27Jan

International Life Insurance Explained

The best feature of an International Term Assurance (ITA) or International Life Insurance is the premium’s affordability in exchange for complete life and total & permanent disability cover wherever you or your business are.

Key features of an Interntional Life Insurance include:

  • Terms between 5 and 35 years.
  • Protection wherever individuals and businesses might move worldwide
  • Can include any combination of critical illness, permanent total disability and waiver of premium benefits. One chooses how much Life over, Permanent & Total Disability or Critical Illness Cover one needs and how long one wants it to last.
  • One may apply so the Life or Critical Illness Cover is paid if one of the policy holders dies or is first diagnosed during the agreed term period.
  • Can be combined with other products, protecting you as you save.

Simply put, it is a life cover that pays out a fixed cash sum if anything should happen to you or your beneficiary within the set term period.

There are automatic and optional covers in an International Life Insurance but the amount of payout is the same for all covers.

ITA_cover_village insurance

If you choose a $500,000 cover at the outset and die before your term period ends your beneficiary will then be granted the face value of the policy which is $500,000. Note that there is no cash value should you outlive the term period.

However, in order to fully take advantage of the affordable monthly premiums, you need to get the insurance while you are young, ideally during your early 20s, since premiums increase as you get older.

Why get it while you’re young?

Generally, insurance policies will protect you from various risks.

There are obviously less risks to factor in while an applicant is young therefore allowing providers to price the premiums at a lower cost.

For instance, if you buy an ITA at age 25 and choose a $500K Life Cover, your monthly premium will only be $33.31. Multiply that by 12 months and that’s only $399.72 every year.  This is a small amount you’ll be paying for the kind of protection you can get from the policy. That is, cover for terminal illness as well as the optional benefit of coverage for critical illness and total & permanent disability.

In buying an ITA, you can remain secure financially during unanticipated circumstances.
This table shows monthly premiums for 500K and 1M Life Cover based on age and non-smoking male residents in Hong Kong.

ITA_Premium_Rates_VillageInsurance

Premiums will vary depending on your assessment as an applicant. The minimum age for ITA is 18 years old.

This Life Insurance plan is provided and underwritten by Zurich International Life. Village Insurance is currently offering this policy with up to 2 months free premium for qualifying monthly and annual premium cases.

You can get in touch with us here  if you wish to apply.

Feel free to connect with Mark Bromhead on LinkedinFacebook and Twitter.

8Jan

What a Good Travel Insurance Should Cover

It’s important that you know which risks should be covered by your travel insurance policy to fully protect yourself. Village Insurance finds the best travel insurance for expats with the help of international providers we closely work with. travel_insurance_guid_infographic