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      Life Insurance

      There are 2 types of life insurance offered:

      • Universal Life
      • Term Life

      Pure term life insurance contains no inbuilt savings; it is simply your bet against the insurers that you may die prematurely.

      These are not things we want to talk about but remember when you were 20? At that age one out of four men could expect NOT TO BE ALIVE on their 65th birthday (source Swiss Re 2001). For men the chances of dying prematurely are higher than women’s chances of death at the same age.

      Term life rates in Hong Kong and Asia generally are significantly more expensive than term life rates in the US. In part this is because of competition and in part because of the availability of statistics. Part of the reason also may be that in Asia there is a prevalence of traditional whole-of-life insurance and increasingly unit-linked insurance products which are far more profitable to insurers than term life. 

      As term life only goes for a term and not necessarily for life, there is thus no certainty there will ever be a claim paid out on it.

      If you are an American living in Asia, there was a time when you could buy from an American insurer called ‘Transamerica’. Nowadays however, Transamerica HK will insure anyone but an American.

      In all probability, if you are a smoker (even a cigar smoker lighting a cigar every second month), we will find you more competitive smoker rates from other local insurers than Transamerica. Such companies however are generally tougher with their medical underwriting than Transamerica, which tends to appeal to a more demanding, professional audience who believe in buying term and investing the rest.

      With most companies you are going to need to go for a medical exam. Depending on your age and the level of cover you need, you may face additional tests like ECGs, treadmill, and extensive probing as to your assets and liabilities.

      The suggestion from most life insurers is that we should have sufficient cash on our death to cover family expenses of at least a further 7-10 years. In the US for those with life cover, the average multiplier is apparently around 3.5 times the annual salary.

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      Life Insurance & Covid

      Most life insurance plans are affected by Covid and usually require an additional questionnaire regarding Covid.  Insurance companies may adjust their premium rates based on various factors, including mortality rates. While the long-term impact of COVID-19 on life insurance premiums remains uncertain, insurers may consider pandemic-related data and trends when setting rates.

      Life Insurance & Pre-existing Conditions

      Life insurance and pre-existing medical conditions are often interconnected. When you apply for life insurance and have a pre-existing condition, several factors come into play:

      1. Underwriting Process
      2. Medical History
      3. Risk Assessment
      4. Policy Offerings
      5. Waiting periods and Exclusions etc

      Life Insurance & Expatriates

      Most life insurance plans allow an individual to move around the world with the same plan. 

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