• International Insurance Blog

  • Friday, February 23, 2018

  • Why Do Expats Need Life Insurance?

    Filed Under:
    Author: Anupama

When you move abroad you dramatically alter your life – it can be a truly thrilling challenge to set up a new life overseas, and it will involve everything from taking on a new property to taking on a new job.  Perhaps your partner will also find work abroad, or perhaps they will become a stay at home parent, perhaps you will be in a position to privately educate your children, and maybe you’ll even keep your home back in your hoe country and let it out.  Each of these scenarios suggested are ‘events’ that need looking at in life insurance terms.

When you take on a new property you take on a new debt in the form of a mortgage or rental income.  This is a debt that you or your partner would have to shoulder alone if something were to happen to either one of you.  Therefore, it is a debt that needs to be covered by life insurance.  When you take on a new job, perhaps you will find you’re being better remunerated, or your expat tax status means you have more disposable income at the end of the month to enjoy.  Therefore, as your life becomes more affluent, so the standard of living you and your family gets used to improves and increases – therefore you need to increase your life insurance accordingly!  If you or your partner stays home to care for your children, the life of your partner has to be insured as well, because if you were to lose your partner, you would have to pay out for child care.

These are just some of the reasons why expats need to think long and hard and carefully about getting life insurance in place, and getting the right level of cover in place too.

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