A global policy that gives you coverage in multiple countries along with your motherland is an excellent option for the expats with dependants. However, it is vital to determine if that policy makes any additional demands in return of the global coverage before making any purchase. It may be a wise idea to consider some vital features before selecting any international life-insurance policy that is commonly known as the ‘Term plan’. Similar to other policies, the designated beneficiary of an indemnity plan is supposed receive the insured sum if a policy-holder dies before the end of the period of insurance. You family members may use this money for personal expenses after your death and may become able to avoid financial distress. The types of coverage the beneficiaries are supposed to receive differ from one policy to another. Hence, it is essential to read the fine prints and consider some features before making a final selection.
Insured Sum versus Necessities
A life insurance for foreigners may promise to deliver a sum that is 10-times or 20 times the amount of your present salary. However, the cost of livelihood may increase at a leaping pace. It may be subsequently higher in comparison to the current cost of living in the year of maturity. It is equally impossible to determine the time of your death. You may die a few years before the end of term; however, the cost of living may be higher than the present days. Hence, it is essential to calculate if the assured sum is sufficient for the fulfillment of your family’s requirements before purchasing any policy for family members.
In this scenario, you may consider the future expenses of your family for the payment of inheritance taxes. You may equally consider the amount of income-protection for the surviving partner during the selection of any policy. You may also need to consider the amount of financial reserve that you may leave behind for your child’s/children’s education during the selection. It is equally prudent to enquire about the availability of emergency funds that you may require in order to pay for the unexpected expenses. Another crucial factor that you may need to consider during the selection of a policy is the amount of savings that your family may require for the repayment of debts or mortgage after your untimely death in any country.
The aforementioned features may help you select a policy that may satisfy the varying requirements of your family members. These days, many insurance companies enable their clients to customize a plan in accordance to their specific or unique requirements.
Amount of Premium
It is equally prudent to consider the amount of premium before purchasing foreigner’s life insurance policy. This amount may depend upon a variety of factors, such as the type of a plan or the number of additional facilities that you may receive through a plan. The age of the policy-holder also affects the amount of premium alongside the age of the insured individuals. The health or occupation of a policy-holder and the length of term also impact the amount of premium. It is crucial to learn about the amount of premium, as it may have an impact upon your budget.
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