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We work closely with local Independent Financial Advisers Globaleye in order to provide our clients with a comprehensive range of financial services.
It is important that any liability you may have should be covered in the unfortunate event of your death. The very last thing your dependants need to worry about is how they continue mortgage repayments after the loss of a loved one. Loan protection (or Life Cover) will pay the benefits once the death certificate has been received but some will pay benefits upfront if a terminal illness is diagnosed. In order to qualify, it must be diagnosed that you are most likely going to die within six months and such a benefit could make your last months more comfortable.
The amount of life cover you require depends on your where you are in your life cycle. A young single person does not have the same demand as that of a married couple with an expanding family. If it is the latter, a good question to ask yourself is "how long would my family survive on my savings if I died tomorrow?" You may be fortunate and not be phased by such a question but 99% of the people we advise are insufficiently covered. What is more surprising that to get you and your family properly protected could be cheaper than you realize so contact Globaleye for a quote.
That said, most of us have some form of Life Cover although it is generally not enough. It is worth reviewing since you may have started policies at home that are not valid while working overseas. Again, the life cover is linked to the property, which once again, does not leave much to the family to live on once the mortgage has been paid.
The biggest draw-back with Life Cover is that you have to die to collect. But what if you do not die but are diagnosed with some dread disease or severe ailment. You inability to work through sickness will not make the bills go away and you family still needs caring for.
Many of us may have some form of Life Cover to protect the mortgage/loan that we have taken from the Bank/Building Society. This obviously makes financial sense to do so however many expatriates fail to recognize that domestic polices at home do not remain valid when they go abroad. You must check (or get us to do it) that your policy does not go into abeyance when you are overseas.
Life Cover from the Company you are employed by is a perk not worth rejecting. However, you must know what is covers. Many Corporate Policies only provide cover if you are "on the job" as it were and will not cover you for leave periods or for activities that are outside your normal work activities eg sports diving, parachuting, skiing etc. Moreover, they normally cover a multiple of your salary. So if you have a corporate policy that provides 4 times salary in the event of your demise, ask yourself what your wife and children are going to do from the 5th year onwards ...
The earlier you arrange your Life protection the cheaper the solution and you could be surprised just how cheap that can be. Leaving it to chance is not a principle we endorse and we have too many clients families suffer after the demise of their spouse when the financial trauma could have been so easily avoided.