Monday, 1 August 2011

Final part of Family Finance Week - Protecting your family

You guessed it; this is the third and final instalment to Family Finance Week, to mark the launch of HSBC Bank International’s latest Expat Guide in association with the Guardian.

Today we’re discussing ‘Protecting your family’

One of the single most important issues for all families across the world is protecting them against the challenging surprises of life. This can become a particular concern for expats, as each country is different.

There is a wide range of policies on the market that should suit everyone; the tricky bit is picking which ones are suitable! Christopher Wicks director of Bridgewater financial Services says “It is imperative that an assessment is carried out by either an international bank, or an independent specialist protection adviser to avoid, with over or under insuring.

Here is a list of our top types of cover:

1. Income protection – this provides you with an ongoing income – up to 75 percent of the previous income – in the event of an accident of illness.

2. Critical Illness insurance – which pays a tax-free lump sum if diagnosed with a critical illness, and usually has life assurance included.

3. Life assurance, which pays out on death before an agreed dates

4. Private Medical Insurance

5. Travel insurance

When considering all of the above it is important to consider portability. One way to do this is to obtain an international or portable policy that can move with you, especially necessary when it comes to life assurance and critical illness cover.

As always we’re keen to hear your thoughts and experiences so please do share any top tips.

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