Retirement Planning
Are You Ready for Retirement? The Shocking Truth Behind the Numbers
Christopher Bowler highlights the urgency of retirement planning, helping you avoid common mistakes and secure your future before it’s too late.
August 7, 2025
When someone says “insurance,” most thoughts go to car, home, or travel cover, everyday protections we buy without hesitation. But when it comes to life insurance or critical illness cover, something changes. Questions arise: Do I really need it? Isn’t it too expensive? Won’t I be fine without it?
Here’s a reality many expats don’t consider: life and critical illness insurance aren’t for you, they’re for the people you leave behind. Your spouse, kids, parents, or even your business partners. It’s not personal, it’s protection.
Insurance doesn’t feel tangible. You don’t see it, feel it, or enjoy instant value like with a vacation or a new gadget. Add that to the optimism bias, “it won’t happen to me”, and it’s easy to put off. Yet life won’t wait for convenience.
Consider this:
If something unexpected happened, would your family still be able to cover school fees, mortgage payments, or everyday living expenses? Could they focus on grieving without the added stress of financial strain?
Stories like this aren’t rare. One widow shared how her world shifted overnight. With a modest household income of $42,000, she suddenly had responsibility for two teens and her elderly mother. The life insurance her husband had in place became the safety net that kept them afloat, without it, the impact would have been devastating.
Many expats hesitate to take out life or critical illness cover, and it often comes down to a few persistent myths.
Some think, “I’m young and healthy, I don’t need insurance.” The truth is, the younger and healthier you are, the easier and cheaper it is to get coverage. Waiting only limits your options and drives up costs.
Others worry it’s too expensive. In reality, most expats overestimate premiums, life insurance can cost less than a daily coffee or a single meal out.
Some rely on savings alone, assuming that will be enough. Savings help, of course, but few of us could cover ongoing living costs, school fees, or unexpected hospital bills for years. Insurance is what protects your nest egg.
Then there’s the temptation to “sort it out later.” The problem is, later isn’t guaranteed. Premiums rise, health changes, and opportunities disappear.
And the myth that insurers don’t pay out? Most reputable providers have payout ratios above 95%. The real challenge is simply having the right policy in place.
Living and working abroad can bring exciting opportunities, but it also adds layers of complexity when it comes to protecting your loved ones. Standard life insurance assumptions don’t always apply once you cross borders.
Taking the time now to understand these differences ensures your protection truly works wherever life takes you, and gives you peace of mind that your family is covered no matter what.
Here’s a thought experiment I pose to clients:
If your insurer offered your family £500,000 tomorrow in exchange for a few hundred pounds a month, would you accept? Of course. That’s the power of insurance, it turns a small, predictable cost into life-changing security.
The Real Value
Life and critical illness insurance isn’t just about numbers on a policy, it’s about the peace of mind that comes from knowing your loved ones won’t face financial hardship if the unexpected happens. It gives your family stability in moments of crisis, allowing them to focus on healing rather than scrambling to cover bills or tuition. It ensures your plans and legacy continue, even when you can’t be there, and it gives you the freedom to live today with confidence, knowing tomorrow is taken care of.
Getting It Right
Start by mapping out your family’s financial needs using the DIME approach; Debt, Income, Mortgage, and Education, to make sure you’re covering what truly matters. Choose global or portable cover so that moving abroad doesn’t leave gaps in protection. Check the details carefully, paying attention to payout ratios and policy terms, and act sooner rather than later. Rates are lower and options wider when you’re younger and healthy. Finally, speak with an expert who can guide you through the complexities of cross-border insurance, helping you make decisions with confidence.
Car insurance covers what can be replaced. Home insurance covers the building. Life and critical illness insurance cover the people who matter most.
Ask yourself this: can your loved ones manage if something happened and you weren’t prepared?
If you’re unsure how much protection is right, or whether your current policy actually works for your expat situation, a short conversation now could make all the difference for the people you care about most.
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