How will your family cope should the worst happen?
If you provide the bulk of your family income, especially as an expat, there is a simple question you should answer:
“Who will support your family should you be unable to work?” It is not a comfortable question but one we must answer to try and plan for the worst of events.
Consider the following:
- According to suzeorman.com most households have fewer than $1000 a year set aside to cover expenses. How long would that last in your household?
- According to the Office of National Statistics, 15% of deaths in 2010 were males aged between the ages of 35-59. That is over 1 in 10. That one could easily be you.
How can you prepare for the worst?
There are four main financial products that can kick-in and help your family out of a financial crisis.
There are plenty of different life insurance products on the market, giving you various forms of cover. The basic idea is that should you pass your family are given a cash lump sum to help them financially through the worst times. Each year life insurance products are revised and as such different, more comprehensive levels of cover are available.
Critical Illness Cover
With various horrible conditions we can contract, critical illness cover ensures that your family is looked after should you go down with something horrible. The better policies not only provide an income for your family, but take into account your care requirements too.
Income Protection Insurance
With good income protection insurance, should you lose your job suddenly, then the quality of family life does not necessarily have to suffer. Recessions and austerity have produced its share of redundancies and job losses, and no doubt our volatile, uncertain world will produce more. Income protection ensures the damage from a job loss event is lessened.
Medical insurance is essential especially if you are living as an expat. From regular medicals to fast admission to hospitals, good medical insurance does make the difference between life and death. Its importance cannot be overstated.
What to Choose
As you can imagine the product range for preventing financial crises is vast, all with their own complexities. With my financial experience I can help you choose the best insurances to help you through the worst of times should they occur.