UAE residents increasingly worried about sickness impacting finances

As many as eight out of 10 respondents were either very or extremely worried that becoming seriously ill would deplete their savings

A majority of residents across the UAE say that they are extremely concerned about falling ill with a serious medical condition that can result in them having to deplete their saving to pay for treatment, new research has found.

According to the ‘Critical Illness Survey Report’ by Zurich International Life and YouGov, more than six in 10 respondents were very or extremely worried about falling victim to a serious illness in the future. In addition, almost eight out of 10 respondents were either very or extremely worried that becoming seriously ill would deplete their savings with more than half of the respondents stating that they believed they could only manage for up to three months financially faced with a loss of income due to a serious illness.

“The process of diagnosis, treatment and recovery from a critical illness could take a long time,” said Dr Khatchik Kinoyan, chief underwriter at Zurich International Life. “A serious illness like cancer or heart attack may result in a prolonged treatment and recovery period. During this time, one may be unable to work which may result in a reduction or loss of income.”

The findings also identified that only four out of 10 expect to be able to keep their current job or continue to run their business in case of a lengthy treatment or recovery phase, with more than half requiring a family member to fly to the UAE to care for them while they recover. The survey also found that 71 per cent of female and 58 per cent of male respondents were either extremely or very concerned about getting a serious illness such as a heart attack or cancer. In addition, 73 per cent of female and 59 per cent of male respondents know someone who has been diagnosed with a serious illness.

Experts have highlighted the importance of critical illness protection in such scenarios. Critical illness protection pays out the insured sum to replace income and provide financial security during a prolonged treatment and recovery period if diagnosed with a severe illness. The money can also cover ancillary costs associated with the illness (such as flying in a family member) and lifestyle changes that employers or personal medical insurance do not cover.

“We are conscious that these are difficult situations with implications on physical and emotional but also financial health,” Kinoyan added. “We are committed to delivering a brighter future built on informed optimism. Critical illness protection can provide a layer of financial security in scenarios where the majority of medical insurance provided by employers will often only cover treatment costs.”

rohma@khaleejtimes.com