{"id":4746,"date":"2019-10-02T15:41:53","date_gmt":"2019-10-02T07:41:53","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=4746"},"modified":"2023-05-29T11:39:51","modified_gmt":"2023-05-29T03:39:51","slug":"do-i-have-enough-life-insurance","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/","title":{"rendered":"Do I Have Enough Life Insurance?"},"content":{"rendered":"<p>I\u2019ve been carrying out lots of client review meetings recently \u2013 something which all advisers should do by the way so if yours doesn\u2019t, it might be time to switch \u2013 and the issue of life insurance has been coming up a lot. These reviews have often thrown up clients with too little life insurance and, believe it or not, others who have too much.<\/p>\n<p>Obviously, we have revised their financial plans accordingly to make sure that they have just the right amount but as it\u2019s such a common issue, I thought I\u2019d put together a blog post with some helpful tips on the subject.<\/p>\n<p>The first, very important, question for newly arrived expats is whether the cover you had back home is still valid. It\u2019s a common mistake to assume that it is but that frequently isn\u2019t the case so always, always check.<\/p>\n<p>Next, you need to work out how much life insurance is enough. These are the figures that I take into account when working out my clients\u2019 requirements:<\/p>\n<h2><strong>Mortgage<\/strong><\/h2>\n<p>The total amount you have left to pay off.<\/p>\n<h2><strong>Debt and final expenses<\/strong><\/h2>\n<p>Tot up any debts that you have, other than your mortgage, and add an estimate for your funeral expenses (not pleasant to think about but essential if you don\u2019t want to leave your family stressed out about paying for your send-off while dealing with their grief).<\/p>\n<h2><strong>Income<\/strong><\/h2>\n<p>Work out the number of years remaining that your family would need financial support, often the number of years to go until your youngest child graduates from high school, then multiply your annual income by that number to compute your income replacement needs. Don\u2019t forget your spouse may still need an income to pay into a pension scheme. It\u2019s worth discussing figures with them to get a second opinion on your estimates in case you have missed something.<\/p>\n<h2><strong>Education<\/strong><\/h2>\n<p>Estimate the cost of sending your kids to college. This <a href=\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/Summary-Table-of-Undergraduate-Tuition-Fees-for-International-Students-in-US-Dollars.pdf\">table<\/a> might help (brace yourself before clicking!). If you are already saving into an education fee plan, not only do you deserve a pat on the back for great financial planning but the amount that you have accumulated can be deducted when working out life insurance needs.<\/p>\n<h2><strong>Current Savings<\/strong><\/h2>\n<p>Any savings you have which are not earmarked for anything else can be taken into account to keep costs down and make sure that you aren\u2019t overinsured.<\/p>\n<h2><strong>Current life insurance<\/strong><\/h2>\n<p>from any private existing policies you have or any coverage you get through work.<\/p>\n<p><a href=\"https:\/\/www.infinitysolutions.com\/personal-solutions\/life-insurance\/\">Life insurance<\/a> is not something that you should plan in isolation but must be integral to your global financial plan taking into account the specifics of your particular financial situation. For example, for some people, it might make sense to take multiple, smaller policies rather than one big one. For example, one policy covers your spouse until retirement, and a second, shorter one covers the children until that distant day when they become self-sufficient!<\/p>\n<p>A long-term approach is essential to get the best value for money as the younger you are the lower the rates will be. Don\u2019t be tempted to scrimp now and risk needing to take out additional expensive coverage down the line if you underestimate your needs. That said, if your budget is limited now, some life insurance is better than none and it can always be topped up in the future when your finances are healthier.<\/p>\n<p>If you\u2019d like to talk about your requirements, as I always say, ping me an email at <a href=\"mailto:abeddoes@infinitysolutions.com\">abeddoes@infinitysolutions.com<\/a> and we can jump on Skype to review what you have in place and ensure that you\u2019ve got everything covered.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I\u2019ve been carrying out lots of client review meetings recently \u2013 something which all advisers should do by the way so if yours doesn\u2019t, it might be time to switch \u2013 and the issue of life insurance has been coming up a lot. These reviews have often thrown up clients with too little life insurance&hellip;<\/p>\n","protected":false},"author":9,"featured_media":4793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[3,6],"tags":[],"class_list":["post-4746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-expatriate-financial-planning","category-3","category-6","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life insurance: Is the coverage enough? | Infinity Financial Solutions<\/title>\n<meta name=\"description\" content=\"Life insurance is not planned in isolation but integral to your global financial plan. There are some elements to take into consideration.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life insurance: Is the coverage enough? | Infinity Financial Solutions\" \/>\n<meta property=\"og:description\" content=\"Life insurance is not planned in isolation but integral to your global financial plan. There are some elements to take into consideration.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"Infinity Financial Solutions\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/infinityfinancialsolutions\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-02T07:41:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-29T03:39:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/life-insurance-coverage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adon Beddoes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@investmentasia\" \/>\n<meta name=\"twitter:site\" content=\"@investmentasia\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adon Beddoes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/\"},\"author\":{\"name\":\"Adon Beddoes\",\"@id\":\"https:\/\/www.infinitysolutions.com\/#\/schema\/person\/117ee3d1d8b6823e27d614e46a0f174a\"},\"headline\":\"Do I Have Enough Life Insurance?\",\"datePublished\":\"2019-10-02T07:41:53+00:00\",\"dateModified\":\"2023-05-29T03:39:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/\"},\"wordCount\":621,\"publisher\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/life-insurance-coverage.jpg\",\"articleSection\":[\"Insurance\",\"Expatriate Financial Planning\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/\",\"url\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/\",\"name\":\"Life insurance: Is the coverage enough? | Infinity Financial Solutions\",\"isPartOf\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.infinitysolutions.com\/blog\/insurance\/do-i-have-enough-life-insurance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.infinitysolutions.com\/wp-content\/uploads\/life-insurance-coverage.jpg\",\"datePublished\":\"2019-10-02T07:41:53+00:00\",\"dateModified\":\"2023-05-29T03:39:51+00:00\",\"description\":\"Life insurance is not planned in isolation but integral to your global financial plan. 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