Death, illness and injury — these are often best kept out of sight and out of mind.
But in the case of a life-changing decision, such as moving to a new country, you need to cover all the bases (even the ones you would rather not think about).
No matter where you are in the world, you can take steps to protect your family’s future from the worst case scenario. Taking out a life insurance policy is one of the most effective ways to do this.
It is never too early to protect your future. As soon as you make your first major financial decision, such as investing in property, starting the family planning process or taking the leap to move abroad, the stakes get higher. Having comprehensive life insurance in place early on will save you money and excess worry in the long run.
With over 23.7 million life insurance policies in the UK, this form of protection is already a staple of financial planning. Despite this, many UK expats still overlook its importance when making the move abroad — even though the risks might be greater.
If the worst were to happen while you are away from home, your life insurance policy ensures that your dependants are not left to fend for themselves. In the event of your death, the lump sum payment can cover essential costs as well as long-term financial goals, such as your mortgage and your childrens’ education costs.
It is important to note that your existing life insurance policy may not cover you while you live and work abroad. While many life insurance policies allow some flexibility, most include region-specific fine print due to risks such as political unrest or local tax and inheritance laws.
That’s why it is crucial to give your insurance provider plenty of notice before you move. If they cannot cover your needs, you will gain a head start to shop around for a policy that best protects your interests.
As a financial planner, I match expats and future expats with specialist life insurance providers who cover all the bases — so that you can rest assured that your family’s future is covered while you embark on your exciting new chapter.
Do you have a life insurance policy in place? If so, does it provide you with peace of mind about your financial future?
A leading provider of expat financial services and wealth management services across Asia.