Futura is a whole of life insurance plan from Zurich international life with cash surrender value.
While Futura offers many essential benefits; I, as a Financial Adviser and more importantly an end-user, chose Zurich Futura life insurance for the following reasons;
1. International Whole of Life Cover
It is portable, I can pay the premiums on the plan via account transfer or via international credit card from any country. I can also claim the benefits even after moving out of the UAE. It has 24/7 online access, allowing me to manage my policy from wherever I am.
2. Offshore and Isle of Man Advantage
On the death of a UAE resident; all assets, including bank accounts, gratuity, property, and car, are frozen until all their liabilities are paid. It can take weeks to months until all the liabilities of the deceased are cleared, and the balance is distributed to the family members.
In the absence of a will, the balance of cash and assets are distributed among their family according to Sharia law of inheritance
If you have Zurich Futura Life Insurance, it can pay the claim proceeds directly, to your nominees in the unfortunate event of your death.
It could help your the family manage financial commitments, even while your assets are frozen.
If an insurance company registered in the Isle of Man is unable to meet its liability to the policy owners, then the Authority would pay policy owners, 90% of any liability from the Policyholders’ Compensation Fund.
3. Provides Critical Illness cover up to age 95
I chose Zurich Futura because of this most important reason and, I would have availed it, even if the plan offered only this benefit. It provides critical illness cover on 36 major illness, and most of them cover up to age 95.
Which means that If diagnosed with one of the critical illness before age 95, I can claim a cash lump sum equal to my critical illness cover. This will help me pay for medical expenses and other bills like rent, school fees, food, utilities etc.
Thanks to my Futura policy, I don’t have to worry about exhausting my retirement savings, on the diagnosis of major illness during retirement. It will keep me financially independent even when I am coping with a major disease, allowing me to focus on faster recovery.
However, it is crucial to understand the impact of inflation on the level of cover you hold. Hence you should review your coverage needs at least every five years, and make sure that your plan covers you adequately.
For Eg, if you hold a critical illness benefit of enough to cover three years of income at age 40, and at age 45 if your income doubles, then you should also increase your critical illness cover accordingly!
If not, it might not be enough to replace your income for at least three years while you are working.
And when you are retired, it might not be adequate to pay for medical expenses, forcing you to break your bank or borrow.
4. Flexible Premium Payment Terms
Although Futura covers me up to age 95, it provides the flexibility to choose a premium payment term between 7 - 50 years. I selected a 15 years premium payment term to suit my budget.
Learn more about five ways how Zurich Futura can adapt to changing life situations?
5. Paid Up Mode
We all go through a difficult financial patch at least once in our lives, don’t we?
Despite which we would not want to stop our insurance premiums! But what if we are unable to pay our insurance during that awkward phase?
After 3 or 4 years of premium payments, you may take a break for up to 6 months (Make your plan Paid-Up) and still enjoy the life cover with other riders.
In most cases, you may not have to redo medical tests or provide additional medical information to recommence your premiums. Your financial advisor can help you understand how long you can stop premium payments.
Other Benefits of Zurich Futura Life Insurance
In addition to the above-mentioned benefits, it offers many other benefits like;
Partial and Full Cash Surrender
Access to leading international funds
24/7 Online access to policy details
Family Income Benefit
- Fixed Income Term benefit
Accidental Death Benefit
Free Aeroplane Cover
Permanent and Total Disability Benefit
What about you, do you have Life or Earlier Critical Illness Insurance? If not, what are you waiting for?
Free Consultation & Unbiased Advice
Contact me now to avail free consultation and unbiased advice helping you choose the best insurance plan protecting you and your family from the loss of income due to Death, Disability, and Critical Illness.
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