Insurance

  • Insurance

If you or your family are relocating abroad, one of your first financial priorities is to establish the appropriate healthcare coverage and insurance provisions such as critical illness or income protection. The cost of services abroad can differ greatly from charges you have been accustomed to, so it is essential to ensure that you are fully covered.

Having insurance and security in place will give you greater peace of mind, and a higher sense of security for you and your family. Below are some of the key insurance covers to consider when moving abroad:

Health Insurance

It is important to ensure you and your family are covered in your new country of residence and also while travelling. Always ensure that you are comfortable with any restrictions or limitations in the policies recommended to you and be aware of any excess you may be liable for in the event of a claim.

Medical costs and standards of treatment available may vary from one country to another. It is beneficial to find out which services are available in your country of residence and which services are covered by your insurance. You might want to consider the option to repatriate in the event of an emergency.

An increasing number of companies offer health insurance in the marketplace. The offers vary in terms of specific features, benefits, exclusions and exceptions so it may be daunting to choose the right one for you. I can go through these options with you and advise on the best possible offer to suit your needs.

Critical Illness Insurance

Critical illness insurance can ease the stress and financial strain if you are incapacitated due to a serious illness.

Financial expenditure and outgoings will not cease if you have fallen ill, however your ability to provide for your family will. Critical illness insurance is designed to provide a pay-out if you are unable to work due to serious and ongoing illness.

Income Protection Insurance

Income protection insurance is used to replace a percentage of your income if you are unable to work due to injury or illness. It provides a lump sum or regularly scheduled payments if you become debilitated and are unable to continue working.

The insurance may provide close to 75% of your salary if you are unable to work due to sickness or an accident.

Life Insurance

As an expatriate living abroad there are many uncertainties, upheavals, unknowns and concerns especially when it comes to fiscal matters. Life insurance is important to consider for your peace of mind as you will want to protect your loved ones in the event of your death.

The type of life insurance you need depends on your objectives and the level of insurance required for your family to maintain the same standards of living in the event of your death. Several options are available: 

  • Term of Life Assurance – Insurance against your untimely death for the fixed number of years of your children’s education.
  • “Decreasing” Term Insurance – Insurance which can be used to pay off a mortgage or other loans in the event of your death, during the outstanding period of the loan. With this type of insurance, the death benefit decreases over the term and shrinks to practically nothing in the final year. Premiums for this type of insurance are generally lower than that of a regular term policy or a whole life policy with the same face value.
  • Whole of Life Insurance – Insurance that covers your beneficiaries in the event of your death whenever it occurs. The benefits are paid upon the insured’s death or at an age specified in the policy (typically at the age of 100 or more).
  • Annual Renewable Life Insurance – Insurance commonly used by expatriates, who wish to insure themselves one year at a time, depending on their changing circumstances. Deciding on which option is best for you and your family, you might want to consider the following:
    • If you and your partner have no children, would you like to know that your partner would be financially independent for the rest of their life in the event of your untimely death (i.e. mortgage paid, credit card cleared)?
    • If you have children, the above costs may apply in addition to the costs of education.
    • If your parents are still alive and if you were to pre-decease them, would you like to leave them a “nest egg” for old age?

 

Several life insurance policies are available to you and your family. It is worth considering what options are available to you for your financial peace of mind.

I can walk you through all the benefits of each type of policy to understand which type of cover is best for you and your family.

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