Life Insurance
The premise of life insurance is very simple: what happens if I die tomorrow? The questions you should be asking yourself are, how will the family survive? Where will they go? What will they live on? Is the mortgage going to be paid? What about the other bills? Will there be enough for the children’s education?
Why?
The purpose of life insurance is to protect your loved ones in the event of death and to make sure they can live and survive after you are gone. If you are a young family with a baby or a couple of toddlers, then life insurance is the first thing you should have set up.
When?
Many expats already have some life insurance in their home country but, these policies are unlikely to cover you when you move overseas. It is always best to double check the policy conditions or speak to the insurance company to see what the restrictions are.
The benefits
Peace of mind primarily but life insurance has other uses, it can also be used to help protect a business in the event of the death of a key figure in the company. It is also used to help with inheritance tax (IHT) planning so that in the event of death all taxes are paid by the life insurance and the estate is passed on to your loved ones in full without the need for them to sell off assets in order to pay the taxes due.
How much?
The amount of cover you would need all depends on your goals and your current situation. This is where Bluestar AMG can help, we have access to a range of providers that cater specifically to the expatriate lifestyle so with a brief consultation, you can be assured of full coverage at an affordable price.
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