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 Posted: Tue May 26, 2009 12:39 pm Post subject: Life insurance for expats.. |
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Do the expatriates need to maintain life insurance too? What consequences would it lead to if they don't?
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KarlHeinzJ
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| Posted: Wed May 27, 2009 10:04 am Post subject: |
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| Quote: | | Do the expatriates need to maintain life insurance too? What consequences would it lead to if they don't? |
Do you have someone you want to receive money after your death, dependent children and /or spouse? If your answer is 'Yes' then you may continue paying the premium on the policy.
However, you may discuss the issue of expatriation with your agent before making decision. |
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JeremyHolter
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Joined: 06 Jun 2007
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| Posted: Thu May 28, 2009 10:59 am Post subject: |
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| Quote: | | What consequences would it lead to if they don't? |
Consequences could be discussed once we know more about the reasons and conditions of your moving abroad.
Steven |
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steven
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| Posted: Thu May 28, 2009 11:24 am Post subject: |
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Hi KarlHeinzJ
I agree with Jeremy. IMO whether or not you should continue with your life insurance must not depend on the fact that you are moving to a different country but must depend on whether you have any dependent. If in your absence some dependent or anyone else will suffer from a financial loss you may continue paying the premiums of your existing life insurance.
If, however, you owe money to a mortgage company or a credit card company for example, you may need to have insurance to pay back their money. Again, if you purchase a new property on mortgage in the new country, you could buy life insurance to cover the outstanding loans that you will incur from the mortgage.
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sil
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| Posted: Fri May 29, 2009 1:01 pm Post subject: |
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My friend, if you're a non-perpetual traveler who's going abroad to save some cash, then it's not unnatural for you to think of getting short-term policy. But I guess it's not cost-effective and not a good decision for your future. If you have children, you must think of covering them for the entire period of time for which they may remain dependent on you. Again, you might need the policy for a long duration in case you have other obligations to cover e.g. debt obligations.
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anonymous00
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