Supporting Your Family’s Wellbeing

There's nothing more important than family. 

That’s why securing your family’s future isn’t just a financial decision, it’s personal and we understand that. 

To help you plan ahead and ensure your family are always cared for, there are some key things you should consider:

Life and Health Insurance

You can’t predict the future – but you can plan for it. Having the right coverage in place can make sure your family are always supported, no matter what life throws at you. To find what fits you best, there are various types of insurance plans to explore. To help, we’ve outlined some of the most common coverage options below.

Life Insurance

• Term life insurance: This type of insurance provides life coverage for a specific period e.g., 20 years. It’s often the most affordable and straight-forward option.
•  Whole life insurance: This offers lifelong coverage with a guaranteed death benefit. It often also builds a cash value component that you can borrow against.
• Universal life insurance: This kind of coverage gives lifetime protection with flexible premiums and investment options. It can grow value over time, but it does require more active management. 
• Joint life insurance: This is a single policy that covers two people, usually spouses.
• Takaful insurance options: There are many types of Sharia-compliant life insurance products available in the market.

Health Insurance

• Private health insurance: This offers access to a comprehensive network of medical facilities and professionals. It is a mandatory requirement for all expats living in the UAE.
• International health insurance: This type of insurance ensures treatment is available across the globe.
• Critical illness cover: This is often used to protect against costs not included in standard health insurance plans. It usually offers a lump sum payment if diagnosed with a major illness.

Planning For Life’s Milestones

It’s always helpful to be ready for what comes next. Maybe you’re sending your child to university, planning a wedding or managing unexpected costs? No matter what you have lined up, mapping out a thoughtful financial plan allows you to stay one step ahead.

There are lots of savings products designed to give you the flexibility to enjoy the moments that matter most, like: 

• Regular savings account: A safe and easy place to keep and grow your money. You save your money here and your bank pays you a set amount of interest in return. It’s important to note that you may have to keep a minimum amount of money in the account to earn interest.
• Fixed deposit account: This kind of account, often also called a term deposit, is another saving option which often gives you a higher interest rate than a regular account. However, you have to agree to keep a fixed amount of your money in the account for a set period (term).

You can find more information on the savings products we could support you with here.

Get Your Estate in Order

You’ve undoubtedly worked hard for everything you’ve built. That’s why legacy and estate planning is so important! It’s not just about dividing assets – it’s about making sure your wishes can be honoured and your loved ones protected. If you haven’t already you should think about:

• Wills: A will is a legal document that clearly outlines how your assets should be distributed after you’re gone – a will reflects your wishes. By having a will in place, you avoid your assets being subject to potentially lengthy legal processes. There are many trusted legal and estate professionals who can help you draw up a will. 
• Trusts: Trusts are tools that allow you to manage how your assets are used and distributed, with more control and privacy than a will alone. There are many types of trusts, all of which adhere to a set of specific terms. Trust experts will be able to advise what could work for you.
• Inheritance planning: Passing on your wealth should feel empowering, not overwhelming. With proper inheritance planning, you can structure your estate to ensure your loved ones receive what you intend, with as little confusion or delay as possible. Plus, if you’re passionate about giving back, you have the option to set up charitable trusts, foundations or planned gifts.

Thoughts on Retirement 

It’s never too early to start planning for retirement. You should explore ways to align your finances with the freedom you envision later in life. Why not think about: 

• Pension schemes: These work like a retirement savings plan; they’re designed to provide you with a regular income after you stop working. You contribute over time, that money grows, and it is eventually paid out to you in retirement.
• Investments: If you’re in a position to invest, think about what options work best for you and your timeline. There are so many different investment routes to evaluate such as stocks, bonds, mutual funds and exchange traded funds (ETFs).
• Professional financial planner: If you’d like some expert help to get a solid plan in place, financial planners can provide a wealth of insight. Just make sure to properly research financial planners beforehand and always verify their credibility and qualifications.

Planning for your family’s wellbeing and future isn’t just about numbers—it’s about creating peace of mind and protecting what matters most. 

*Kindly note, this information is for general guidance only and should not be considered financial advice.