Existing clients can use these links to log in to the Infinity dashboard. Not a client? Why not get in touch to find out about our services.
Life insurance is a confusing subject for many, which is one reason why there are so many myths surrounding the subject. Here are some of the most common reasons given for not taking out life insurance – myths that have no foundation in fact.
In reality it is more likely the case that moving abroad will make your existing policy null and void. When embarking on expat life always check your existing life insurance policies and chat to an expert who can ensure that you have sufficient cover for your family and that it will be valid in your new home.
The days of being able to rely on the state to survive are long gone. In these times of austerity characterised by cuts, cuts and more cuts by governments around the world for many families the loss of a breadwinner can mean living below the breadline. Don’t assume your family will be taken care of financially if anything happens to you, take out life insurance to be absolutely sure that they will be.
You may be lucky enough to have Death in Service cover from your employer and this may help your family in the short term if anything were to happen to you but in many cases payouts will barely scratch the surface with regard to mortgages and outstanding debts and will certainly not enable your family to maintain their standard of living indefinitely.
Any parent will tell you that parenting is a full-time job (even if you work too!). A study by salary.com in the US estimated that stay-at-home parents clock up 94 hours a week on the job and estimated that replacing them would cost the equivalent of £113,586. That makes a convincing financial case for taking out life insurance for homemakers.
A sound financial plan has two parts to it: wealth creation and wealth protection. Of course it is important to invest in order to achieve your financial goals and save for a comfortable retirement, but it is equally important to protect that wealth by safeguarding your family against the potentially damaging financial impact of an early death. Without life insurance, the loss of your earnings could lead to a surprisingly swift decimation your assets, leaving your family having to make some serious compromises with regard to lifestyle.
Age brings with it a higher possibility of contracting a serious illness or disease which makes you a higher risk to an insurer and could even make you uninsurable. Even if that isn’t the case, the older you are, the more expensive life insurance becomes so it makes sense to take out cover when you are young and in good health. Look upon it as insurance against your future insurability!
Life insurance doesn’t need to be complicated but everyone’s needs are different which is why it makes sense to talk through your requirements with an expert. Infinity provide a wide range of insurance services for expats in Asia and are ideally placed to find the right life insurance cover for you.
Would you like to be better informed before making a buying decision?
If so download the free Expat Insurance Consumer Guide and have all your questions answered.
This Site and the Content are not directed at or intended for distribution to any person (or entity) who is a citizen or resident of Hong Kong (or located or established in) any other jurisdiction where the use of the Site would be contrary to applicable law or regulation or would subject Infinity Financial Solutions Limited to any registration or licensing requirement in such jurisdiction.
Persons (or entity) who is a citizen or resident of Hong Kong please click on the link below to access our Hong Kong Site.