It is shocking how many of our expat clients have not thought to check this vital aspect of their financial planning. Granted when one takes the decision to live and work abroad, most times it is with the intention of returning one day to retire in a family home or in their country of origin.
BUT WHAT IF YOU SHOULD DIE DURING YOUR STAY IN ANOTHER COUNTRY??
Many people are shocked to discover that the Life Policy / Life Insurance that they have continued paying while they are abroad, actually became null and void within the first year of expatriation. Not only is it infuriating to know that you have spent thousands on a policy that you will not benefit from, but the realization that you now have to determine how to cover your family in the event of your death can be overwhelming.
THE SIMPLE ANSWER IS – EXPAT LIFE COVER.
The best way to describe expat life cover is to simply say that, you are giving your all-important life policy its own passport. Regardless, of where you move to or how long you live in a different country, your expat life cover will pay out and ensure that your loved ones are protected financially in the event of your death.
STEPS TO ENSURE YOU ARE COVERED
- Firstly, if you are an expat and have been outside of your birth country for more than 12 months, you need to get in touch with a financial advisor to ascertain whether or not your life policy is still valid.
- Secondly, if it is not valid due to your expatriation, then you need to ensure that you work with an advisor who specializes in expat wealth management.
- Thirdly, ensure that you are being advised by a fully licensed and registered FSP with Tier 1 providers.
- Most importantly, you should be revising your financial plan at least every 12 months and this is when you need to review all your financial products, not just your investments.
Consistent financial planning, is the key to ensuring that financial goals are still on track and are being met.
“Every accomplishment starts with a decision to try” – IIMG
Author: Angelina Angileri @IIMG Marketing