UAE - Nexus Launches Expat Income Protection Insurance
Tuesday, 12 10 2019, Category: Insurance and Reinsurance, Country: U.A.E
A new Expat Income Protection policy through Nexus Insurance Brokers is helping UAE residents cover themselves against sudden unemployment, or in case they can’t work because of accident or sickness. Launched in partnership with Orient Insurance PJSC and UK-based Realm Protection, the new product is available as an online purchase, offering peace of mind against a sudden, short-term loss of income.
Believed to be the first online policy of its type in the UAE market, it provides payments of up to AED 25,000 per month for up to three months. In the event of accidental death, the policy also provides AED 100,000 paid to a nominated beneficiary, plus up to AED 25,000 towards repatriation expenses.
Tarun Khanna, Nexus Group CEO, says it fills an important gap in many expatriates’ financial security.
“Particularly for low to middle-income earners, suddenly losing their salary can quickly run down family savings, but this gives them some breathing space,” he said. “The payments provide an emergency safety net against unemployment, making sure you can pay your living expenses while finding a new job, or in the case of injury or sickness, recover enough to return to work.”
Expat Income Protection is a straightforward product covering a simple but common need. Nexus believes the added convenience of being able to complete the purchase entirely online will add significantly to its appeal, with international consultancy McKinsey showing that 80 percent of shoppers touch a digital channel at some point while buying insurance.