Are You Covered With Expat Life Insurance

As a British Expatriate myself,it dawned on me like a sledgehammer.Luckily I chanced to hear from Jemma,who  has written this post to remind other expatriates around the World.We hope this information can be of assistance to some readers,Jemma & Greg

What is Expat Life Insurance

The subject of Life Insurance is an often overlooked,misunderstood topic fraught with misconception about both its value and relevance.With the current economic recession and the emphasis on cutting back on expenditure,Insurance has been one of the luxuries that has been first to be purged from the monthly budget.

Many individuals forget that Life Insurance is sought to benefit those left behind in the event of their passing;it often goes great lengths to ensure the well being and financial  security of partners,family and loved ones,it may ensure the continued payment of the mortgage,cover the costs of funeral expenses or pay towards state inheritance taxes.

In brief,Life Insurance is a type of cover that places a sum payable under certain conditions should the policy holder die.You may pay premiums monthly,quarterly or yearly depending on your insurer.There are three main types of of Expatriate Life Insurance.

LEVEL TERM ASSURANCE in Expat Life Insurance

Level term assurance is a type of policy taken out over a fixed period of time,(for instance 30 years)whereby the premiums remain fixed throughout the length and should the policy holder pass away during this term,the amount payable on their death is also fixed.

Decreasing Term Assurance

Decreasing Term Assurance is a type of policy,also taken out over a fixed period of time.whereby as the policy ages the  amount an individual pays in premiums  reduces.Consequently,the amount payable upon the policy holders death also reduces.This is often chosen by individuals with reducing debts,such as a mortgage and is typically cheaper than the Level Term Policy

Family Benefit Policy

Family Benefit Policy is much like the decreasing term policy ,however when arranging cover the policy holder may chose to have a fixed annual sum for a set number of years payable to their families should they pass away within the insurance term.This is also a typically cheaper policy than Level Term

Expat  Life Insurance

Expatriate often find that they experience difficulties in obtaininglife assurance Life Insurance due to living in a country that is not that of their registered nationality.Until recently, British Insurers have been reluctant to insure individuals not on British soil because since the UK has a typically low mortality rate,other countries with higher mortality rates present a higher risk.This is because Insurers tend to generalise risk based on where a person lives,their occupation around what activities they pursue.In addition,finding cover from Insurers in the Expatriates country of residence can often be barred by regulations

Whilst finding cover as an Expatriate can be incredibly frustrating,it is important to remember the importance of Life Insurance and it is best to approach several companies,preferably through experienced professionals not only in order to maximise the chance of finding the right policy for your needs but also to find the most competitive prices.

Kindly Written by Jemma

Jemma is a Graduate who works for the web team of a leadinglife assurance UK company who specialises in a whole of market comparison and catering for British Expatriates seeking Life Insurance.

Having immediate family situated in both America and Australia,she has a good insight in to The Global Family

It is Vital to secure you and your family with Expat Life Insurance

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