Ep 53: What Is English For "Life Insurance?"

In this episode, we delve into the concept of life insurance, particularly in a cross-border context.We discuss the two main types of life insurance: term and permanent, and when foreign nationals might need them.We emphasize the importance of life insurance for expatriates and foreign nationals, particularly in terms of providing financial support to families and managing estate taxes. We discuss two use cases for the different types of life insurance for foreign-born families.Takeaways Life insurance is a contract between the insured and the insurance company.Term life insurance provides coverage for a specific period.Permanent life insurance includes a cash value component.The primary purpose of life insurance is to provide income replacement for dependents.Choosing the right insurance company is crucial for cross-border policies.Estate taxes can be significantly higher for non-residents. Life insurance can help cover estate taxes for beneficiaries.Customizing life insurance policies is essential for individual needs.Chapters 00:00 Understanding Life Insurance in a Cross-Border Context02:59 Types of Life Insurance: Term vs Permanent05:47 Who Needs Life Insurance and Why?Episode Links & ResourcesAre you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.Ep 08: What Is English For "Domicile?"Do I Need A Trust, Especially On A Work Visa?Ep 42: What Is English For "Gift And Estate Taxes?"---------------------------------------------------------------------------------The IM Café Finance / Tax Roastery (Store) Is LiveGrab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.If you'd like to work with us on your finances or taxes, check out the process ---------------------------------------------------------------------------------Be sure to join the conversation by visiting our page: The International Money CafeOr by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.------------------------------------------------------------------------------------The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.