International life insurance is the perfect financial planning tool, enjoy wide tax, capital, probate, beneficiary and financial benefits in all countries of the globe. Probably no other financial tool offers so many advantages to its customers. Whether you are a person planning for your family’s future or looking forward to grow your business, international life insurance can make all dreams come true. The best part about international life insurance is that it can be purchased from any part of the globe. There are no restrictions on the places where you can purchase international life insurance. With international insurance policies, you can save on time and cost, regardless of where you are located.
Most importantly, international insurance does not restrict you to any one type of policy. You can choose permanent disability and accident plan, universal and survivorship, variable and limited indemnity, variable life and many more. If you want to, you can even select from among two plans-one with accident benefit and the other with beneficiaries. Moreover, if you need two insurance policies, you can get them under term and whole life insurance plans.
Since life insurance offers so much flexibility, it is easy for international borrowers to buy two different types of plans-one for term insurance and another for permanent disability and death benefits. Term insurance coverage needs to be renewed on regular intervals and term insurance plans do not have any investment component. On the contrary, permanent disability policies are designed to give the insured a fixed monthly income while the beneficiary gets a monthly cash benefit if the insured dies during the period of coverage. Permanent disability plans also contain features like flexible investment options to pay dividend. This ensures that the investors will not lose money as they would in the case of a lump sum distribution. These policies also do not restrict the amount of payments, the investors can make.
Universal life insurance policies give the insured a death benefit that can be paid either as a lump sum or as a residual income. Residual income means the earnings from the benefit and lump sum is paid to the beneficiary selected by the policy owner. Most often, these policies are used to provide additional income for the family of the insured who does not have full-time occupation. Some universal policies offer dismemberment benefit which allows the family members who receive the death benefits to divide the money received from the policy among their family members.
A permanent life insurance policy has several components-the accumulation of a cash value on the policy owner’s behalf and payment of premiums. In addition, there are several features of these policies such as cost of underwriting and premiums. A premium is the amount of money the insurance provider will charge as a premium for the particular coverage. Premiums depend on several factors such as the age, health, gender, occupation, and domicile of the insured.
After the insurer underwrites the policy, the policyholder receives an initial lump sum insured in the amount of the premium. He can use this sum for the payment of any existing expenses and premiums. If he dies before the maturity of the policy, then the policyholder will receive no benefits. The policyholder can also borrow from the policy, but he will pay high interest rates on the amount. The total sum insured in the policies may vary.
There are three basic features of an International Life Insurance Company. They include accidental death, total sum insured, and the benefit schedule. Accidental death and dismemberment are considering accidental deaths. With accidental death, the insured pays a premium that becomes the face value of the policy in case of his death.
On the other hand, the total sum insured refers to the value of the life benefit that remains unsold at the death of the insured person. It is calculated based on the age, date of birth, gender, and period of coverage. The cash lump sum insured in the policies that provide for terminal illness coverage will be paid when the insured has become extremely ill or terminal illness has been diagnosed. Terminal illness is considered to be any illness that is progressive and non-reversible.