International Life Insurance: The Top 10 Reasons Why You Need It

Life insurance is a contract between you and an insurance company. In exchange for regular payments, the insurance company agrees to pay out a death benefit to your beneficiaries if you die while the policy is in force. International life insurance is designed to meet the unique needs of expatriates, global travelers, and individuals with international connections. It can provide coverage regardless of where you are in the world, and it can be tailored to your specific needs and budget.

Here are the top 10 reasons why you need international life insurance:

1. To protect your loved ones financially. If you die suddenly, your loved ones may be left with unexpected financial burdens, such as funeral expenses, outstanding debt, and living expenses. International life insurance can provide them with the financial resources they need to cope with your loss.

2. To replace your income. If you are the primary breadwinner for your family, your death could have a devastating impact on their financial well-being. International life insurance can provide them with a steady stream of income to help them maintain their standard of living.

3. To pay for your children's education. If you have young children, you may want to consider getting international life insurance to help pay for their college education. This way, your children can continue their education even if you are no longer there to support them financially.

4. To leave a legacy. International life insurance can be used to leave a legacy for your loved ones. For example, you could use the death benefit to fund a charitable donation or to establish a trust for your children or grandchildren.

5. To cover funeral expenses. The average cost of a funeral in the United States is over $7,000. International life insurance can help cover these expenses so that your loved ones don't have to worry about paying for your funeral.

6. To pay off debt. If you have outstanding debt, such as a mortgage or credit card debt, international life insurance can help pay off these debts so that your loved ones don't have to inherit them.

7. To cover business expenses. If you own a business, international life insurance can be used to cover business expenses such as payroll and inventory costs if you die. This can help to ensure that your business can continue to operate even after you are gone.

8. To protect your estate from inheritance taxes. If you have a large estate, your heirs may be subject to inheritance taxes. International life insurance can be used to pay these taxes so that your heirs can inherit your estate without having to pay a hefty tax bill.

9. To provide liquidity for your estate. If you have a lot of assets that are difficult to liquidate, such as real estate or business interests, international life insurance can provide your estate with the liquidity it needs to pay your debts and distribute your assets to your heirs.

10. To help your loved ones grieve. The death of a loved one is a difficult experience for everyone involved. International life insurance can provide your loved ones with the financial resources they need to focus on grieving and healing, rather than worrying about how to pay their bills.

And a bonus one:  to provide income protection in the event of a critical illness that leaves you unable work, either temporarily or indefinitely. 

How to choose the right international life insurance policy

There are many different types of international life insurance policies available, so it's important to choose one that meets your specific needs and budget. When choosing a policy, consider the following factors:

• The type of policy. There are two main types of life insurance policies: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period of time, such as 20 or 30 years. Whole life insurance provides coverage for your entire life.

• The amount of coverage. The amount of coverage you need will depend on your individual circumstances. Factors to consider include your income, expenses, debt, and financial goals.

• The premium. The premium is the amount of money you will pay each month for your life insurance policy. Premiums vary depending on the type of policy, the amount of coverage, and your age and health.

How to get started

If you're interested in getting international life insurance, the best way to start is to talk to a financial advisor. They can help you understand your needs and budget, how much coverage you need and they can help you choose the right policy for you.

Tips

• Get international life insurance early. The younger you are when you buy life insurance, the lower your premiums will be. Read our blog article on this exact topic here.

• Shop around for rates. Compare rates from different insurance companies before you buy a policy. You can use a life insurance comparison website to make this process easier.

• Review your policy regularly. Your needs may change over time, so it's important to review your policy regularly to make sure that it still meets your needs.

Get Quotes

If you'd like to discover pricing for your age, gender & personal profile, please get in touch by booking an initial consultation with me. In an initial discovery meeting, we will have a general conversation, collect some info from you and then I'll put together solutions suited to your requirements.