Is your family protected with expat international insurance?
Expats tend to be great at sorting out their investments and pensions whilst working overseas on an expat or international contract. However, what they tend to be really bad at is arranging adequate Life Insurance should they die prematurely, leaving a family behind, or Income Protection should they get ill or be made disabled.
The problem is made even more serious when only one member of the family is working and the other members of the family are wholly dependent on his or her income. What will they do if he or she dies or get’s injured and is unable to work? The main bread winner should have at least 4 X yearly income protected via Life Insurance and, ideally, 60% of their current income insured against them becoming ill or disabled. Of course, if there are mortgages involved, they should be covered as well.
A worked example is a young family with only the husband working. He earns $80,000 a year working in the UAE with £200,000 of mortgage outstanding on a property back home. He should be looking to insure 60% of his current income; $48,000, and have in place $500,000 of Life Insurance.
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The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.