Hi All,
I would love some advice/options on getting the right life insurance. One where it doesn’t matter where you live or take out the policy.
Hoping this is the right place tp get help.
Thank you
I picked up different life insurance policies in different countries that I lived in and they were not tied down to where I was living.
Really depends what you are after, and where you are living?
Hi Jose,
The most important thing is to determine the type of insurance you want. After this, searching for the right company becomes easier.
Since getting life insurance is for the benefit of your dependents, loved ones or organizations, you should be looking for a policy that best favors them. This rules out whole life as it has high cost but low payout.
Consider getting a Term-life insurance policy for no less than 20 years. It should cost you one percent of your payout, paid over your policy period. Avoid any riders or fancy names added (this will just increase your costs and add nothing to the payout). You should work out how much your dependents will require to take care of all their needs in a single year, then multiply this amount by 10. This gives you a reasonable payout sum they can work with. (The idea is that if the principle is invested in a mutual fund or investment that pays at least 10% per year, your dependents get the required funds for life and the principle is untouched.
The next advantage is that the principle can also be increased and passed on as inheritance.
Check out the works/teachings of Dave Ramsy, you will enjoy it and profit a great deal for this.
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Just to add, if you do want to add any riders, take a look at adding long term disability. It does not require you to be disabled, you just have to be unable to perform the tasks you usually perform to earn your primary active income. The payout should be around 80% of your insured value and the payout goes to you not your dependents.