Shot of a grief-stricken man sitting on a sofa with his head in his hands (Getty Images) *** Local Caption ***  op02de-survey-depression.jpg
Failing to take out life or critical illness cover could leave your family in a desperate financial situation. Picture: Getty Images

UAE residents falling short on insurance to protect family members

About nine in UAE residents support a family member, however only a fraction have life insurance or adequate coverage for critical illness, says HSBC. 

According to the bank's The Power of Protection study, 89 per cent of UAE residents are supporting a child or parent fin­ancially, yet 79 per cent do not have insurance to pay them a regular sum if a serious illness or accident prevented them from working.  

"Even in the most robust market environment, uncertainty and unexpected conditions can affect any working person," said Gifford Nakajima, regional head of wealth development, retail banking and wealth Management at HSBC, Mena. "Especially when family members, living both near and far, are depending on support from people working in the UAE, fin­ancial planning should be a family priority."

Only a fifth of those with dependents have a will in place while 23 per cent retain a leg­ally appointed guardian. The UAE ranks the second highest globally for people financing a family member. No other Middle East countries were surveyed by the bank.

The HSBC report attributed the lack of forward planning to a heightened sense of economic optimism, which far outweighed the global response. While nearly 80 per cent of UAE respondents say they are managing well or very well, globally the figure is 67 per cent. 


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Steven Downey, a chartered financial analyst candidate at Holborn Assets in Dubai, said the risk of not having adequate cover in place "can be quite catastrophic".

"Best case scenario, you use up a large chunk of your savings paying for a critical illness and transitioning about a spouse's death," he added.

"Worst case scenario, you are financially wiped out and in the case of death where a spouse stopped working, they will have to move in with family and reenter the work force under great financial strain."

Zurich, Switzerland's biggest insurer, which has operations in the Middle East, recommends a young family to sign up for about 20 times their annual salary for life cover and eight times their salary for a critical illness. It said its average life cover claimant is 51 at the time of death, and the average critical illness claimant is 47.

Chris Bag­nall, chief underwriting officer and head of claims for Zurich International Life highlighted the UAE's low adoption of life coverage to The National late last year by comparing global penetration rates – a measure of the total amount of money spent on insurance premiums against GDP.

In the UK, life coverage is about 11 per cent while in the US it is 13 per cent, according to Zurich. When compared to the UAE, just over 1 per cent of GDP is spent on life insurance.

Mr Nakajima said the low UAE rate is caused by a "significant lack of awareness around cost of life insurance", with some annual premiums costing about as much as the ­average annual car insurance. However, he said residents must also factor in the cost of delay.

"When you are young, fit and healthier, the premiums are usually lower, but as you get older and your medical history changes, costs are likely to be higher," he said.

"For example, a healthy 30-year old male can get basic term life insurance for as little as US$50 a month. Critical illness would be an additional $75 a month, so the total annual cost for both is about $1,500 – which is what motor insurance would cost for a nice car."HSBC said only about 20 per cent of UAE residents have life or disability cover that would pay out in the event of death or illness. That compares with more than 30 per cent of people globally.

'The Alchemist's Euphoria'

Artist: Kasabian
Label: Columbia
Rating: 3/5

2018 ICC World Twenty20 Asian Western Regional Qualifier

Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets

Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE

* The top three teams progress to the Asia Qualifier

The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

The specs

Engine: two permanent magnet synchronous motors
Transmission: two-speed
Power: 625hp
Torque: 850Nm
Range: 456km
Price: from Dh737,480
On sale: now

Most polluted cities in the Middle East

1. Baghdad, Iraq
2. Manama, Bahrain
3. Dhahran, Saudi Arabia
4. Kuwait City, Kuwait
5. Ras Al Khaimah, UAE
6. Ash Shihaniyah, Qatar
7. Abu Dhabi, UAE
8. Cairo, Egypt
9. Riyadh, Saudi Arabia
10. Dubai, UAE

Source: 2022 World Air Quality Report


1. Chad
2. Iraq
3. Pakistan
4. Bahrain
5. Bangladesh
6. Burkina Faso
7. Kuwait
8. India
9. Egypt
10. Tajikistan

Source: 2022 World Air Quality Report

Brief scores

Toss India, chose to bat

India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)

Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)

India won by 26 runs on Duckworth-Lewis Method

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The specs

Engine: 1.8-litre 4-cyl turbo
Power: 190hp at 5,200rpm
Torque: 320Nm from 1,800-5,000rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
Price: From Dh111,195
On sale: Now

UAE - India ties

The UAE is India’s third-largest trade partner after the US and China

Annual bilateral trade between India and the UAE has crossed US$ 60 billion

The UAE is the fourth-largest exporter of crude oil for India

Indians comprise the largest community with 3.3 million residents in the UAE

Indian Prime Minister Narendra Modi first visited the UAE in August 2015

His visit on August 23-24 will be the third in four years

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016

Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017

Modi will visit Bahrain on August 24-25

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
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The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 

In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

The specs: 2024 Mercedes E200

Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)


Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 


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Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

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