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Review - Friends Provident International-Term Insurance- IPME-Financial Planning in Dubai

FPI's International Protector Middle East is an Affordable & International Term Insurance Plan for UAE residents.

It aims to provide International Cover against loss of income due to Death, Disability or Critical Illness, for a specific and agreed length of time.

FPI logo largeThe International Protector Middle East(IPME) is more affordable in comparison to a whole of life plan or an endowment plan, as it offers a wide scope of cover at low costs.

 It is ideal to cover protection 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 ageing parents
  • Ensuring Business Continuity as Key Man & Partnership Insurance
  • Legacy Planning, Estate Planning and Asset Equalisation
  • Inheritance Tax Planning

Also, read - Difference between Term Insurance and Whole of life Insurance.

International protector Middle East has 5 cover options to choose from;

  1. Life Cover Only 
  2. Life Cover with Total & Permanent Disability  (TPD)
  3. Life or Earlier Critical Illness Cover with TPD
  4. Stand Alone Critical Illness Cover
  5. Decreasing Term Assurance

fpi-critical-illness

 

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 illness, scope, limitation and definition of each critical illness.

Click here to download the Critical Illness Claims Statistics of International Protector ME

Flexibility 

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 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;

Currency

Monthly

Annually

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)

More Examples:
  • 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 you want the cover for?
  • Your age,
  • Sex 
  • Nationality,
  • Whether or not you smoke
  • And your health and lifestyle.

Click here to arrange a meeting, to ascertain how much International Protector will cost you?

Will the Premiums remain unchanged throughout the cover period?

If you choose life cover only or 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.

Click here to know how and when your premiums will be reviewed.

Other details;

Particulars

Minimum

Maximum

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;

  1. Health or family history
  2. About your occupation, occupational duties
  3. Travel history and residency status
  4. Lifestyle details like Smoking, hazardous hobbies
  5. 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 International Protector Middle East

Sl. No

Benefits

Shortfalls

1

International Cover & Affordable premiums

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.

 

 

Summary

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.

Click Here to Arrange a Free Consultation

 

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