LIFE INSURANCE – It is important to protect your family in the event of your death, and taking out a life insurance policy is vital to the financial wellbeing of your loved ones. If you already have a policy in place before you move abroad, then it is important to contact your provider to ensure that you are still covered in your new country of residence, and quite often you will find that all you need to do is provide them with your new details. If you are not covered and you are looking for a life insurance policy, then it is important to consult with an experienced advisor in order to find the right insurance company for you.
Expat life insurance is available to all nationalities and in any region you are living in, and it ensures that your family will benefit if you were to pass away before the age of 65. You need to consider whether you wish to take out a normal life insurance policy or whether you would prefer a ‘term insurance’ policy, which only provides coverage for a certain period, or ‘term’, of time. This type of insurance normally comes with lower initial premiums and its proceeds pass on to the beneficiary tax free, but there is no build-up of cash value, there is a finite term for the policy, and the premiums rise as you get older.
HEALTH INSURANCE – While most people tend to take for granted the free medical care provided in their home country, such as with the NHS in the UK, or the ease with which they can take out a private health care policy, this is not the case in every region around the world.
Many countries do not have free health care, and treatment for even the simplest of illnesses tends to be expensive and sometimes only available in the big cities. It is therefore imperative that you, as an expat, take out a solid and comprehensive insurance policy when you relocate to a country abroad, unless you are covered by a group company medical insurance by your employer. You must make sure that your insurance company covers not just where you will reside but also any country where you may visit in the future since many policies will exclude certain regions unless you pay for the premium service.
HOME INSURANCE – Home insurance for expats is an altogether different entity from home insurance in your own country, either as a home owner or as a renter. It is important to find an insurance policy which specifically deals with your unique set of circumstances.
When moving your belongings abroad to your new place of residence, it is important to invest in a home insurance policy which covers the expat aspect of your situation, and that you do not rely on the insurance policy of the shipping company, which normally tends to be expensive and insufficient. It is also vital to ensure clarity of responsibility and accountability at every step of the way so that, in the event of an accident, it is easy to determine who is at fault.
Here at Whitmore we work closely with a number of independent insurance companies and we can help you to find the right one for you.
For further information and independent advice, please contact one of our Whitmore advisors.