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When you are young, single and responsibility free, life insurance is one of those dull subjects you file at the back of your brain to deal with ‘when you’re older’. As life progresses and you start to acquire the things in life that bring responsibility, such as mortgages, partners and children, life insurance becomes a fundamental part of a sound financial plan.
In its most basic form, life insurance is a contract between an individual and an insurance company stating that in the event of the policyholder’s death the insurer agrees to pay out a specific sum of money to the deceased’s beneficiaries. This could be either a lump sum or a regular income. The benefit of life insurance is that it will protect your loved ones from risk should you be unfortunate enough to meet a premature death. It provides peace of mind for both yourself and your family.
So where do you start working out the level of life insurance cover you need? As this is a complicated area requiring solutions tailored to your very specific personal circumstances, it is imperative to consult a professional for a detailed personal assessment of your situation.
An expert will start by looking at your ongoing expenses such as a mortgage, living expenses, tuition fees and other debts. Your situation may be complicated by having a second family, business liabilities or family members with specialist medical requirements. Couples may wish to consider taking out life insurance for the spouse who doesn’t work – the cost of covering the work of a stay-at-home parent should not be underestimated. There are many considerations to bear in mind, and expats in Asia will have additional factors to take into account such as whether a policy is valid if you move from one country to another, or if your family will require repatriation in the event of your death.
You can purchase life insurance directly from many providers throughout Asia, however an independent financial adviser is more likely to be able to offer a wide range of policies and find solutions better suited to your particular requirements. In all likelihood, he or she will also save you money.
Throughout your life your responsibilities and your requirements will change, which is why we also recommend that you regularly review your life insurance cover to ensure that it continues to meet your needs. The benefit of knowing that you are protecting your nearest and dearest from risk is worth taking the time for.
Would you like to learn more about life and other peace of mind insurance policies? 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.