Expat Life Insurance

Expat life insurance is essential for the young family. It protects your partner, so that if there is an accident which leads to disability or death, they don’t have to get a job as well as look after the kids. It is a vital part of financial planning for the young expat family.

What is the Purpose of Life Insurance

  • Makes sure your partner doesn’t have to work on your death
  • Makes sure that is can pay for your kids to go through scool and university
  • The primary purpose of life insurance is to replace the future income of the primary breadwinner
  • Usually covers a mortgage, so that your family aren’t kicked out of your house on death
  • Needs to cover and debts, expenses and future costs of any businesses you own
  • Needs to cover funeral expenses
  • Can cover you for critical illness and pay out if you become disabled with certain types of cover
  • Gives you peace of mind
  • Death benefit payments are usually tax-free

Types of Life Insurance

Term Insurance

Term Life insurance is the most popular type of life insurance taken out these days. It normally covers a fixed period, e.g. 20 years.

For example, a young family with two children has a 100,000 GBP mortgage. It will cost another 100,000 GBP to put both kids through school and university. The other partner also needs money to live. The main breadwinner takes out a 300,000 GBP life insurance policy to last 20 years. By that time, the mortgage has been paid off, the kids have gone through university and the couple have enough money to live off.

Critical Illness Insurance

Critical illness affects 1 in 4 men and 1 in 5 women under 65.

A critical illness include the most popular types such as heart attacks, cancer and strokes.

Critical illness cover pays out even if you survive the stroke, heart attack or cancer. The purpose is that likely you won’t be able or won’t want to go back to work. This is particular popular amongst CEO’s and people in high stress jobs.

Whole of Life Insurance

Whole of life insurance used to be very popular, but is losing popularity now, especially amongst the expat community, as it is rarely tax deductible. A whole of life insurance contains an investment element, so that you get some money back at the end of paying your premiums.

We often find it is better to combine term insurance with a specialist company to manage investments as many of the large investment companies tend to be very risk averse which hampers returns over a 20 year period.

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