Of course no amount of money can ever replace a person.
But life insurance polices can provide cash when it’s needed the most. Delivering a specified sum of money at an exact time of need.
Life Insurance is for the living. Should anything happen to you, the life insurance you have purchased is in place to protect and provide financial relief for those who must carry on without you.
Perhaps it is arguably even more important for expats living outside of their home country. Especially with the potnetial complications of relocation, high living costs and private medical bills.
You never know – Plan for the worst -Dying suddenly in an accident, by unexpected illness or even of natural causes can happen at any time. Life insurance helps your loved ones pay the mortgage, bills, schooling and university costs, after you’re gone. It also provides tax-free cash to pay estate and taxes in death. Nothing can replace you in their hearts, but planning ahead with life insurance can make things easier for those you leave behind.
Pay Off Debt – Just because you die doesn’t mean your debts disappear. For example If you and your spouse have a joint mortgage or other loans or credit cards, your spouse may become entirely responsible for thier repayment. Life insurance allows those you leave behind to take care of any lingering financial responsibilities.
Protect those you love.– In your life, you work hard to make sure those you love — your spouse, partner, children, family members are taken care of.But It iss just as important to consider providing financial support for future living costs of surviving dependents. After all, they will have to go on without you.
Children’s Education -Your death benefits can be directed towards the cost of school, college or university fees, for the children you leave behind. This can alleviate the pressures of them having to take out large student loans or worse still education becoming unaffordable.
If you wait, it’ll cost you – While it’s easy to put off buying life insurance, the longer you wait, the more you’ll spend. Up until age 40, coverage only goes up by a little bit every year. The older you are, the more expensive the premiums. Think about it this way: It is highly unlikely that a person would be healthier at age 40, 50 or 60 than they were at age 30. So the longer you put it off the more expensive life insurance will be. Start early and you can lock in much lower premiums.
To leave an inheritance -If you don’t have any other assets to pass to your chosen beneficiaries, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise if you do not have any other assets. Equally life insurance policies are often used to help pay off large inheritance tax bills on death. Ensuring that your benenficiaries do not have to find the funds or sell assts in order to pay the death taxes. whilst also speeding up the probabte period.
Some financial obligations to consider when figuring out how much Life Insurance you may need include –
• Replace family income
• Funeral expenses• Settle medical bills• Pay any outstanding mortgage, debts and credit cards• Pay university/school/ nursery/ fees
We can’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance coverage will bring you and your family peace of mind. It’s one thing you can be sure of and you’ll no longer have to question whether they’ll be taken care of when you’re gone. Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss.
To find out more about insurance options available for expats and to get a competitive quote contact me
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