Life Insurance Asia
Life Insurance Asia
Life Insurance Asia – the life insurance industry in Asia is well establish and more and more Hong Kong Life Insurance companies are looking to expand their operations within the golden opportunity that the emerging Asia economies present to the insurance environment.
Hong Kong Life Insurance is well established and the industry and insurance environment is well catered for with many of the leading worldwide Life insurance company have established themselves historically as the gateway to China and the Asian Tigers.
The provision of so many insurance companies in the crowded Hong Kong has presented the former British Colony with an abundant choice when it comes to people choosing their insurance company for the Life Protection of themselves and their family.
From the French opened AXA to the British Aegon and the USA Trans America the people of Hong Kong have a wide choice.
Individual Life Insurance
Nobody denies the important of protecting ones loved ones from the premature death of the bread winner of the family.
The sudden withdrawal of the income that was provided by the main income earner of a family can be devastating particularly when combined with the emotional loss at the time.
Life Insurance then is extremely important for the ongoing provision for a family.
This is never more so than in Asia were not only are people generally speaking less affluent than their counterparts in the western world, but the Death In Service Benefits provided by companies in Asia is either non existent or at a reduced multiple of earnings than that enjoyed by those in western society.
It therefore as a consequence of this fact, that the purchase of Life Insurance is a must do for most people and in Hong Kong that means Term Insurance which is typically the favored life insurance policy taken out by most people in Hong Kong.
Term Life Insurance pays out a specified sum assured over specified period of time, and has proven to be the insurance of choice in Hong Kong providing affordable premiums for valuable sum assures.
Medical insurance is an insurance to provide medical cover and insurance against the burden of medial expanses for you and your family should you become ill.
There are many different costs – premiums – and benefit level provided by insurance companies throughout the world. The most important thing to bear in mind when selecting a medical insurance policy for you and your family is to compare the costs to the benefits and the insurance rating of the insurance company as these vary widely throughout the insurance industry.
Another factor being that some insurance competencies have a large local presence and may as a result provide a better customer service then other no so prevalent medical insurance companies.
Many people have a favorite medical insurance company for example the British prefer BUPA while the French prefer AXA.
Whatever you decide make you that you shop around for the best insurance deals it really is a cost benefit analysis backed up by the local service levels provided.
Of course if you are in the enviable position of not being concerned about the premium insurance cost then you have a much wider choice of insurance company.
International Medical Insurance
For the international mobile worldwide medical insurance cover become of paramount importance.
This is both because medical standards and services vary widely throughout the world and what you are used to in the western world you cannot find in some worldwide countries.
Even in the developing countries for example Asia you would be well advised to arrange your own Private Medical Insurance for yourself and your family; including medical evacuation.
Medial evacuation sounds very traumatic and we in visage a environment catastrophic or perhaps some terrorist event. However it could simply mean that the medical services that you require are not available locally or perhaps were you find yourself in the world.
Here then the medical evacuation is on medical grounds and not the environmental circumstances that you find yourself in. Knowing that somebody will come and get you and transport you to safety is a great comfort; and that the service has already been paid for, so that you don’t have that worry also.
QROPS Pension Transfer Advice Specialist
QROPS Pension Transfer Specialist
Wealth Management Hong Kong have earned the reputation of being the Worldwide go to QROPS Specialist when considering a UK Pension Transfer to a Qualifying Recognised Overseas Pension Scheme know as a QROPS.
They are recognised as having the specialised QROPS knowledge based on a team of UK trained pension advisers.
Their QROPS Experts pension advisers typically have over 20 years’ experience in the Financial Services Pension Industry and all are UK Trained and Qualified, in addition to their international experience and qualifications.
Our team of QROPS Specialists have all benefited from working in the UK over many years prior to gaining their international experience. This combination of UK and International work, experience and qualifications together with our team approach provides a unique offering on the QROPS Pension Market place.
We provide unrivaled QROPS advice in the international QROPS environment and when this is combined with our commitment to client service it offers our clients a value proposition that cannot be found elsewhere.
The benefits of a UK Pension Transfer to a QROPS Pension insurmountable in comparison to a UK Pension and include:
- No more UK Tax.
- The removal of the UK Pension Death Tax of up to 45%.
- The removal of third part risk.
By removing your pension from the UK to a QROPS you will not be liable for any UK Tax, you will only pay income tax in the country where you are resident for taxation. This can in many cases reduce the amount of tax that you pay and as a consequence increase the money available for you to spend as your wish.
A UK pension has a Death Tax payable on the proceeds from a person’s pre mature death from the age of 75 at up to 45%. By transferring your UK Pension to a QROPS Pension your remove this tax as a QROPS HAS NO DEATH TAX APPLIED AT ANY AGE.
Around 20% of all UK pensions are underfunded which means that you may not receive any pension at all.
By transferring your UK Pension to a QROPS you secure you pension (money) in your own pension fund your QROPS.
For further information on transferring UK Pension to a QROPS Pension Scheme contact the QROPS Specialist here
UK Pension Transfer To Australia
Austalia QROPS UK Pension Transfer
Many people who have a UK pension and are either retired or looking to retire in Australia are considering a UK pension transfer to Australia using a Qualifying Recognised Overseas Pension Scheme a QROPS.
This is because a QROPS Pension offers substantial benefits over a UK Pension for people who are not Ordinary Residents of the UK for Tax purposes.
They range from not being liable for any UK Taxation on your pension income so you will only pay Australian tax through the ATO.
In addition you will remove your UK Pension Scheme form the risk of your UK pension Scheme falling into administration as it is estimated that some 20% of all UK Pension Schemes are under funded.
A clear benefit of a UK Pension Transfer To Australia using a QROPS Pension are the death benefits. In the UK over the age of 75 a Death Tax applies collected by HMRC prior to any payout to your beneficiaries of up to 45% of the payout.
With a QROPS there are no Death Tax at anytime or any age. This a huge QROPS benefit and enables people to pass on inter-generational wealth through the generations.
QROPS are filly approved by both HMRC and the UK Government and you can check out the QROPS List for approved QROPS Pension Schemes.
A QROPS pension can be held by people in Australia with substantial benefits to them. We discussed some of the QROPS benefits above but for a more fuller idea of how a QROPS Pension will benefit you and your family please visit our main site here QROPS Australia where you can download your FREE QROPS Guide.
Remember a UK Pension Transfer To Australia offers real benefits to you that can substantially increase your wealth during your life time and your beneficiaries after your premature death.
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