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The Financial Benefits of Being an
Expat...benjamin franklin style
Every week in this article Helen Couldrey, a financial
consultant with the deVere Group, and also a qualified
English lawyer, will give you tips and ideas of how to
take advantage financially of being an expat. Helen has
clients in Bangkok, Hua Hin and Cha-Am who she helps
to maximise the financial benefits of living overseas.
CHA-AM AND HUA HIN
Retirement Planning - Education Fee Planning
Regular Savings - Tax Saving
Lump Sum Investments
Helen Couldrey, BA (Hons), L.L.B, CISI
Contact Helen for a finance review
086 088 2127
[email protected]
Family Protection
Some people are of the opinion that everyone should
have a life insurance policy. Personally, I am not of
that opinion. Instead, the key questions is: would
your dependents be in a financially difficult position
if something were to happen to you? If the answer
is ‘yes’ then life insurance is definitely a must-have.
However, life insurance normally comes at a cost
so it is important that its engagement is considered
carefully. Which then begs the question, who really
needs life insurance?
•
‘The Breadwinner’. If you are the key earner of
the family then having this safety net in place
is essential. Without your income the lives of
your remaining family would be materially
affected. Would your children be able to stay
in the same school? Might your family have to
move house? Drive a different car? The death
of a breadwinner often results in a drastic
change of lifestyle for a surviving spouse and/
or children, but this can be protected against.
• Dual Earners. If you are both bringing in an
income but one income were to fall away, would
you still have enough to support the family? A
Joint Life Insurance policy is often considered
by couples to ensure all bases are covered.
• ‘I’m covered by my company’. If you and/or your
partner are employed you may well have Death
In Service Benefit provided by your employer,
normally paying out 2 to 4 times your annual
salary. Of course, this is a great perk of your
job, however, DISB only rarely proves to be
enough life coverage to fully support a family
over the long-term. Sitting down and considering
exactly how much cover you need is essential.
• Business Owners. Many business owners will
take out loans for their businesses, securing
those loans on their personal assets. This can
lead to a stressful situation in the event that the
surviving family members have to sell some of the
assets to meet the loan obligations. In addition if
your business is a partnership it is important to
consider the implication of one of the partners
dying. This is particularly the case in Thailand
where company ownership can be complicated.
• Older Parent. If you have started a family later in
life it is important to consider that your children
will require your support for the next 15 – 20 years.
Whilst people are living longer it is essential
that you are covered in case of all eventualities.
Generally speaking, single and elderly persons with no
dependents often do not need life insurance. However,
sometimes they may wish to do so for extended
member of the family or in case they are supporting
parents. For the older generation they may also wish to
establish life insurance in order to cover any potential
inheritance tax bills that their families may face.
Buying a life insurance policy is not the glamorous
end of the finance world. Further, not many people
feel comfortable contemplating the consequences
of something tragic happening to them; however it’s
an essential part of financial planning and definitely
something worth considering.
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