Financial Planning in Dubai

This video explains the importance of Critical illness cover and its advantages. Critical illness cover is also known as critical illness insurance. This video share some alarming statistics on critical illness cover in UAE. To know how much it will cost and how you can avail it, please call me on 050-2285405, or email me by clicking here Please subscribe to my blog or podcast by clicking the following links; Click here To arrange a Free Initial Meeting Subscribe to my podcast on iTunes Follow Follow Follow Follow Follow Follow Follow Follow The post Critical Illness Cover – Video Blog appeared first on Financial Planning in Dubai.

The road leading to retirement is very challenging with speed bumps, potholes and many diversions, distracting us from the actual goal. Be assured that, with adequate planning and disciplined investing it is certainly possible to stay on the right track. Road to Retirement – Are you on the right track? Today we are going do discuss the 5 major factors, which challenge and distract individuals from saving for retirement; Factor No. 1 – Children’s Education : Don’t get me wrong here, I know and agree that as parents, we have a huge moral and emotional responsibility of providing the best education opportunities for our children, but it is equally important to be self sufficient during retirement. To start with, you have to understand that if you do not save enough for your retirement, then you will have to live a compromised lifestyle, or be dependent on your children, relatives or friends to financially support you. Expecting children to support you during retirement, will put a burden on their finances, while they are trying to start their own family. It may also strain your relationship with your children. Bear in mind; that you can get a loan to buy a property, car, college education for your children and others, but you can never get a loan for retirement… Spend some time and research on the various options of schools available, and shortlist a few prospective schools with fees affordable within your budget. Do not overstretch or borrow to pay the school fees.. Yes, providing good education for your children is important, but it should not force you to ignore your retirement.. Please visit the links on the this blog post to view the list of schools in Dubai, their fees structure and the 2014-2015 KHDA ranking of schools, to help you shortlist prospective schools with affordable fees http://www.expatwoman.com/dubai/monthly_faqs_school_fees_6135.aspx, to view the list of schools in Dubai and the fees structure. 2014-2015 ranking of schools, helping you to shortlist the prospective schools. Most parents tend to ignore retirement savings, while they are focussing on Saving for their children’s higher education. Consult your financial adviser to understand, how you can afford to save both for your retirement and for your children’s education within your disposable income. The key lies in identifying your financial goals early, so that you have sufficient time to focus on them. Factor No 2 Property Investment: We always want it bigger, better and luxurious, don’t we.. Agreed, investing in a property is certainly a good idea and a dream for most of us, but if it prevents you from investing for your retirement, then you should seriously reconsider your property investment decision. While it is important to have a property to live in during retirement, it is more important to have a regular income to pay bills during retirement. Figure-out how you can do both with the limited budget you have. Many people borrow both for the downpayment and apply for the mortgage, intending to pay the instalments towards both loans from their regular income. While this kind of arrangement makes it easier and quicker to buy a property, it puts a lot of strain on the individuals cashflow every month, making him ignore other financial goals. Even a small financial setback will ruin his cashflow, while a job loss or a major financial setback may put the individual in huge trouble. Do enough research and analyse your cashflows efficiently before deciding to buy a property. Draw a budget and stick to it. Property brokers and mortgage brokers will always tempt you to stretch your budget to buy a bigger and costlier property. Factor No. 3 Inflation : I recollect a very interesting quote by Sam Ewing, which goes like this; Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair. Inflation will certainly make retirement saving difficult, making you make work harder to save more during your working life. Be advised that only savings will not help beat inflation. You will have to identify investment options which constantly beat inflation, thus making your money work harder, instead of you having to work hard for money. My grandfather’s choice of retirement savings was pretty simple, he invested in a Public Provident Fund and term deposits, fetching him returns in excess of inflation. My father had to look at mutual fund and stock market investing, in addition to his pension plan. My choice of retirement savings are much complex, thanks to various aspects like inflation, taxation etc… A good financial adviser will be able to understand your risk appetite and recommend suitable investment options, helping you beat inflation and invest for your retirement.. Factor No 4 Market Fluctuation – Yes! stock market investing is risky, but there are better options, like Mutual funds, ETFs and other systematic investment plans. Talk to your trusted financial adviser, who can explain the pros and cons of various investment options to help you choose an ideal retirement savings plan with appropriate asset allocation. If you do not have an advisor, feel free to contact me and arrange a free initial meeting, when I will be able to analyse your financial situation, your goals and risk appetite to recommend a suitable retirement plan. Once the plan is setup, I can also help you manage the plan effectively, to make sure that the plan is helping you achieve your goal. The following video fully explains the need to start your retirement plan early in your life, and the impact of delaying retirement savings. The following calculator will help you understand how much you will have to save every month, to reach your retirement goal. Factor No 5. Health and ability to work : Unfortunate health setbacks like Cancer, Heart attack, an accident or injury, not only stop an individual’s income, it also drains out his savings. Maintaining a good and healthy lifestyle with proper food habits and exercise is essential to ensure well being. Investing in a good term insurance with critical illness cover will protect loss of income, in the unfortunate event of diagnosis of a critical illness or disability before age 70. Investing in a Whole of Life Insurance, with a critical illness rider will not only help you protect loss of income during your working life, it will also protect your retirement savings. It will payout an agreed sum of money if you are diagnosed with a critical illness, during retirement before age 95. I have placed links on this blog post to articles on critical illness insurance and whole of life insurance, read them if you are interested.. Click here to know more about the benefit of Critical illness insurance. Click here to know more about Whole of life Insurance Summary Hire a Financial Planner / Adviser to help you prepare a written financial plan. Establish steps of actions, based on your priorities and disposable income Start early, do not postpone saving for your retirement Insure loss of income with adequate critical illness and disability insurance. Review the performance of your retirement plan with your financial adviser regularly As indicated at the beginning of this podcast, adequate planning and disciplined saving and investing will keep you on the right track towards financial independence and peace.   The post Retirement Savings in Dubai – Are you on the right track? appeared first on Financial Planning in Dubai.

Welcome to the first podcast episode of www.financialplanningindubai.com. In this episode, I will introduce the need and importance of Personal Financial Planning. I intend to regularly share useful ideas on Budgeting, Savings, Investing, Property investment, and various other money related aspects. Subscribe to this podcast on iTunes or via feed burner. Have a great weekend   The post Financial Planning in Dubai Podcast. appeared first on Financial Planning in Dubai.

Zurich Futura is a whole of life insurance plan from Zurich international life.. While there are many benefits offered by Futura, I as a Financial Adviser and more importantly an end user chose Zurich Futura to protect me and my family for the following reasons; 1. International Whole of Life Cover Zurich Futura Life Insurance offers an International – Whole of Life Cover, which means that I will be covered till age 95, even if I move out UAE back to India or to any other country. 2. Offshore and Isle of Man Advantage On death of a UAE resident; all his or her assets including bank accounts, gratuity, property and car are frozen until all his liabilities are settled. In the absence of a will, the balance of cash and assets are distributed among his family according to Sharia law of inheritance If an individual has a Zurich Futura Life Insurance, it pays out the claim proceeds directly, to his nominees in the unfortunate event of his death. Zurich international life is registered in the Isle on Man, which is well renowned for its Political stability and stringent financial regulations… If an insurance company registered in the isle of man is unable to meet its liability to the policy owners, then the isle of man insurance and pensions authority would pay policy owners, 90% of any liability from the Policyholders’ Compensation Fund.     3. Provides Critical Illness cover up to age 95 This was one of the main reasons I chose Zurich Futura and I would have availed it, even if the plan offered only this benefit. Zurich Futura offers critical illness cover on 36 major illness, and most of them cover up to age 95… Which means that If I am diagnosed with one of the critical illness before age 95, I will be paid a cash lump sum equal to my critical illness cover.. This will help me pay for medical expenses and other bills like rent, school fees, food, utilities etc… Even during my retirement, I don’t have to worry about exhausting my savings for the treatment of a major illness like cancer or heart attack, because Zurich Futura would pay on diagnosis of such illness. It will keep me financially independent even when I am coping with major illness allowing me focus on faster recovery… 4. Flexible Premium Payment Terms Although Futura covers me up to age 95, it provides the flexibility to choose a premium payment term from 7 – 50 years. I chose a 15 years premium payment term to suit my budget. 5. Premium  Holiday Facility We all go through a difficult financial patch at least once in our lives, in spite of which we would not want to stop our insurance premiums, but what if we are unable to pay our insurance during that difficult patch? Zurich Futura offers a premium holiday after up to 2 years after 3 years of premium payment, during which the life cover and all other benefits chosen are still available. In addition to the above mentioned benefits, Zurich Futura Life Insurance offers many other benefits like; Partial and Full Cash Surrender Access to leading international funds 24/7 Online access to policy details Family Income Benefit Dismemberment Benefit Accidental Death Benefit Free Aeroplane Cover Permanent and Total Disability Benefit What about you, do you have Life or Earlier Critical Illness Insurance? if not what are you waiting for? Contact me now to arrange a free consultation and unbiased advice on the best life or earlier critical illness insurance to protect you and your family from loss of income due to Death, Disability and Critical Illness. If you like this post please share it with your friends or colleagues, who you think will find this information useful and please do not forget to give a 5 star rating below… LinkedIn facebook Twitter Google+ Pinterest Instagram Youtube RSS The post Top 5 Reasons Why I Use Zurich Futura Life Insurance… appeared first on Financial Planning in Dubai.