Why is it important to purchase life insurance?

Life insurance is a policy that pays out a lump sum of money on the death of the person who is insured. It is undoubtedly one of the most important insurance plans available. It ensures your family is financially protected should anything happen to you. However, there are so many people today who have failed to take out a life insurance plan. This is a big mistake. Thus, read on to discover why this type of insurance is vital and discover some top tips when looking for the perfect policy for you.

Firstly, you need to consider the loss of income your household will suffer should you pass away. This could lead to major problems, such as the inability to pay bills and put food on the table. With a life insurance plan you can ensure this does not happen. Nonetheless, if your income is not significant, this does not mean your family won’t suffer money-wise. Let’s say you are a stay at home mum. Who is going to look after the children in your absence? Surely this is going to cost a significant amount of money? In addition to this, there are burial costs and other financial expenses as well. On the whole, without a life insurance plan in place, the family you leave behind could easily end up financially crippled. Not only will they have to cope with your loss, but they will need to face the prospect of funding the kids’ education without your income, paying the mortgage, and so on and so forth.

When you look at it from this perspective it is not difficult to see why life insurance is so important. Nevertheless, with so many different insurance policies available it can often be difficult to know what one to go for. Don’t buy life insurance without reading the following tips…

  • The sooner you take out a policy the better – A lot of people do not see the need to take out a life insurance policy when they are young. However, if you put it off you are going to suffer at the hands of higher insurance premiums. If you have pre-existing medical conditions or even if you smoke you are going to have to pay more because you are at an increased risk of dying early.
  • What type of life insurance do you need? – Many individuals get confused when purchasing life insurance because there is an array of different types available. In general, you have to choose between a set term policy and a whole life policy. The former only lasts for a set period of time and it will pay out a lump sum if the policy holder dies within this period. This is the option most people go for as whole life policies can be extremely expensive.
  • Asses the company carefully – Last but not least, not only do you need to assess the policy carefully but you also need to assess the company selling it. How much experience do they have? Are they credible? Doing your research pays off. Read reviews that have been left by previous customers. If they have were dissatisfied with the service or feel they had been misled you can bet your bottom dollar they will have taken to the internet to warn others.

A complete guide for British people who are considering a move to Hong Kong

More and more British people are moving abroad every year. Leaving the UK is a huge decision, but deciding where to move to is even more important. Hong Kong provides an attractive option for so many. If this is a place that appeals to you, read on to discover some excellent tips for moving to Hong Kong. But first, let’s discover why this area appears to be such an attractive proposition.

From the delicious local cuisine to warm weather, there are many different reasons why Hong Kong is proving to be a popular destination amongst British people. One of the reasons why so many people are able to adapt to life over there is because of the convenient living. Let’s just say, when it comes to public transport, Hong Kong puts London to shame. If that wasn’t enough, convenient stores are in their plentiful, and with the Octopus card you will never need to carry cash around. With this handy card you can pay for everything from fast food, to public transport, to even ice skating rentals.

For a lot of people, moving to Hong Kong is a no-brainer. Nonetheless, you will obviously need to do your research before diving straight in, and that is what this post is here to help you with. One of the main concerns for people moving abroad is undoubtedly finding employment. Thankfully, there is good news when it comes to finding a job in Hong Kong. Currently there is a shortfall in skilled employment and thus employers are looking to attract foreign talent, which means you are likely to be in high demand and thus this should make your job hunt a little bit easier.

You will also need to know about the visa process. This is fairly straight forward. You need not worry about visas being sector specific or there being any quota restrictions. You should find it easy to get a work permit as long as you can prove that your education or skill set will be valuable to society and that you have no former criminal record. Nevertheless, as you are coming from the UK and not from mainland China, you will need to have an employee sponsor and job contract prior to applying for your work permit.

Finally, it is important to take care of your finances properly before you leave the UK. Cancel any direct debits or subscriptions you have. You will also need to complete a P85. This notifies the HMRC that you are moving abroad. Don’t forget to consider your pension. Not only will you need to inform your local tax office, the HM Revenue & Customs’ National Insurance Contributions Office and The International Pension Centre of your departure, but you may want to consider a UK pension transfer as well, such as QROPS. Using a financial advisor comes recommended as they will be able to help you with this and other key areas of contemplation, such as insurance.

All in all, it is not difficult to see why Hong Kong has become such a hotspot for British people looking to move abroad. If it is somewhere that appeals to you, make sure you take the advice provided in this article before you make your big move. It can be very tempting to just pack up your bags and leave today. However, you need to do everything the right way.