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Life insurance is a necessity for the majority of people at some point in their lives. However, life insurance solutions can be difficult to set up correctly and you could end up with too much or too little cover or the wrong type of life insurance altogether. Life insurance does not come as a ‘one size fits all’ solution; a detailed personal assessment is the key to setting up the correct cover. The best life insurance for you depends very much on your specific circumstances.
Many expats are shocked to find that life cover set up in their home country becomes invalid after relocating to Asia and therefore expats in Asia must review any life insurance taken out in their home country. It is also important to check that the policy will remain valid if moving from country to country.
It is vital that the main earner in any family makes an assessment of life insurance requirements. The failure to do so could result in the family being placed in very difficult circumstances in the event of an untimely death. Not only will a family have to cope with their grief at losing a loved one, but also having to carry the additional burden of worry about how they will support themselves in such tragic circumstances.
Life insurance is often used as a tool to mitigate the tax liability of an estate. In many cases this is in fact poor financial planning. Good estate planning should aim at reducing tax liability rather than introducing additional costs to cover the expected taxation. However, there are always exceptions and circumstances where the tax liability of less liquid assets can and should be met by life insurance. Life insurance, as a tool for covering tax liability, can remove any need to sell off real estate or other assets that are intended or desirable to keep within the family.
When an inheritance revolves around property or a business, it can be hard to treat all beneficiaries equally and fairly. A family property which is also the home of a surviving family member or a family-owned business can be tricky to pass on to the next generation in a fair manner. Life insurance can be a very useful solution to ensuring that all of your family receive an inheritance of equal or fair value.
Expats in Asia with a second family or simply a second spouse may find life insurance is a solution to providing for both families. For example, children from a first marriage may benefit from what was then the family home but life insurance can ensure that second spouse family also remains financially secure.
As circumstances change so does the need for life insurance. Later on in life there may be little or no requirement for insurance of this nature. A 30 year old, as the main income provider with a young family and mortgage payments will have very different life insurance needs to an older person whose children are financially independent.
Expats in Asia will also need to consider if their family would remain in Asia in the event of death. This may affect the level of life insurance cover that should be considered.
As circumstances change, so do the expectations for life insurance cover. Therefore, regular reviews of any insurance will ensure that it meets your current needs. Expats in Asia who find themselves travelling with their career should schedule regular reviews of their life insurance as part of their routine financial planning. A personal assessment of circumstances and lifestyle with a professional adviser can prevent any mismatches between your life insurance and intentions.
Life insurance provides solutions to many financial challenges, but it is always directed at making life easier for those left behind. Good advice and a professional assessment of your specific circumstances are absolutely necessary to ensure the correct solution is in place for you and your family. You won’t be here to pick up the pieces so it is essential to set up your life insurance correctly.
Infinity offers a wide range of insurance products. We work with the leading insurers to provide both critical illness and life insurance (term, whole of life and annual renewable). Contact us to talk with one of our experienced advisers and discuss your life insurance needs, to review your existing cover or to arrange for a personal assessment of your life insurance requirements.
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