PROTECTION
getting it right!
Who is international life insurance for?
When it comes to life insurance if you have debt, dependents or future funding responsibilities then you should have some. It doesn’t matter if you're single or married if one of these criteria apply to you.
Who is international health insurance for?
As for health insurance if you’re not covered under a state or company scheme then you need health insurance. it’s that simple! The chances of you using it is high, whether because of illness or accident.
Who is international Travel & Medical insurance for?
If you're traveling for business or pleasure on your own or with your family you'll need travel Insurance. If you don't have international health insurance and you're going overseas you'll need travel & medical insurance.
Are You Covered?
This is an important question that every expat should ask themselves. Start by asking your insurance provider whether they are covered. Sending a change of address notification won't do the job. You still need to ask them am I covered. If you don't there's an 80% chance they'll keep taking your premiums and won't pay a claim.
Corporate Cover?
Corporate benefits packages are great, well, some are others may not be as good as you expect. Having blind faith that your company is providing you with adequate life and health insurance can be a very expensive mistake. Unfortunately, the way we find out is the hard way and it usually costs us money. . Don’t just take things for granted.
You Buy Insurance With Your Health
If you find yourself applying for life or medical insurance then the state of your health is going to be influential. If you do have any health issues then it could mean your premium gets ramped up, you have policy exclusions or you're even refused cover. Unfortunately this situation is all too common. Over reliance on corporate benefits packages and the use of local policies can leave expats without cover.
why we need them!
International Life & Disability
Any sound financial plan must start with life insurance and here are some of the reasons why it’s so important:
Funding Future Expenses
There’s no point in setting up a monthly savings plan to provide for your kids university fees and not having life insurance policy to cover this cost.
What happens if the unthinkable happens after you’ve made three contributions? How far is that going to go towards educating your child?
If you have life insurance you can make sure that the whole amount is there for them.
Liquidity For Our Loved Ones
You may think that you have enough assets to provide for your family. On paper this may be true. What are they, is it mainly property are there mortgages?
Even if the assets are liquid they still have to go through probate and this could take 12 to 18 months.
Also it takes time to sell a property even when the market is good. Mortgages still have to be paid.
If you want your family to have an even tougher time after your gone then make sure that your under insured.
In General
We may not like life insurance and that’s understandable, it’s a reminder of our own mortality.
What we should know is life insurance makes a difference. It makes a difficult time so much easier for the loved ones we’ve left behind.
Set it up properly and they can have money to help them get things settled within weeks.
If you’re an expat then it is essential that you have international life insurance that is portable and provides you with cover wherever you go.
International Health Insurance
the expat
If you’re an expat or you’re living and working overseas without international health insurance, you’re a fool!
Maybe you’re thinking about expanding the family, does your company policy cover maternity costs. Many don’t which could mean that you’re looking at a bill at the very minimum of $6,000.
Medical expenses will finish you financially, take the US as an example where medical debt is the number one reason people file for bankruptcy. You may be thinking “I can always go back home”, what if you can’t, what if you’re unable to be moved, what then?
If you’re dependent on your company scheme, make sure you get the cover you need and you can rely on it when you’re traveling.
You may think it’s better to put money aside to fund medical expenses and you have a point. Will you really do this or is it an excuse? What happens if you need treatment before you’ve got enough money? What if your funds run out and you still need treatment?
Nobody ever complains about the health insurance premiums they’ve paid when they’re making a claim. On the contrary it’s the best money that they’ve ever spent.
the student
You may be planning to study overseas or you have children heading to university in another country. You’re going to to need to get some health insurance that takes care of any medical expenses!
In some countries such as the UK it’s compulsory to pay a health surcharge. This won’t get your kids repatriated should you need it. It will also mean that they join the queue to see consultants and get treatment. All distractions from their studies that they don’t need.
Having health insurance compulsory in most countries for any foreign student who goes there to study.
What happens if your child is diagnosed with a prolonged illness whilst their studying overseas. What happens if they need specialist care to be brought home. It’s essential that any medical insurance includes repatriation so that they can come home to be with their loved ones.
As a parent you want to know that your child has the best care available to them should they need it. In most cases the cheapest option is just cheap and could leave your kids in a difficult position and end up costing you a whole lot more.
international travel & medical Insurance
Travel
So you’ve got international health insurance which is great. If any medical emergencies arise while you’re traveling then you’ve got them covered. What about flights you may miss or the extra hotel nights for the family?
What if you’re away on business and there’s a strike at the airport when you’re about to leave?
When the airline loses your luggage and you have to go out and replace them who pays for that?
That’s where international travel insurance comes in and it isn’t just about insuring the losses. You’ll get a concierge service available 24/7 to help you with such things as:
- Emergency Travel Arrangements
- Medical Referral
- Lost Passport & Travel Documents
- Embassy or Consulate Referral
- Emergency Prescription Replacement
- And More
Whether it’s a single or multi trip annual policy you’ll enjoy global coverage and multi-language international claims specialists.
Travel & Medical
If you don’t have international health insurance and you’re traveling overseas, you’re leaving yourself exposed. What happens if you fall ill or have an accident? What happens if you can’t be moved and miss your flight. If you’re on a family holiday do they go home and leave you and if not what about the cost of them staying there?
International travel & medical insurance fills this gap and makes sure that all of these eventualities are dealt with and your medical expenses get paid. Whether you’re traveling with the family or a frequent business traveler don’t get caught out.
You’ll also get access to the concierge services and all the travel benefits and concierge services.
What if you’re traveling on a school trip or exchange overseas. Does anyone in your group have international medical insurance what about travel cover. It’s not uncommon for a country to require groups to have insurance especially when there are visa requirements.
Whether it’s a a couple of weeks or a longer trip educational travel and medical insurance is available for individuals and groups.
look out for!
Portability
We can’t say this enough! If have insurance policies that you set up before you became an expat check that they still cover you. You have to ask “Am I still covered?”.
It may also be worth asking if there are any restrictions in your current location.
If you’ve set up a local policy where you currently live then check that you’ll still have cover if and when you move to another country.
Portability is important for many reasons though if you don’t have it future claims would be declined or you could find yourself without cover.
Keep Protection Separate
You may be tempted to have a policy that provides life cover and also has an investment element.
They can often provide camouflage for a whole host of charges.
It is better to keep the two things separate know what you’re paying for your insurance and how your investments performing.
There are some instances where a whole of life policy is the best option.
For example if you have a child with a disability who needs care. A whole of life policy in trust would be a good solution.
Have Enough
If you’re going to do it make sure you do it right.
It’s important that you’ve got enough cover. Better to have too much rather than not enough when it comes to protection benefits.
Figure out what you want and then put a monetary value on it using a calculator can help.
Remember you need to clear any debts and provide for any future funding responsibilities that you might have.
Try to steer clear of policies that promise to do everything quite simply they don’t and can often come up short.
Helpful Articles
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