Rob is a Senior Financial Planner at Expat Wealth (a division of AAM Advisory) and has worked in the Life Insurance industry for over 17 years.
Unlike the majority of Advisors who cover many aspects of financial planning, Rob specialises solely in the provision of professional advice and appropriate products, individually tailored to meet the protection needs of expats and their families.
As an Authorised representative of AAM Advisory, Rob is able to offer financial advice on the following areas:
- Life Policies
- Collective investment schemes (i.e. funds)
MAS Representative No. RJH100069850
For over 300 years people have been insuring anything of value they own. Most people insure their home, their car, their jewellery and even their pets, but often forget about their most valuable asset - their life.
Without life insurance, those you leave behind can be burdened with heavy financial debts at an already difficult time, as well as having to accept a reduction in their standard of living going forward.
If you don't have life insurance, you seriously need to be considering this. It really is a necessity of life, especially for those that have children. Rates have fallen dramatically in recent years and a tailor made plan can be set up even for the tightest of budgets.
If you’re reading this and don’t yet have any cover in place, ask yourself the following questions:
- What would happen if I die suddenly? Who would take care of my outstanding mortgage?
- How would my family live? Would they be able to pay the rent, the school fees, and other day to day bills? How long would my savings last?
- What would happen if I became sick or disabled and could no earn an income?
Figuring out how much Life Insurance you need shouldn’t be complicated.
Firstly, you need to calculate how much debt do you have?
Secondly, how much do you spend each month? Guessing isn’t always accurate, so take the time to look through your bank statements and ensure you get this right. Are these likely to rise as your children become older and move onto higher education?
$500,000 may sound like a sufficient amount as it’s certainly a lot of money, however if you family were to receive this amount and invest it with an average return of 5%, their yearly investment income would be a meagre $25,000. If you earn $25,000 per annum then this amount should be plenty, but if your family needs more than this then you’re going to need a higher level of cover.
As part of your employee benefits, it’s common to have a nominal amount of Life Insurance that your employers provides. If you’ve already calculated how much cover you need using the guidelines above, you’re probably well aware that this is inadequate. These are also temporary benefits, and will cease as soon as you leave employment.
You don’t buy Life insurance because you are going to die, you buy it because you want those you love to be able to live…
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