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  • Monday, February 19, 2018

  • How Much Expatriate Life Insurance Should I Buy?

    Filed Under: Blogging
As an expatriate, or someone planning to become an expatriate, you may already be aware of what an important and valuable investment expatriate life insurance is. There is perhaps no better way to make sure that if tragedy strikes you, the loved ones you leave behind will have the financial support they need, even without the benefit of your income. But many people are unsure of how to correctly determine just how much insurance they need. Here is some advice on that subject.

First off, keep in mind that the goal of life insurance is to provide financial support when your normal means of support become unavailable. So if you die, for instance, how will your family pay their bills without your income? With that in mind, a good place to start is by making a list of all of your family's expenses. This should include large expenses such as mortgage or rent, and car payments, as well as smaller ongoing expenses like your monthly utilities or your credit card bills. Even small bills can add up to large expenses.

Calculating your expenses will help show you how much your family will need in order to pay the bills. Next, consider any assets you have which might be able to help them cover those expenses. Anything from stocks to bonds that can be cashed in to help handle the financial burden should be included. Now you can figure the difference between what rneeds to be paid and what resources are available to you. Finally, add in extra for emergencies like auto repairs or household emergencies.

With an accurate picture of your family's financial situation, you can now determine how much expatriate life insurance you will need. It is important to go through this exercise, because guessing wrong could leave your family in a precarious situation. They will have enough things to worry about as they grieve your loss, so do some careful planning and make sure money is not one of them. Commenting is not available in this channel entry.

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