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Critical Illness and Life Cover in the GCC

Financial Adviser Jack Reed speaks about the importance of critical illness & life cover in GCC:

All too often, I hear, “It’s an unnecessary expense”, “My employer fully covers me,” or “I’m too young to be worried about that yet,” and rarely are those statements ever entirely true. If the worst were to happen, would your husband, wife, or children have the financial resources needed to repatriate and settle back into life in the UK? With the ever-rising cost of living in the UK, I would argue that more people don’t have the coverage they should, and this gap is only increasing!

As professionals and expatriates working in the Gulf Cooperation Council (GCC) countries, we strive to make the most of our careers and pursue financial security. It’s no secret that a significant advantage of coming to the GCC to work is accumulating savings and investments before returning to the UK! But in this pursuit, it is crucial to acknowledge the potential risks and uncertainties that can arise while living and working abroad. Accruing a healthy nest egg is ‘check’. Earning and protecting it is ‘checkmate’.

Here are seven compelling reasons to check what provisions you currently have in place.

Check VS Checkmate

Understanding Critical Illness Cover

Critical illness cover provides a financial safety net for policyholders and their families in the event of a grave medical condition diagnosis such as cancer, heart attack, stroke, or organ failure. While advanced medical facilities are in the GCC, treatment and specialised care costs can be significant. Critical illness coverage ensures that individuals can access the best medical care without compromising their financial stability.

Rising Incidence of Lifestyle Diseases

The GCC region is witnessing an alarming rise in lifestyle diseases due to factors such as sedentary lifestyles, limited physical activity, and an abundance of unhealthy food choices. Conditions such as diabetes and cardiovascular diseases have become prevalent among the population. Critical illness cover offers individuals financial support in maintaining their quality of life and alleviating the burden on their families during treatment and recovery.

Medical Treatment Costs

The cost of medical treatment in the GCC is considerably high, especially for complex procedures and specialised consultations. Even with access to quality healthcare, medical expenses can quickly deplete accumulated savings and investments. Critical illness cover provides a much-needed financial cushion, covering medical bills, rehabilitation costs, and any related expenses, allowing individuals to focus on recuperation and their well-being.

Supporting Dependents

Working in the GCC often means providing for dependents, whether immediate family members or elderly parents. In the unfortunate event of premature death, life cover ensures that financial support continues for the beneficiaries, replacing lost income, repaying debts, and funding education, among other expenses. This coverage allows loved ones to maintain their standard of living and future aspirations.

The Transient Nature of Expat Life

Many expatriates in the GCC are not permanent residents and may eventually return to their home countries. Therefore, it is essential to consider the global coverage provided by critical illness and life cover policies. This ensures continuity of coverage regardless of changes in employment or residence, offering peace of mind both during the expatriate years and beyond.

Psychological Well-being and Peace of Mind

Living and working abroad can bring its share of stress and uncertainties. Possessing adequate critical illness and life cover promotes psychological well-being, relieving individuals of the fear of financial insecurity during difficult times. With the assurance of comprehensive coverage, individuals can focus on their professional growth and personal development, creating a sense of peace and balance.

Tailoring Insurance Solutions

By considering your individual circumstances, financial goals, and budget, we can guide you towards comprehensive coverage options that align with your long-term financial strategies while giving you complete peace of mind that should the worst happen, your family is protected financially.

Critical illness cover and life cover are indispensable components of a well-rounded wealth management plan for individuals and families working in the GCC. Protecting your financial security and ensuring the well-being of dependents should be considered as vital as investment opportunities and wealth accumulation. By recognising the importance of insurance coverage, we aim to enhance the financial well-being of our clients and contribute to a secure and prosperous future in the GCC.

If you find yourself reading this and wondering what your options are or what you might need moving forward, please contact us today.

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Jack Reed

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