Review of Friends Provident International Term Insurance in UAE
FPI's International Protector Middle East is an Affordable & International Term Insurance Plan for UAE residents.
It aims to provide an International Cover against loss of income due to Death, Disability, or Critical Illness, for a specific and agreed length of time.
The International Protector Middle East(IPME) is more affordable in comparison to a whole of life plan or an endowment plan. It offers a wide scope of cover at low costs and is ideal to cover protections needs like;
- Protecting your family's lifestyle and other financial goals
- Covering a Mortgage or a Business Liability
- Protecting responsibilities like children's college education or marriage
- Assuring continuity of income for aging parents
- Ensuring Business Continuity as Key Man & Partnership Insurance
- Legacy Planning, Estate Planning and Asset Equalisation
- Inheritance Tax Planning
International protector Middle East has 5 cover options to choose from;
- Life Cover Only
- Life Cover with Total & Permanent Disability (TPD)
- Life or Earlier Critical Illness Cover with TPD
- Stand Alone Critical Illness Cover
- Decreasing Term Assurance
Critical Illness Cover
International Protector Middle East covers more than 35 critical illnesses including Cancer, Heart Attack, loss of limbs, Major Organ Transplant, Loss fo independent Existence, and many more.
Like all major insurance companies Friends Provident International pays out a cash lump sum on diagnosis of an illness covered under the policy.
Click here to download the list the critical illness guide, providing detailed information on the list of critical illnesses, the scope, limitation, and definition of each critical illness.
The plan can adapt to your changing protection needs, subject to insurability at the time of change. it allows you;
- To increase or decrease the sum assured
- Increase or decrease the cover term
- and add additional benefits
How much does it cost?
Term insurance is the most affordable way of protecting against loss of income against death & serious illness. Although it will never acquire a Cash or Surrender value, it certainly provides invaluable peace of mind.
The minimum premiums for all types of cover are as follows;
|US Dollars (USD)||USD 17.50||USD 175.00|
|UK Sterling ( GBP)||GBP 10.00||USD 100.00|
|EURO (EUR)||EUR 15.00||EUR 150.00|
|UAE Dirhams (AED)||AED 64.50||AED 645.00|
The following table shows the indicative premiums for life or earlier critical illness cover for different ages and sum assured;(Source - FPI International)
- If you are a 35 years old Non-Smoking Male, a Million Dollar Life Cover with TPD will cost -
- If you are a 35 years old Non-Smoking Female, a Million Dollar Life Cover with TPD will cost -
- If you are a 35 years old Non-Smoking Male, $250,000 Life or Earlier Critical Illness Cover with TPD will cost -
- If you are a 35 years old Non-Smoking Female, $250,000 Life or Earlier Critical Illness Cover with TPD will cost -
Your premiums will depend on various factors like
- The amount of cover (sum assured),
- The cover option is chosen,
- How long do you want the cover for?
- Your age,
- Whether or not you smoke
- And your health and lifestyle.
Will the Premiums remain unchanged throughout the cover period?
If you choose life cover only or a life cover with Total and Permanent Disability, your premiums are guaranteed not to change for the entire duration of the policy.
If you choose Life cover or earlier Critical Illness Cover, or Critical Illness Cover only then your premiums are guaranteed for 5 years and are reviewed for every 5 years thereafter.
|Age at entry for Life cover||18||64|
|Age at entry for Critical Illness Cover||18||59|
|Age at Maturity for Life cover||NA||80|
|Age at Maturity for Critical Illness Cover||NA||70|
|Sum Assured Dollars||USD 17,500||USD 10,000,000|
|Sum Assured Pounds||GBP 10,000||GBP 5,650,000|
|Sum Assured EUROs||EUR 15,000||EUR 8,362,000|
|Sum Assured Dirhams||AED 64,400||AED 36,780,000|
What will stop International Protector from paying a claim?
FPI international may not pay the claim if you do not answer all the questions, truthfully, accurately, and completely to the best of your knowledge, at the time of application and when making a claim.
If you fail to disclose the following, at the time of application;
- Health or family history
- About your occupation, occupational duties
- Travel history and residency status
- Lifestyle details like Smoking, hazardous hobbies
- Death, disability, or critical illness arising out of active war participation, an act of terrorism, the life assured’s attempted suicide, and alcohol, drug, or chemical abuse.
Now let's analyze the benefits and shortfalls of the International Protector Middle East
|1||International Cover & Affordable premiums||The maximum age at Critical illness cover maturity is 70|
|2||A wide scope of critical illness cover. It covers up to 35 critical illnesses||Premiums for plans with critical illness cover will be reviewed every 5 years, and can change.|
|3||Choice of 4 currencies including Dirhams||No Cash Surrender Value|
|4||Simple and hassle-free application and claim process|
|5||Live support online and via call center, with a regional office in Dubai|
|6||Guaranteed no change in premiums for life cover for the term of the plan.|
While there are a couple of shortfalls, the benefits overwhelm the shortfalls by large.
International Protector Middle East is an ideal term insurance plan, one among the most preferred plans by clients and widely recommended by Financial Advisers in UAE.
For more information on the International Protector Middle East and other Life Insurance in UAE contact Damodhar on +97150-2285405, or arrange a free initial meeting.
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