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Cambodia has launched its first ever life insurance, with the majority government-owned Cambodian Life Insurance Company being officially inaugurated in May.
The company is a joint venture between the Cambodian Ministry of Economy and Finance – which owns 51% of the company – and Asia Insurance from Hong Kong, Bangkok Life Assurance, Bangkok Insurance Public from Thailand, and PT Asuransi from Indonesia.
The move is a major step forwards for Cambodians, who can so far get mortgage insurance, whole of life and term assurance from the company. Mortgage insurance will cover anything from two to 20 years at a minimum amount of $1,500, while the whole of life cover will insure those up to 90 years old for accidental death, death by natural causes or death from disease. The term assurance will last from three to 10 years for the same causes of death as whole of life.
Life insurance is one type of cover that anyone with a family or other dependants should be thinking about, especially if they are the main breadwinner. You can be sure that when you are no longer here, your family will be taken care of financially at least for a period of time until they can get back on their feet.
But an important thing for expats in particular to remember is that if they have a policy in a country they are no longer living in, even if they are paying their premiums religiously, they may no longer be covered if they die. Most insurers have strict rules about how long you can be out of the country before your policy becomes invalidated, so if you have not informed your life insurer you have left your home country, you could be paying premiums for nothing.
The best solution is to get an international life insurance policy, which will cover you no matter where you are living – that way, if you move around for work as many expats do, there is no need to have your policy changed each time you move.
But no matter how or where you get your life insurance policy, you should ensure it is written into trust as this will keep it out of the inheritance tax net. This is a real advantage to your beneficiaries, because your family will receive all of the money directly, and will be able to use the money to pay any tax liabilities that may have arisen elsewhere. Without the ability to do this, they could face the prospect of selling assets to raise money to pay a tax bill, which is far from ideal.
Getting the right policy can be tricky, so make sure you get advice before you sign on the dotted line. For more information please contact us
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