Good health plays a key role in legacy planning, but often while we are busy acquiring assets and securing our financial future in our younger years, we ignore the benefits of insuring our health at a time when we are healthy.
Your health is your most valuable asset, and if you wait too long to insure it, you could find that you are unable to get the cover that you want or need.
In Simple terms, insurance is the process of passing on risk and getting protection against possible eventuality. According to statistics from the Dubai Health Authority, 70% of people will one day with a condition that is going to be with you for the rest of your life, you will find it much harder to become insured. You may find that insurance providers refuse to cover you, or that if they do it is at a much higher cost.
At Icareinsure the specific needs of every individual are carefully considered to find the best solution to suit their requirements. CEO Leena Parwani is a big believer in: ‘No-one will care how much you know until they know how much you care’. Thanks to their advice one particular client was able to support themselves through years of cancer treatment and eventual recovery, including a period off work. They are now looking at estate planning for the future.
Thanks to an improvement in medical facilities it is now possible for someone to live a long and healthy life even after something as serious as heart failure. Today, with compulsory health insurance being provided by employers in the UAE, it is possible that most conditions can be caught early and hopefully not end up being life threatening.
While medical insurance can take care of the cost of treatment there may still be some secondary expenses to consider. For example if someone was to lose their job due to a critical illness, income protection insurance could provide them with a flow of income.
It is important to hold personal insurance to safeguard assets, or a major illness can easily eat away at any savings you may have. Individuals who plan their insurance well when they are blessed with good health will find they get the best deals. The secret to insurance is to invest in it when you don’t need it, to help for the day that you might.
By Leena Parwani