Often high priority at home, expat insurance is probably a complete after thought when living abroad.
Infact the absence of cold calls on your home phone selling every type of insurance you can imagine has probably not even occurred to you since setting up life in the UAE.
The absence of there annoying calls however, does not alter the importance planning for the worst and the setting up some kind of safety net for the future.
Listed as number 3 in the Holborn Assets (licensed by the Federal Insurance Authority & the UAE Ministry of Economy) top 5 financial tips for UAE expats is Expat Insurance.
"Many people do not think twice about insuring their home or their car, but personal cover is equally, if not more important, and often not prioritized.
There are no social services or state benefits for expats in the UAE. If you die, are severely injured or develop a critical illness, what will happen tomorrow?
Most likely you will have to repatriate, and definitely you will need to provide an income for yourself or your family.
The only two ways to generate income are from work and investments.
If you don’t have insurance and you lose your ability to generate income, how long could your family sustain your current lifestyle? What kind of lifestyle changes would you need you make?
For just a modest amount of money you can cover this risk and sleep easily knowing that if the worst happens, at least you are covered financially."
Top 5 Financial Tips for UAE Expats
Check out the other top tips and how you can acheive your expat financial goals.
For a free consultation and impartial advice from a qualified financial advisor please contact Holborn Assets.