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we live abroad and want to get life insurance

tracypeckham
by tracypeckham 12 December 2012  |  Comments 1 comment  |  Love Love  0 loves

we live in bulgaria but we have a mortgage in uk for 120,000 have 4 kids and need a life insurance for both us individually. Can you help

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  • MikeGG1
    Love rating 909
    MikeGG1 posted

    Before considering where/how to buy it, first of all you need to know exactly what you are trying to cover.

    Is it your income that you need to cover or is it your mortgage(s)? Or is it both?

    Do you need the cover in respect of possible disability or just on death?

    Usually, lump sum death benefits are cheaper covered by a Joint Life First Death life assurance policy, where both lives are required to be covered.

    Consider also a Long Term Disability Insurance (LTDI) policy. If you each have your own incomes then they could be covered by separate policies.

    Have you considered how long you need the policies to run? For example, my wife did not go out to work, so we didn't need to cover her income, but we did need to cover replacement services for the children, so we took out Life Assurance until the younger was 21.

    Usually, a combination of policies is best.

    Mike

    Posted on 12 December 2012 | Love Love  0 loves Report

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