• 22
  Apr
  2010

• Term Life Insurance and the Magic Coverage Amount

  
  Filed Under: Blogging
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While term life insurance is the preferred method of life insurance for many people today, expatriates face some unique challenges when looking for term cover. For one, it may be difficult for an expatriate to find a company that offers a reliable international term life insurance plan. Second, coverage may not be sufficient for your situation.

Remember that plans such as IC+ Term Life Insurance offer reliable insurance for up to $2 million. This amount should be sufficient, especially if you have other investments that will pass on to your dependents on your passing on.

The $2 million works for most folks simply because the rule of thumb for term life coverage is 20 times the annual income, and considering a $100,000 annual income automatically brings us to the magic figure of $2 million. Remember that you can also opt for lower sums in the IC+ Term Life Insurance plan.

For lower amounts, you might not even have to fill out a financial questionnaire or a medical questionnaire. However, these could be asked for by the underwriter in case they think it necessary to ascertain your financial and medical health.