Life Insurance
Making sure that you have proper insurance plans in place will provide you with a greater sense of security as a family.
As an expatriate living abroad, many unknowns and concerns exist – especially when it comes to fiscal matters. Life Insurance is important when it comes to peace of mind.
You want to protect your loved ones in the event of your death. For your family to maintain the same standard of living in the event of your death, you have to make certain that you have the correct type and level of life insurance. The type of life insurance you need depends on what you want to achieve.
Level Term Life Insurance
Level Term Life Insurance is used to insure yourself for a set number of years, often until your children are educated and become somewhat independent. This type of plan can take longer to arrange than annually renewable insurance due to required medical reports. Level term insurance policies only pay out on death before the end of the policy, or may pay up to one year before death if the insured is diagnosed with an incurable illness and has a short period to live.
Decreasing Term Insurance can be used to pay off a mortgage or other loan in the event of your death during the outstanding period of the loan. With decreasing term insurance, the death benefit decreases over the term, and shrinks to practically nothing in the final year. Premiums for this type of insurance are generally lower than for a regular term policy or a whole life policy with the same face value.
Whole of Life Insurance
Whole of Life Insurance is exactly as it sounds – it covers your beneficiary in the event of your death whenever it occurs. The benefits are paid upon the insured’s death or at an age specified in the policy – typically at the age of 100 or more.
This type of insurance policy is investment-based, in which the policy holder chooses investment funds for their policy.
Annually Renewable Life Insurance
Annual Renewable Life Insurance can be used by Expatriates who wish to insure themselves one year at a time, depending on their changing circumstances.
Annually renewable insurance is usually simpler to arrange than other types of life insurance, because a medical examination if often not required (i.e. if you are under a certain age when you establish the policy). The cost of the insurance may increase when you renew your plan, based on your age. This type of life insurance only pays out on death before the end of the policy.
Life Insurance policies are available for your entire family and are definitely something worth considering when it comes to your financial peace of mind.
Whether you are a new Expatriate, or an Expatriate worried about the levels of insurance you have for your family, you shouldn’t put off until tomorrow that which you can get done today!
If you haven’t started your insurance planning, you need to act as soon as possible.
Critical Illness Insurance
None of us wants to think about the chances of being diagnosed with a critical illness.
However, if it does happen, the consequences can be catastrophic for you and your family.
Critical Illness Insurance can ease the stress and financial strain in the event you are incapacitated due to a serious illness.
Financial expenditure and outgoings will not come to an end if you are taken ill. Your ability to provide for your family may, however, cease.
Critical Illness Insurance is designed to provide a pay-out in the event that you are unable to work due to serious and ongoing illness.
In recent years, the survival rates for many who suffer a serious illness have been increasing. Despite this fact, however, they are very often unable to continue to work and earn a living.
Critical Illness Insurance pays out a tax-free lump sum upon the diagnosis of any one of a wide range of serious illnesses. Some plans provide coverage for your entire lifetime. Others offer coverage for a specific period of time. The term of the cover and the amount to be paid out are decided by you at the outset. Many different types of cover are available. Among other benefits, this type of insurance helps with the costs of recuperation, mortgage payments, payments to replace your income and/or payments for modifications to your home, such as renovations for wheelchair accessibility if you were to become permanently disabled.
Healthcare Insurance
It is insurance against the risk of incurring medical expenses among individuals.
A health insurance policy is a contract between an insurance provider and an individual or her sponsor. The contract can be renewable or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing.