Life Insurance for NRIs
Life is uncertain. We hear about accidents, heart attacks, and much other devastating news in the NRI community very often. We get many requests to do fundraising for the injured party. Every one of us can be in the same situation. If you can imagine a world without you, and the financial challenges that your family would go through, you will realize the importance of life insurance. Ask these questions to yourself: Does your family need help to pay their bills? Can your kids go to the colleges of their choice? Can your family pay-off mortgage and live debt-free?
How much does life insurance cost?
The cost of a life insurance policy depends on a number of factors, including:
- Type of Insurance. Term vs Permanent. Term policies have lower premiums but no cash value but Permanent policies build cash value and go beyond the typical 10, 15, 20, 25, or 30 years. You can read more about Term vs Permanent at NRI’s preferred insurance plan? Term vs Permanent?
- Age. Younger people qualify for lower premiums because they are less likely to die in the near-term.
- Health. Many insurers require you to take a medical exam and answer health questions. Poor health can mean higher premiums.
- Gender. Men typically die at a younger age than women, so men often pay more for life insurance.
- Face Value. Higher the face value (death benefit), the higher the premium
- Riders. There are few carriers that provide living benefit riders at an additional cost.
It is important for you to find the right company (stable, reliable, and the one that meets your needs) and the right product. Every company has different products, some with free riders (additional benefits) and some do not. If you simply search online and signup because that’s cheap in price, you could end up with a policy that doesn’t actually suit your situation at all (that is, if you even qualify for it).
There are many reasons why NRI families take insurance. Some of them are:
- College education for kids
- Mortgage for homes
- Income replacement
- Business continuity
If your family relies on your income, life insurance is an important part of planning for your family’s future. Most of us are not comfortable to think about, but a little discomfort now can save your family a world of financial stress should the worst happen.
We have been serving NRIs from many states with Life insurance solutions. As we have access to multiple companies, We are here to suggest you reputable, financially stable life insurance companies to meet your personal financial needs. There are different types of Insurance for different needs. Term Life Insurance for NRIs, Whole Life Insurance for NRIs, Universal Life Insurance for NRIs, Indexed Universal Life Insurance and Long Term Care Insurance for NRIs are some of them. Know more about Term Insurance Vs Permanent Insurance by Reading Term Insurance Policy for NRIs and Features of Indexed Universal Life (IUL) policies for NRIs.