Families living overseas - what did you do for life insurance?? I'm trying to plan the right kind of policy and whether to go with a local life insurance company or an expat one. We don't have any life insurance associated with our jobs. We do have life insurance linked to our mortgage, so if either DH or I died it would be 100% paid off.
I'd like to get some extra financial protection but as an expat/migrant NOT working at a multinational or on an expat package it's hard to plan.
Here are the basics:
- we have two young children, one of whom has special needs
- we live in Belgium right now
- if one of us were to pass away, the other person would go back to our home country. Our home country has extremely high house prices (NZ) where family is. We don't own any property there. So we would need minimum €300k + proceeds of our house sale (€400k) for the remaining partner to ideally purchase mortgage free plus have financial provision for special needs child and university/savings.
- if BOTH of us were to pass away the children would go to live with our parents in NZ or my siblings in Australia. This is covered in our wills but I'm also working out appropriate arrangements with our notary here in Europe.
- life insurance cover probably actually needs to be higher than €300k each given Belgian estate taxes
- NZ life insurance companies won't let us take our a policy because we not typical 'expats' and guaranteed to return to NZ in a year or two
Belgian life insurance is quite expensive. Expat policies are less expensive. Can anyone recommend a good company? I know this is a tricky one to figure out as you can't often predict if the insurance company will go bust/turn out to be evasive in paying out policies.
Any thoughts?? When I've asked this among other expat families they often have a policy associated with their job/expat contract, or they are from the UK so it's not far physically (and financially)!
Really want to plan ahead and make provision because DC with SN has brought into sharp contrast how hard life would be for a surviving spouse or for family caring for our children.