UN Employees, have you got enough life insurance?
Written by Carl Turner on March 05, 2018.
If you work for the UN, you may already have some life cover - but is it enough? If you have no cover in place, how do you start to work out the level of life insurance that you need? It is not always as simple as calculating three or four times your salary which is why I would always advise a detailed personal assessment of your situation by a professional financial adviser who can propose solutions tailored to your specific personal circumstances.
Here’s an outline of how you can roughly calculate your own life insurance requirements:
Firstly, calculate ongoing monthly expenses including rent or mortgage costs, tuition fees, debt repayments and general living costs.
Any business and personal liabilities or members of their family who require specialist medical treatment on a regular basis also need to be taken into account.
Next, any future costs such as a possible property purchase, university fees and a fund to supplement retirement also need to be assessed.
Couples should also look in taking out life insurance for a spouse who doesn’t work. While many people think this is not necessary, the cost of paying someone to do the work of a stay-at-home parent should they die prematurely is hugely significant and worth covering.
The situation of UN staff is often further complicated by the fact that they may move around every few years and also need to take repatriation into account. Families struck by tragedy while living abroad often subsequently return home.
Once you have all this information, it’s time to navigate the minefield of trying to find an insurer that is suitable for your nationality, currency and location. You will also need to find an insurance option that is ‘portable’ – i.e. that has international coverage. To make this process as painless as possible, I highly recommend speaking to a qualified financial advisor who can do the leg work for you – they have the time and the expertise to compare a wide range of policies from all the major providers, and find the solutions which are best suited your own situation.
One final point to note: your responsibilities change throughout your life as you get married or divorced, have children and pay off debts. It is therefore important to review your life insurance cover from time to time to check that it continues to meet your requirements.
If you’d like assistance reviewing your life insurance situation or if you don’t have cover and would like the peace of mind, knowing that your nearest and dearest are protected whatever may happen to you, why not get in touch with me to arrange a free consultation? You can email me at email@example.com.