EXPATRIATES living in Hongkong enjoy some of the highest salary packages in the world, but they still need to be prepared to put aside some of their income for later years.
They also need to be prepared for the worst. What happens if an employment contract is not renewed, for instance, or if the main bread winner suddenly passes away? The head of financial services at Hill Samuel, Mr Ian Ferguson, said investment planning was a case of asking yourself: ''What happens if I die?'' or ''What happens if I live longer than I expect?'' He said expatriates first needed to sort out their investment priorities, depending on their individual circumstances.
Firstly, life insurance cover needed to be taken care of, so that income could be replaced in case of premature death.
Secondly, there needed to be adequate medical insurance cover for the whole family.
Couples with young children also needed to look at school fees planning, so that their future education needs were adequately taken care of.
It was also important to make out a tax-efficient will, so that dependents could quickly benefit from the gross proceeds of an estate.
