What is Expat Life Insurance?
Life insurance is needed to cover mortgages or as a cash lump sum payout to a partner upon death.
Most UK life insurance policies cannot cover expats and non-residents. When you move abroad, you usually need to set up an expat life insurance policy.
You can buy term insurance or critical illness cover.
What is Term Insurance?
Term insurance just pays out upon death only.
What is Critical Illness Insurance?
CIC pays out upon diagnosis of the critical illness.
For example, Lily buys a Critical Illness Insurance policy worth $500,000. Upon diagnosis of breast cancer, her insurance company pays her $500,000 to cover treatment and enjoy her life. If she has health insurance, the health insurance will cover the treatment and the life insurance will be a cash payout to enjoy her life.
Often, young couples apply for life insurance early in life, so that if the main bread winner dies, their partner gets a lump sum pay out.
If you own properties, life insurance needs to cover the size of your mortgage as well as a pay out to your partner. They might need money for the next five years until they find a job and they might also have to hire a maid to look after any children.
How Many People are Diagnosed with Cancer Each Year?
In the US, 1 in 2 women and 1 in 3 men will develop cancer in their lifetime. Now, a similar rate has been reported in the UK.
Cancer is among the leading causes of death worldwide. In 2018, there were 18.1 million new cases and 9.5 million cancer-related deaths worldwide.
By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million
CIC will pay out upon diagnosis, so that you have a cash lump sum to enjoy for the remainder of your life.
Find out more about life insurance with a qualified adviser…