No one likes to think of adversity mama! But you owe it to your family to understand what you would do in the event of critical illness or death.
Ask yourself this. Do you have enough insurance coverage? With many expat benefits changing rapidly to local packages, the standard group life coverage may just not be sufficient! Although an uncomfortable question to ask, have you considered what would happen to your family financially if you or your partner became critically ill (worse case scenario, died)? The Life team at Expat Insurance help you understand your Life Coverage Gap and how to make plans for an unforeseen future.
What are the hard questions to ask?
Make it a priority to sit with your spouse to understand what immediate financial expenses would your family face during an adversity? This includes school fees, mortgages, credit card payments and rentals in the immediate course of time. It would also mean calculating the cost of your family’s future needs, such as your fall back cash contingency, children’s education, college funds, and inheritance.
Most importantly check your coverage right away! See what investments and coverage you have currently to be able to calculate how your family will manage financially in case of an untimely death or critical illness.
How much insurance do you need?
The amount of coverage you need depends on a number of factors not excluding the size of your family, any financial obligations (loans) as well as the stage of your career. As expats, we are often unaware that most standard group life coverage benefits will not sufficiently meet the needs of the family during unforeseen circumstances.
Should you be lucky enough to have coverage through your company, the standard average is 3-4 times the annual salary. That number mama, is appallingly low and insufficient for any young family taking into account general cost of living, school and medical expenses over a lifetime (not to mention inflation!). As experts in insurance coverage for expatriates, Expat Insurance recommends, at a minimum, 6-10 times your salary as coverage!
It’s time to take a hard look at your current coverage! To understand your Life Coverage Gap, and make plans for the future, reach out to the extremely helpful Life team at Expat Insurance today!
Expat Insurance, www.expatinsurance.com.sg
Brought to you in partnership with Expat Insurance