Life Insurance (beneficiary abroad)

[ebachan]

Hi everyone,

I am considering purchasing life insurance, however I would like to designate a beneficiary who lives abroad. Is that even possible?

Basically, I am single, no kids, but have family abroad.

Thanks!

[RetireJapan]

I'm sure you have your reasons, but are you sure you need life insurance? Generally the purpose of it would be to insure dependents against financial adversity in the case you weren't around any more.

[ebachan]

Yeah, that's a good point. Probably what I need is a will or equivalent.

[captainspoke]

Depending on your present assets and how accessible they might be to your family abroad in the event of your death--and, depending on the financial status of your family there--you may want some life insurance for its "assurance" effect.

E.g., if you were to die in Japan, someone from the family would likely come here and probably stay long enough to close out your estate, bank/investment accts, ship you back home (or have a ceremony here), file a final tax return (or arrange for that), and so on.

That can be hard/stressful in any case, but for a family member who may have never been to Japan?

Figure out what it would cost someone to do that, and explain to and assure them that their expenses and then some would be covered. If you have the assets to cover that, or not, insurance may be an option.