance

Jason Waldron - Protection Specialist

Nobody likes thinking about their own mortality or being affected by a serious disease. Let alone thinking about it occurring to a loved one. But when you consider the compelling facts from Zurich’s latest Customer Benefits Paid Report, it’s hard to ignore the benefits that protection brings, particularly when it’s considered early and sufficiently.

Heart attack and stroke are the topmost health risk.

Cancer is the second leading cause of death.

Accidents are the third highest cause.

Source: Customer Benefits Insights, 2020 – Zurich International Life Middle East

1 ITS VALUE FOR MONEY

Let’s take a non-insurance example of a monthly outgoing expense such as your Salik gate road toll which averages AED100 (USD27). How much do we think life insurance costs? When people were asked to estimate, they assumed the cost of life insurance was 3 to 4 times** what it actually is. That's like thinking monthly road tolls cost AED400. For the record, for USD30 (AED110) a month, you could get life cover of USD100,000 with one of our simple protection plans, a reasonable request to help you or your family cope smoothly through a more critical gateway.
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2 PROTECTS YOUR DREAMS

Be it giving your children the best education or securing the home of your dreams, your life goals are non-negotiable. A needs-based protection plan can provide your family with the financial security to achieve these goals without impacting their lifestyle needs adversely.

CONTROLLABLES

3EMBRACES THE UNEXPECTED

CONTROLLABLES

Looking at our latest Customer Benefits Paid report, the average age of our customers who claimed under critical illness benefit is 49 years and under life benefits is 51 years – hardly old by any stretch of the imagination. Life insurance premium rises as you get older, so if you want to save some money on your life insurance, you should consider getting insured as early as possible. As per the report, the nature of road accidents is sudden, shocking and does not discriminate at all in terms of age. It makes a strong point that procrastination to take some life insurance, can be an incredibly costly one.

4 LETS YOU HEAL WITH EASE AND COMFORT

While life insurance is the more popular type of cover, the power of critical illness insurance cannot be underestimated whether you are single or have dependents. With critical illness cover, you can make sure that you (or your family members) have an income stream when you’re away from work or have additional expenses to manage such as travel or professional help at home. 90% of our claims were paid within three days of receiving the requested documentation, a powerful reassurance that the payment will be made promptly at that sensitive time.

FINANCIALLY

5 PROMOTES AWARENESS

CONTROLLABLES

Our 2020 Zurich Customer Benefits Paid report helps put to bed rhetoric around the value of taking out insurance policies: ‘’If I eat healthy and exercise frequently, I won’t die young. I’ll get life insurance when I’m really old,” or “If I keep my smoking to under a pack a month, the chances of getting lung cancer are minimal.” These are clearly addressed in our 2020 customer benefits that highlight both the prevalence of critical illness striking and the relatively young age of our customers affected by these. Clearly, the decision to buy life insurance is something that most people need to be prompted into, through the power of knowledge.

6 PEACE OF MIND WHEN IT MATTERS MOST

The truth is though, life insurance is more than age, levels or benefits. It’s about the people you care about. It's pretty simple - the people who depend on you will be better off if you have life insurance. You will have the peace of mind of leaving behind an ongoing income and legacy that can transcend generations, giving your grandchildren and beyond, the best start in life after you are gone.

FINANCIALLY

As an insurance company we have a social responsibility to draw attention to the massive ‘under insurance’ this kind of behaviour and thinking can drive out. When you put the under insurance we see – people not having enough or any life insurance – next to the experience we have in paying customer benefits we start to see an alarming picture forming. Our 2020 Customer Benefits Paid Report discloses key health risks, trends and considerations in the region. Having paid over USD 110 million in customer benefits, you can rely on us to be #ReadyForLife.