Our financial consultants in Vietnam are often asked this question by clients. We take a brief look at why life insurance is an important part of a comprehensive financial plan and how the industry is changing in Vietnam.
You are irreplaceable but your income is not. Life insurance is a simple way to ensure that your family will be financially secure if you are no longer there to provide for them. For that reason, we believe that having ample life insurance to maintain your family’s standard of living and pay off debts if you were to pass away is a crucial part of any financial plan.
How much life insurance do I need?
You should plan for your family to be able to live debt-free and have access to sufficient income to maintain their existing standard of living. Ideally you should also put provision in place to pay for significant costs in the future such as university fees.
It is essential to conduct a detailed needs analysis as future requirements are probably greater than you think for bulletproof cover. If you are finance-minded, it is easy enough to do this yourself by making a list of all your debts, ongoing living costs and planned big ticket expenditure in the future. There are loads of life insurance needs calculators available online to facilitate this task.
Rather than going it alone, why not consult a financial adviser? A professional can help in other ways too.
How an Infinity financial adviser can help you with life insurance in Vietnam
- Working out your precise life insurance requirements
- Obtaining quotes from well-established international insurance providers
- Helping you to compare quotes to find the most appropriate cover for your needs
- Setting up life insurance in a trust to control when beneficiaries can access the death benefit
- Ensuring that you understand the small print
- Assisting with paperwork
- Providing claims support to your family if required
Don’t be tempted to skip on life insurance. You never know what life will throw at you.
If you are an expatriate in Vietnam looking for life insurance, contact us today at vietnam@infinitysolutions.com to get this important pillar of financial planning in place.
A leading provider of expat financial services and wealth management services across Asia.
