The Top 4 Reasons Why Expats Are Underinsured
are you an expat who's
i didn't expect that!
Life Insurance Jargon Buster!!
so, what's going on?
what keeps you underinsured?
The mortality factor
we don't like making decisions
We always have excuses for not making decisions because it’s hard.
In fact making decisions is thought to be the most energy draining activity that we do.
So, we’ll do it when we lose some weight, stop smoking or once we’ve got the summer holidays are out of the way.
The problem is there’s always a reason to not make that decision
Then something happens like an accident or illness…
And what do you do then?
We’re forced into making a decision by which time it’s often too late
we don't trust insurance companies
For some people the reason for not getting life cover may be a mistrust of insurance companies.
We all read stories about insurance companies not paying out on claims.
No one doubts that this happens though in reality it’s very rare
Something going wrong makes for much better headlines…
How often do you hear about everything going right?
On the whole life insurance is reliable and pay out rates are in the very high 90th percentile.
In fact most modern policies payout on the diagnosis of a terminal illness.
lack of understanding
Another factor may also be down to a lack of understanding
Do you know what you need?
What type of policy should you get?
How much cover do you need?
How long do you need cover for?
The financial services world tends to be full of acronyms and technobabble.
This is very off putting for some people.
Which can lead to a lack of action because you don’t want to get it wrong
Life insurance doesn’t have to be that complicated
you've got more important things to do!
Another misplaced, yet common attitude is the money’s better spent elsewhere.
It could be an investment a mortgage or car repayments that trump paying life insurance premiums
Though none of these will give you what life insurance does
You don’t want to claim on your life insurance
Though you want your family to have the financial security if they ever need it
That’s one less thing for them to worry about if they lose you.
On the whole the cost of life insurance has been getting cheaper making it more affordable.
So, if you’re unfortunate enough to claim on a life policy…
It will be one of the best returns you’ll get from any investment that you make.
Which makes it money well spent.