If you’re an expat currently working or living in another country, you should ensure that you take out expat life insurance as part of your global wealth management strategy. Life is never predictable, and this applies even more when you are living in an unfamiliar location where you may be exposed to different kinds of risks than you would be at home.
Many expats think that as long as they have a life insurance policy in their country of origin that they’ll be covered in the event that anything should happen to them while living abroad. This can be a costly mistake because in many cases, a life insurance policy taken out in the UK won’t necessarily be valid for incidents that happen in another country. Not only does this mean that your loved ones won’t benefit from the provisions that you’ve put in place, but it also means that you’re paying for a product that is essentially useless.
Unavoidable Facts of Life
Expat life insurance is the only way that you can be certain of protecting your family in the event that you meet an untimely death. None of us want to consider the possibility of dying young or leaving our dependents stranded without us – however, death is a fact of life that we can’t avoid, and we never know when it will pay us a visit. We have a responsibility to ensure that our family are taken care of and expat life insurance will give you that very peace of mind.
Imagine just for a minute that you were to fall ill and it turned out to be fatal. If you have a spouse or children living abroad with you, how will they manage once you and your regular wage has gone? It is frequently the case that a contract worker will be the only member of the family bringing home a salary. In the event of your death, there will be many things to manage financially; your family may want to repatriate to their home country, which can cost huge amounts of money in flights, freight, a deposit on a new property and many other peripheral costs.
Help When It’s Most Needed
In addition to these kinds of costs, your expat life insurance will also provide a pot of money to help your family to get by and meet their financial commitments, while they recover from their sad loss. They may need it to help cover funeral costs, or even to fly your body back home. By taking out expat life insurance you can relax, knowing that your family will not have any additional stress on top of the tragedy of losing you. If you haven’t found a policy as of yet, it’s a good idea to speak to a global wealth management advisor and start the ball rolling straightaway – you never know what’s around the next corner.