Shocking new facts recently released by UK insurer Aviva reveal that if the main wage earner in a family dies or falls critically ill, just over one half of all UK average households would have only £1,000 or less to live on. Incredibly, this equates to just two weeks’ expenditure for an average family (Office for National Statistics: Family Spending Report).

To make matters worse, 31% of UK average households rely on a sole breadwinner and many households just cannot provide for such a calamity as a parental death or critical illness. Furthermore, the Aviva report found that 63% of the households surveyed didn’t have life insurance or critical illness cover.

The Ex-pat Superhero

That is the UK, so what? It is of no relevance to us here in the UAE. If that was the thought that just crossed your mind, you’re in the vast majority of people here. We earn well, pay no income tax, eat out frequently and pay a fortune on rent and education fees. But, give it some careful consideration. Do we suddenly become ex-pat superheroes when we step off the plane at DXB? Can nothing bad happen to us now we are in this beautiful city? Of course not. So why do we act this way?

Life is good: so good in fact that we are inclined to pay scant attention to the possibility that tragedy could strike at any time and leave us with very little income to fund the family lifestyle we lead. We may fly high in Dubai but why do it without a safety net?

Fund Advisers believe that we should all have the Fundamental 5 covered. These 5 are: –
1. First Aid
2. Medical Insurance
3. Life Insurance and Critical Illness Cover
4. Education planning
5. Wills and guardianship.

Without these 5 fundamental issues covered, we are failing to plan. And we all know that this results in us planning to fail. Which of the Fundamental 5 have you got covered? Which do you think is of little importance?

Proper first aid knowledge and training could save your child’s life if they were in an accident. Medical insurance ensures that you can afford proper care should anything happen to you or your family. Life insurance and critical illness cover is imperative to ensure you can eat, pay your rent and child’s school fees should anything happen to you or your partner. Education planning means you can send your children to the schools and universities that are best for them.

Danielle Suchley, Mother of one and Head of Global Operations for Fund Advisers asks “Did you know that in Sharia law, if a man dies, the children don’t automatically go to their mother’s care? Can you imagine losing your husband and then being told you are not the lawful guardian of your own children? Correct Guardianship documents here in the UAE are so important and yet, most people we speak to don’t know this and certainly don’t have a legal document in place. “

Fund Advisers, the Dubai-based financial consultancy to the ex-pat community, knows that ensuring your family is covered in the eventuality your breadwinner becomes seriously ill or dies, is an imperative not a luxury.

Research shows that, with over 33% of men likely to suffer a heart attack, cancer or stroke before the age of 65. Even though people consider the risk in females to be lower, it is still a quarter of all women who will fall prey to these horrendous illnesses before they reach 65 – (ERC Frankona). There is a real possibility that, at some point in your working life, your family will call upon its contingency plans. We are human after all, not a superhero. Fund Advisers knows, that any contingency plan worth its salt should cover you and cover you properly.

As such, Fund Advisers can work with you to make sure you take out a sound medical insurance plan, make out a will and put sufficient measures in place for your children’s guardianship if need be, and make provisions to ensure your children’s education is not disrupted by a parent’s death or critical illness. Fund Advisers have also joined forces with Dubai-based family services company, Safe Hands in order to teach you and the teachers at your local school First Aid for free.

Article Courtesy of Fund Advisors

Fund Advisers will help to make sure your spouse and dependents have enough finance and support when such troubled times affect your family. For more information about suitable critical illness plans, life insurance policies, medical insurances, education planning, wills, guardianship and first aid instruction, call Danielle today on +971 (0) 4 567 4500 or 800 ADVISER, email Danielle.suchley@fund-advisers.com or visit www.fund-advisers.com.

To book a free first aid course for your school or children’s club please contact Rebecca Smith at Safe Hands on +971 55 3031 728 or www.safehandsuae.com