What are the risks of living in Southeast Asia that would lead someone to take out a life insurance plan?
Likely the first thing that pops into your mind is the traffic & the risk during your daily commute on a motorbike. That is a risk of living here and it’s likely you have seen a traffic fatality story making the rounds on social media.
However, that is usually not a main motivation to buy l life insurance. Usually, what drives people to buy international life insurance is something more personal & deeper.
Is life insurance right for you? That depends, but you should have a serious think about international life insurance if you tick one or more of these boxes:
1) You have Dependents
If you have someone who relies on your income for their well being, then you are a candidate for life insurance. If you were to unexpectedly pass, what would happen to your family? What changes would they have to make in their life regarding:
- Their quality of life
- Your children’s current & future educational prospects
- Their living situation
Those are usually the big three things people would think about first when purchasing expat life insurance.
2) Only Income Generator
There are many situations where someone is the sole income generator in a household, regardless if that’s a more temporary or more permanent situation For example, if your partner:
- Just had a baby & is on maternity leave
- Is in between jobs
- Does not work & stays at home to take care of the household and/or kids
In all of these situations, there is immediate risk of not having a life insurance plan in place. That risk is elevated if your partner does not work & stays at home to take care of the house & children.
3) Income Discrepancy
Even if both you & your partner have full-time jobs, that certainly does not mean you both bring the same amount of income to your household. Many expats in Southeast Asia may be married to a local citizen where there may be a large income discrepancy between the two salaries. In that case, it’s likely that the largest income would also be responsible for the bulk, if not all of the expenses.
4) No other Coverage
Some companies may have a small accidental death benefit as part of their employee benefits scheme, but very few expats are offered a proper life insurance as part of their contract.
The accidental death benefit usually offers too low of a benefit and only covers sudden accidents, usually with very specific qualifying criteria.
So if you have no other form of life coverage & you fall into one of the first three categories, then schedule a consultation with one of our advisers today to learn more about the options available to you.
Get in touch
If you would like to have a confidential conversation with a Tenzing Pacific Insurance adviser about Life Insurance, contact us today to:
- Understand how much benefit you need
- Discuss options available to you
- Find the best plan for your needs
Book an Appointment