We select these ten points because they are what will make you face your life insurance with more knowledge and confidence. And, if you already have a policy, because they will surely make you rethink your insurance.
1. Although you do not believe it, you need life insurance
Well, there are some common reasons for hiring life insurance and, although it is not what one has in mind when thinking about life insurance, it may end up being the push to hire a policy. And, if not, you will end up doing it for the common reasons: guarantee the stability of your family if you fail, save and get your money, prepare your inheritance or solve the delicate issue of your funeral.
2. Insurance is much cheaper than you think
For example, if you opt for temporary life insurance, you are young, you have good health and do not hire unnecessary clauses, your insurance can cost really little.
As you can see, the key is to choose well. Calculate how much coverage you will need in a few years, do your calculations well and hire only what you need.
3. You need more coverage than you think, but without going through
But it’s important to be careful when it comes to the differences. Let’s take you’re a holidaymaker heading off for a break or an expat who’s moving abroad for a longer term for work/personal reasons. In both cases, you need to prepare for how you will be looked after if you require medical attention. Expat health insurance covers treatment for emergency and routine healthcare and provides expats with flexibility in terms of choice of doctor and treatment facility, while international health insurance is designed for those living or working overseas for a prolonged period of time.
4. The younger you are, the cheaper the insurance will be
If you think you do not have enough money available to cover permanent insurance, we give you some advice so that you do not let your best years pass without a policy: hire term insurance. If you sign one of, for example, 15 years, you will have coverage to cover any eventuality during that time and, if your economic situation improves, you can always convert your term insurance into a permanent one.
5. The taxation of life insurance is very favorable
Insurance is one of the financial products with the best tax treatment, so you should take advantage of it.
On the one hand, death benefits are delivered to tax-free beneficiaries. On the other hand, the cash value accumulated by permanent insurance pays deferred taxes. To make matters worse, the loans you can ask against the cash value also have a proper tax treatment.
Insurance is much more than something that sleeps while waiting to go into operation. If you want, it can be a living instrument that adapts continuously to your needs and offers you at all times the best coverage, the best price and the best benefits.