Expatriate Health Insurance Blog
Monday, July 24, 2017
Filed Under: Blogging
As an expatriate, you probably already realize the many benefits of expatriate life insurance. It is an essential purchase to ensure that the loved ones you leave behind have the proper financial security after you pass away. However, you may not be sure how much you need to purchase. Here are some important factors you should consider when making this purchase.
First, think about who your beneficiaries would be. Do you have a spouse and children? Does your spouse work? Depending on your answers to these questions, you will need to purchase more or less insurance. The last thing you would ever want to happen is for your family to have to worry about financial issues because they no longer have the support of your income. They will already be consumed with grieving your loss; they do not need additional concerns layered on top of that.
Next, calculate your beneficiaries’ monthly expenses. Are there mortgages, car payments, and credit card bills to pay? What sort of existing assets can be cashed out to help pay for those items? Taking stock of what you and your family owe as well as what you have on hand will help you gain a clearer picture of how much insurance you want to purchase for them.
These are all simple questions, but they really do serve as the cornerstone for figuring out how much expatriate life insurance you will need. Your family will likely have a difficult time without the assistance your income provides, so it is important that your supplement it any way you can. And when supplementing it, yo definitely want to provide them with an adequate amount.