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Monday, July 12, 2021
Life insurance | Tax Planning | Financial Advice
As a global citizen, it is natural to feel like life is bigger than any one country, culture, language, or identity. But finding life insurance coverage that meets the sophisticated needs of a modern global citizen takes extra consideration.
For instance, British citizens living abroad may think that their life cover in the UK is sufficient for them globally however, in nearly every case, the terms of these policies only protect them whilst they are living in the UK.
For HNW individuals who are often moving around, it is important to know the facts of your coverage as well as how (and where) it protects you. It is even more necessary if you have families and dependents who rely on your wealth for their wellbeing.
Who to reach out to?
First and foremost, having a straight conversation with your policy provider (particularly asking them about the facts of your policy) is vital. Ask as many questions as you feel you need. Enquire about whether you are still covered abroad and whether the cover is enough to meet your families’ complex needs.
Additionally, make sure you develop a full understanding of how easily the policy can meet your needs in any eventuality. Asking technical questions now can save you from finding out later that your policy doesn’t provide the specific coverage you need – the worst case in an already-difficult situation.
If you want to know more details but are not completely sure how to cover all the key points, take note of these questions.
As normal as it might be for you to move between countries, you may need to ask your insurance provider whether the policy is still valid in other countries, and if exclusions apply.
Some insurers are portable, but others may decline to cover in certain countries. As such, it is important that your insurer tells you whether the country of interest falls within your policy cover.
Global life coverage is often offered with renewable or reviewable pricing. While there are reasonable coverages for you if you have a UK address and bank account, this can only work if you are temporarily moving abroad as opposed to retiring or permanently shifting home.
The tax treatment of insurance pay outs varies between countries, meaning the sum assured may not be enough in some places.
When considering what add-ons you would like, it is worth inquiring about accidental death cover.
This pays out when someone with life cover dies anywhere in the world, providing the death is not due to ill health. Accidental death cover is not subject to medical underwriting as state of health is irrelevant to the pay-out.
When considering the best life insurance for yourself and your family, it is worth considering critical illness cover as well as income protection. Knowing the differences in each policy is important to ensure you are meeting all your protection needs.
Critical illness cover is a long-term insurance policy to cover specific serious illnesses listed within a policy. Should the worst happen, it gives you a tax-free ‘lump sum’ one-off payment – which you can spend in any way you feel fit – and acts as a great too to help support you through difficult times.
Ultimately, your situation is unique to you and, to ensure you and your family is protected today, tomorrow and for generations to come, its important to seek professional advice. Discover how our professionals can work with you to design a tailor-made solution to fully suit your global needs.
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