Zurich Futura is a Flexible, Whole of Life, Offshore Insurance policy from Zurich International Life.
It is primarily designed to pay a cash lump sum on death. It also has an array of additional living benefits.
They payout in case you are unable to earn due to severe illness, accident, disability or hospitalisation.
These living benefits also called as riders; you can add them to your policy at a small additional cost.
This blog post aims to help you decide if Futura is the right insurance plan for you.
How does it work?
Zurich Futura is designed to provide life insurance and other riders; while benefiting from the investment aspect of the plan.
When I say “Benefiting from an Investment” I do not mean that Futura is an investment scheme.
It is primarily a protection policy, with an investment option aiming to provide maximum benefits with a minimum premium.
The Investment aspect and strategy of Zurich Futura plays a significant role in determining and maintaining the level of your benefits(Life Insurance, Critical Illness Insurance etc…) on the plan.
Effectively managing your Zurich Futura fund performance is key to the sustainability of your plan for the “Whole of Life”. Click here to know how to improve your policy’s fund performance.
As a Financial Adviser, I have met many people in Dubai, who have been sold a Zurich Futura by a tricky banker or a sneaky financial advisor, as an investment plan or a guaranteed whole of life insurance plan. They were shocked to find out that it is not what they believed the plan to be.
It is very critical that you read and understand the terms and conditions of any insurance or an investment plan, before signing on the dotted line, no matter how trustworthy your financial advisor or banker is.
As Expats, our primary concern and sometimes the only concern, while availing an insurance or investment in UAE is whether the particular plan will continue to provide the benefits if we move out of UAE for good.
The Futura aims to continue to provide protection, even if you move permanently to another country.
The portability is subject to exclusions based on your travel, residency history and your plans, at the time of availing the policy.
Sum at Risk
Zurich Futura works on a Sum at Risk basis.
Which means that the insurance premium is charged on the difference of the sum assured and the account value on a particular date.
For, E.g., If John had signed up for a Futura in 2001 of $ 100,000 life cover. His current balance in the investment account is $20,000 then his premiums will be charged on $80,000, even though the sum assured is $100,000/-
Who can apply for a Futura?
In UAE, all residents over 18 years of age can apply for a Futura.
Even companies or Trusts can avail a Futura on the lives of its employees, directors, partners, and trustees.
You can avail Zurich Futura on Single Life, Joint Life First Death, Joint life Both Death or on Joint Life last Death Basis
What are the riders available on Zurich Futura?
• Critical Illness Cover: Futura in UAE includes 36 Critical Illnesses including children critical illness.
This benefit provides a cash lump sum amount if you are diagnosed with a critical illness, or undergo a medical procedure covered under this policy.
A waiting period of 90 days from the start of the policy is applicable.
Payment of a critical illness claim will reduce the life cover amount for the relevant life insured by the claim.
• Family income benefit is a series of regular payments, paid in the event of the death of the insured. The term of family-income benefit can be up to 40 years
• The accidental death benefit is paid in addition to the life cover; where the life insured dies as a result of an accident.
• Hospitalisation benefit is payable if the life insured is hospitalised for more than three consecutive days. This benefit is valid up to the age of 70.
• Accidental dismemberment benefit pays a lump sum if the life insured loses sight or limb as the result of an accident.
• Permanent and total disability benefit pays a lump sum amount if the life insured is diagnosed as permanently and totally disabled.
• Waiver of premium benefit Zurich will waive your premiums if you are unable to work through accident or illness.
• Free Aeroplane cover is paid if life insured dies as a fare-paying passenger on a commercial airline. This benefit is provided free of charge.
Why should I choose Futura?
What should I consider before signing on the dotted line?
- Futura is a unit linked plan, and it is subject to market risks
- The premium is usually higher than the term insurance, but it offers benefits that are not available in a term insurance
- The premiums are reviewed every five years; they may go up if the fund performance is not up to the mark.
How to Apply?
Call me on +97150-2285405 or write to me by clicking here.
You can also arrange a Free Initial meeting with me to discuss your protection needs and solutions.