Life Insurance for British Expatriates
Expatriation, together with marriage and having children, is one of those occasions at which you consider whether you have adequate life insurance cover. Life insurance is a fundamental "building block" within any financial planning strategy because it protects you and your family against the risk of premature death or ill health, and the sometimes catastrophic financial consequences. Arguably, you should have plans in place both to protect your life (and that of your spouse) and your income, before you move onto considering other investments.
Reasons for reviewing your life insurance cover before proceeding overseas include the following:
- Your existing life insurance may not provide cover if you become resident overseas and you should check with your current Insurer(s).
- Expatriate assignments often mean that families become more reliant on one, higher paid, income.
- Your income and cost base will often increase as a result of expatriation; to include private schooling, health insurance and potentially the maintenance of overseas property, and
- Any (unplanned) return to the UK because of death or health issues will result in additional costs
If you are on an employment contract overseas, then the amount and breadth of insurance cover often seems an unimportant aspect of your remuneration. However, this is one situation where employers will usually be able to arrange coverage much more easily through a group or corporate scheme, and sometimes more comprehensively and at a lower cost, than you can individually. If your employer does not provide a robust level of cover, or you want cover that is more portable, it is up to you to enter into personal arrangements. In short, life insurance is not an optional expense.
Arranging Life insurance
In the website we provide an overview of some of the more commonly available forms of insurance and the options available to expatriates seeking new or additional life insurance cover. You should seek professional advice if you are seeking life insurance, particularly as an expatriate, because of the various additional complexities which could affect cover - including the fact that cover may not be available in your host country.
Exfin provides no obligation access to life insurance brokers in the UK and internationally, who are familiar with the particular issues surrounding both the coverage of British expats while overseas.
