zTermLifeInsurance Blog
Wednesday, March 10, 2010
- 09
Mar
2010 -
Nothing Lost in Translation with Right Term Life Cover
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Susan Mosher is an expatriate posted in Turkey. She wanted this assignment, even if it meant spending time without her family for a couple of years. She purchased term life insurance through the IC+ Term Life Insurance plan.
Until now, Susan has had a smooth transition to her new home, as she only needed to communicate with folks from her office, who all spoke English. On one of her out-of-town travels which took her away from Istanbul, Susan noticed that her passport was lost. She now desperately needs assistance to get her documents back, as also translation and interpretation help.
Fortunately, the IC+ Term Life Insurance plan offers these travel-related services along with the plan. To utilize these services, the plan must be valid, and the plan holder must contact the company’s customer service numbers to avail of the benefits. Remember that the numbers may not be local for your current country of residence.
Some of the other related travel assistance services provided by IC+ Term Life Insurance include medical referrals, assistance with prescription drug replacement, emergency travel arrangements for family, embassy referrals, and bail bond assistance. With just the right kind of international term life insurance, Susan was able to insure her peace of mind in a foreign land, as well as her family’s, after her passing away!
- 08
Mar
2010 -
Be Calculative: How Much Term Insurance?
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Term life insurance is usually only a part of an individual’s life insurance mix. How much term life insurance is required by a person is answered by many questions, important among them being, “After my passing, how much money per year will my family need to maintain the same standard of living that they enjoy now?”
There are several online calculators that can help you figure out the amount of term insurance you will need. Online calculators usually take into account inflation, the interest rate, and your annual income, in addition to your spouse’s income, to arrive at the ideal term life insurance that you will require.
As a rough guideline, life insurance is suggested to be pegged at about ten times the annual income, although this amount can vary greatly depending on the other investment/insurance options, and outstanding mortgages/debts.
When it comes to expatriates, the calculation becomes a bit more complicated, as the salary may not be strictly proportional to the costs of living, and the expatriate may be able to save more than his/her colleague living in the United States. The problem is sometimes compounded by the fact that expatriates will find it difficult to get reliable life insurance. Special international term life plans such as IC+ Term Life Insurance can be just the solution.
- 05
Mar
2010 -
Do I Need Term Life Insurance?
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Do I have debt? If you have any kind of debt, whether it's a mortgage, a credit card, or an auto loan, someone will have to pay the balance of it if you pass away unexpectedly. With term life insurance, you can buy enough coverage to pay for all of your outstanding debt, and you can designate a beneficiary who can take care of these expenses in the event something happens to you. So no loved ones will be stuck with debt they're unprepared to pay.
Do you have a family? If you have a spouse and/or children, they will have enough to worry about in terms of grieving and moving forward psychologically after losing you. Don't leave them to figure out how to address financial problems too. Purchase a term life insurance policy that will help pay off your largest debts and preferably account for the lost income of your salary as well, so that your spouse doesn't suddenly have to worry about stretching their salary wide enough to cover all of your family's weekly or monthly expenses.
It sounds almost too simple, but it's true. If you are at the stage of your life where you have debt, a family, or both, then you're at the stage where you should be considering the purchase of term life insurance. It's a product you hope you'll never have to use, but you don't want to be without.
- 04
Mar
2010 -
Term Insurance Also for Terminal Illness
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Max Rubens is a troubled man. A U.S. citizen, he was stationed in Spain for five years, with no term life insurance. He was 30 years old and healthy, and the companies that he approached for life insurance denied his application because he would not be living in the United States.
Max also had purchased international travel insurance for one year—surely that would cover all the basic expenses? His wife, who still lived in the U.S., was financially independent, and looking for insurance seemed like a waste of time for Max.
A year later, Max finds himself with terminal cancer. Shattered, he knows that treatment for the cancer will soak up his and his wife’s savings, and will increase their debt as well. If only Max had looked a bit more, he might have found the IC+ Term Life Insurance plan to be very useful at this difficult time.
Term life insurance plans such as IC+ Term Life Insurance often come with a terminal illness benefit, which pays half the insured amount when a terminal illness is diagnosed. The condition is that there must be medical cause to believe that the plan holder has less than 12 months to live. It is worthwhile to take a look at term life insurance benefits even if you are healthy.
- 02
Mar
2010 -
Term Life Insurance: To Plan or Not to Plan
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Life insurance, much less term life insurance, is seldom a topic discussed when one is in college and otherwise unattached. While it is always a good idea to think about life insurance to financially cover your demise, it really gains weight once you settle down in life.
So the question of when you must buy term insurance really depends on what stage of life you are in. Whole life insurance, which can be used as a great savings mechanism, offers less of a dilemma, because you know the money is for your future, and you or your family will reap its benefits at some point.
Remember that the cover is primarily meant as a “safety net” and less than 1% of term life insurance policies actually see a claim, remember to purchase term life insurance to add to any existing insurance you might have. While it is a perfectly good idea to purchase only term life insurance, minimal whole life insurance is useful as a long-term savings option.
Some pointers that you might need term life insurance include: expected expenses such as mortgages and education that will suffer if you pass on, lack of insurance abroad if an expat, and general debt. If you are an expat, there are several plans such as IC+ Term Life Insurance that can offer holistic travel services and term life insurance benefits.
- 01
Mar
2010 -
Why Do I Need Expat Term Life Insurance?
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When the boss says you have to live abroad for a few years, life insurance is the last thing on your mind, let alone questions of whether you need whole life insurance or term life insurance. But it is a question many expats end up asking: Why should I opt for term insurance?
Reason number one has to do with the convenience of a term life insurance plan, in that you can choose a plan to cover the present expenses that you have. Even if you live and work abroad, you might have a home in the U.S., which requires a mortgage to be paid, or you may need to save for your children’s education. You can purchase term life insurance that covers the costs of these expenses alone.
Reason number two has to do with cost. Term life insurance is the cheapest life cover available in the market. If you are relatively young and healthy, this is definitely a good option to consider, because you might want to maximize your savings in other investments, not necessarily through whole life insurance policies.
Reason number three is security. Expat whole life insurance is tough to come by. When family lives far away (or even if they live with you), extra coverage in the form of a term life insurance plan will go a long way in enjoying the expat lifestyle.
