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As an expatriate living abroad there are many uncertainties, upheavals, unknowns and concerns especially when it comes to fiscal matters. Life insurance is important to consider for your peace of mind as you will want to protect your loved ones in the event of your death.
The type of life insurance you need depends on your objectives and you need to assess the level of insurance required in order for your family to maintain the same standards of living in the event of your death. A number of options are available including:
Term of Life Assurance – Insurance against your untimely death for the fixed number of years of your children’s education.
“Decreasing” Term Insurance – Insurance which can be used to pay off a mortgage or other loans in the event of your death, during the outstanding period of the loan. With this type of 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 – Insurance that 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).
Annual Renewable Life Insurance – Insurance that can be used by expatriates, who wish to insure themselves one year at a time, depending on their changing circumstances.
When you consider which option may be the best for you and your family, you might want to consider the following:
- If you and your partner have no children, would you like to know that your partner would be financially independent for the rest of his/her life in the event of your untimely death (i.e. mortgage paid, credit card cleared)?
- If you have children, the above costs may apply in addition to the costs of education
- If your parents are still alive and if you were to pre-decease them, would you like to leave them a “nest egg” for old age?
A number of life insurance policies are available to you and your family and it is worth considering what options may be available to you when it comes to your financial peace of mind.