Term Life Insurance Essentials for ACS Members ACS is a global organization compromised of members that represent more than 100 countries. Some of these members are faced with unique challenges
inherent to living abroad. In a study conducted by multinational banking and financial services company HSBC, one of the most difficult issues for expatriates is “sorting out finances.” ACS now provides Term Life insurance coverage for ACS members who live outside of the U.S. An extremely critical component of proper financial planning is life insurance. Despite this, life insurance is often the most underestimated and overlooked financial products. In fact, according to the industry research group LIMRA (Life Insurance and Market Research Association), 40% of Americans have no life insurance whatsoever, and over 50 million Americans lack adequate life insurance. To help ease the challenge of “sorting out finances,” international insurance provider Clements Worldwide encourages ACS members, both at home and abroad, to consider these life insurance tips:
Be Prepared for the Unexpected From accidents to natural disasters, unforeseen circumstances can arise anytime, anywhere. Some regions overseas are especially dangerous with risks such as class warfare, social uprisings, political violence, and terrorism. Whether the danger is an earthquake or a riot, it is impossible to predict or control life’s uncertainties. However, with life insurance protection, ACS members can secure both a financial safeguard and peace of mind for themselves and their families. Because of its many options and overall flexibility, life insurance policies can be customized to best suit the specific risks to which an ACS member may be exposed. Additionally, to further minimize potential gaps, supplemental coverage can be purchased to cover specific exclusions and exceptions.
“There is a growing trend of people lacking sufficient life insurance coverage required to ensure their loved ones would be financially protected if something were to happen to them. Clements Worldwide is committed to educating our others about how critically important it is to have adequate life insurance coverage. To illustrate its importance, I often refer to an example involving a single mother who unexpectedly passed away when her son was just 14. The life insurance proceeds from her policy helped cover his living expenses and pay for his college education. Today her son is a successful business professional, thanks in large part to the opportunities he had as a result of his mom's foresight and smart life insurance planning." – Andres Franzetti, Engagement Manager Clements Worldwide
Borderless Coverage is Crucial Whether travelling or relocating, an international lifestyle requires portable insurance coverage. A common misconception about life insurance is that it automatically protects the insured individual anywhere in the world. In reality, most coverage varies from country to country due to changes in risk. For example, the risks one would encounter in volatile Afghanistan are tremendously different from those in a more stable country, such as the UK.
To ensure borderless coverage, it is recommended that ACS members living outside of the United States, secure coverage with a reliable provider that delivers worldwide protection and dependable customer service.
Existing Coverage May Be Inadequate Many incorrectly assume the group life insurance provided by one’s employer provides sufficient protection. Although this is a valuable employee benefit, the standard limits of coverage (usually one to two times annual salary) may not adequately cover expenses for those loved ones that remain. Consider the costs associated with losing a loved one, ranging from funeral expenses, college tuition, mortgage payments, loss of future earnings, debts, and more. Inadequate coverage has caused many widows and widowers to have to drastically change their lifestyles, in ways like taking on second and third jobs or working longer hours, borrowing money, withdrawing money from savings or investment accounts, and/or moving into smaller, less expensive housing. In fact, LIMRA’s recent study of widows and widowers whose spouse died prematurely revealed that less than 25% felt their spouse had adequate life insurance. As evidenced in the aforementioned LIMRA studies, a majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones. However, life insurance should be an essential component of a comprehensive financial plan, especially as international workforce mobility increases among ACS members. With adequate, borderless life insurance, members can be protected against the unexpected anywhere in the world. Just as important, the peace of mind it provides also allows members everywhere to remain properly focused on the ACS primary mission: “to advance the broader chemistry enterprise and its practitioners for the benefit of Earth and its people”. To schedule a free consultation about customized international life insurance for ACS members, call us at +1‐202‐478‐6589, toll free at 800‐693‐1087 or email us at
[email protected] Top Reasons Life Insurance is Often Avoided Ignoring the Possibility of Death‐ A major reason why people today do not buy life insurance is to avoid considering their own mortality. Instead, the decision to purchase life insurance should be focused on protecting loved ones if something were to happen. Overestimating the Cost‐ In a study conducted by the LIFE Foundation, most individuals overestimate the cost of life insurance by nearly three times the actual amount. In reality, premiums on life insurance plans are much more affordable than one might assume. Other Financial Priorities‐ Life insurance is easily overlooked due to other financial obligations, such as paying bills or saving for retirement, taking precedence. Although circumstances may currently be stable, the fact remains that anything could happen. Be prepared for the unthinkable with life insurance protection.
