Life Insurance for Families of Expats: Covering Spouses and Children

Being an expat in Singapore is a dream come true, and it comes with great responsibilities as well particularly in the context of taking care of your family. Most expats usually get life insurance coverage to protect themselves yet they fail to take into account the significance of making sure that insurance cover is also given to their non-earning spouses and the children. Life Insurance planning of the family as a whole can provide long-term assessment of the family and monetary security.

What is the Reason to Insure Non-Working Spouse?

Just as much as you should be careful not to judge the contribution of your spouse to the household since they may not be working and earning an income, their efforts are priceless. In the case of the unexpected, it may prove very expensive to replace their service either by childcare or household assistance or other types of assistance provisions. An International life insurance Singapore is one way of making sure that you are not caught in such situations. Critical illness riders are also given by some policies and might cover you if your spouse has significant health problem in abroad.

Child Coverage Plans

Parents choose to take such riders on their own policies, which involves a certain sum being paid out in the case of the death of the child, in case of most of the insurers. Although the main idea is not to make money, this kind of coverage might be useful in case of unforeseen expenses in such areas as medical care or commuting, as well as in burial arrangements, particularly in an unfamiliar country.

Also, there are progressive life insurance for expats in Singapore families who purchase whole life or investment-linked policies on behalf of their children. Such policies may serve as means of long-term savings, perhaps to cover university expenses or give children a head start in having money in the bank.

Children on exchange

The coverages can become complicated in the case of overseas studying children. In some international life insurance policies, children based abroad are covered too. You should be sure to read the small print because a lot of local Singapore insurers restrict coverage to residents. In these situations, the expat families usually resort to international insurance companies that provide individuals with global coverages and flexible conditions.

Choosing the Right Plan

When selecting life insurance for family members, consider:

• Portability: Will it stay valid if you relocate again?

• Global claim support: Is help available in multiple countries?

• Customizable riders: Can you add child or spouse coverage easily?