Sunday, January 3, 2016

Why do expats need to buy Life Insurance?

Without the right protection, families are sadly left with a burden of many expenses in the event of a tragedy. However, a proper life insurance policy can provide important funds to ensure the future of an expat’s family. Some of these expenses include:
1. Paying off obligations, permitting the family to be free from money related commitments to others
2. Resolving the estate, including paying legal costs
3. Giving resettlement back to the nation of origin
4. Covering future educational costs
Here are 3 ways how life insurance benefits expats and their families:
1. Provides Financial Stability
The aftermath of a family tragedy can be a troublesome, unpredictable period. It can take quite a long while for a family to fiscally settle after the death of the essential salary worker.
With a life insurance policy, a family can have the savings it needs to bolster its finances during resettling. This can give the family a cushion to get a stable wage, permit the family to stay in its present home, or supplant lost retirement funds.
2. Secures the Family's Future
Some protection policies can not only cover the family’s primary income earner, but the spouse as well. Insuring the spouse on the off-chance something happens, permits one insurance policy to do the work of two. While one naturally hopes no sudden tragedies occur, this layer of protection guarantees a family's financial future regardless of which spouse may unexpectedly pass.
3. Helps Ensure a Bright Future for Your Children
A primary reason why expats select their careers is to provide stability for their families. As expats spend their time overseas, there is a higher risk something unforeseeable could happen. Obtaining an insurance plan that meets the needs of an individual and his or her family can provide essential funding after a sudden tragedy. The right type of policy can help cover educational expenses, weddings, and other important events in the children’s lives.
What to Look for in a Life Insurance Policy
Finding the right life insurance policy requires a careful evaluation of a family’s needs, the type of insurance needed, and other important factors.
Expats should consider the following when choosing a policy:
1. Medical underwriting limits
2. Borderless coverage, especially for expats and frequent international travelers
3. Benefit limits
4. Whether premiums are fixed throughout the policy term
5. The type of coverage needed, such as Deaths All Causes as a result of illness, accidents, and acts of war and terrorism; or Deaths Natural Causes in high-risk areas
6. Eligibility age
7. Types of exclusions
8. Term renewals (for example, every year or every 10 years)
How Much Coverage Should I Get?
According to the Life Insurance and Market Research Association, experts recommend having enough life insurance to replace income for 7 to 10 years, but each individual must calculate their beneficiaries’ future financial needs. Several factors (such as age, children, mortgage, income, etc.) must be considered to determine the appropriate amount of life insurance coverage.
Source: Clements Worldwide
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