How Much Life Insurance Do I Need In Panama?
Thursday, October 04 2012 @ 12:35 pm EDT
Contributed by: Don Winner
The one factor that helps the process move with the least amount of effort is having sufficient cash available to cover immediate expenses. Most local insurance companies are prepared to advance a portion of the death benefit to help cover the cost of funeral, legal and repatriation of remains. Some companies will even pay "living benefits" after a fatal medical diagnosis, to help offset expenses of the dying.
At the very least, Expats should consider a minimum $25,000 term policy with a local Panama company to provide their family/beneficiaries access to ready cash.
So, how much life insurance do you need? Well, the answer isn’t really how much life insurance you need… it’s how much investment capital your family will need at the time of your death. Their need for capital — on a gross basis — is really a function of two variables:
1. How much will be needed at death to meet immediate obligations?
2. If you brought your family with you to live in Panama, how much future income is needed to sustain the household?
Carmen and I are standing by to help with quotes. 322-1605 or 6674-1063, or visit panamakevin.com