Do i need life assurance?
You could already be covered no matter where you live – again, check with your current provider and see what the limitations of your policy happen to be.
Ensure you're covered by your current life insurance policy
It might sound silly, but it is vital to ensure that your life insurance policy covers you in your new location. If you are unsure, you should speak to your provider immediately to establish the facts.
It has been known for expats to not check this and when they passed away, their insurance company refused to pay out because of the country they were living in at the time.
Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.
There are many different types of term insurance policies available. Many policies offer level premiums for the duration of the policy, such as 10, 20, or 30 years. These are often referred to as "level term" policies.
While premiums for these level term policies remain level for a set number of years, after this time period the premium level can increase, so policy cost should always be considered.
Most term policies can have a built-in privilege to convert to a permanent policy regardless of any changes in the insured's health condition.
Advantages of term cover
Disadvantages of term cover
Choosing the right life policy
This is not to say that there are not perfectly suitable, trustworthy, reputable firms worldwide. If you do decide to buy international life insurance further down the line after you’ve relocated, just make sure you deal with a firm with a good financial standing and sound ownership. An experienced adviser in this field can help you make the right decision.
Speak to us regarding your requirements and we would be happy to introduce you to one of our affiliated partners who specialise in life cover.