Expat insurance is a key element of financial planning for expats living in Asia, China, Middle East, South America and beyond. A financial plan is designed to create and grow your wealth, but protecting your existing assets and financial resources is equally as important. We take a look at the different types of expat insurance you need to guarantee the future financial wellbeing of your family.
💗 expat insurance: life insurance
Life insurance is one of the most important types of expat insurance. It protects your loved ones financially in the event of an untimely death. Life insurance compensates your family for the loss of your income by paying them a lump sum (or regular payments) to mitigate the financial impact of your passing away. It is invaluable in maintaining financial stability for a family at a time of great stress. Immediate expenses can be covered, debts paid off and provision made to take care of your regular outgoings. Expat Wealth At Work can help you determine exactly how much life insurance you need and find the best products to suit the needs of you and your family.
💗 expat insurance: health insurance
Health insurance is an absolute essential in your expat insurance toolkit. It passes the risk of incurring medical expenses to your insurer. If you or any member of your family covered under your health plan becomes sick or incurs an injury, the insurer will cover the payments for any treatment subject to any predefined exclusions. When you consider the high, and rising, cost of medical treatment across the globe, don't even think about living in Asia, China, Middle East, South America and beyond without a comprehensive health insurance policy.
💗 expat insurance: critical illness insurance
Expat insurance against critical illness is often considered an optional extra but we'd argue that it's anything but. In fact, while you're working, you're more likely to claim on a critical illness policy than on life insurance.
Finding yourself unable to work can quickly deplete any savings you have. Critical illness cover provides a lump-sum pay-out which acts as a financial cushion. This can be used to cover those living expenses which don't go away just because you are ill - mortgage payments, utility bills and general living expenses - enabling you to keep your savings intact while maintaining the standard of living that you and your family enjoyed prior to your illness.
A lump-sum pay-out may also be invaluable in giving you access to expensive medical treatment or in making necessary changes to your home should you be permanently disabled.
Having the peace of mind of knowing that your living costs are covered if you are ill enables you to focus your attention on getting better.
As you can see, expat insurance takes many guises. At Expat Wealth At Work we provide personal protection insurance of all kinds to expats across Asia, China, Middle East, South America and beyond. We can ensure that you have the right cover to guarantee the future wellbeing of your family and your piece of mind.
We are highly experienced and can assist you in making an informed decision when determining your insurance needs and, as an independent fiduciary financial adviser working with the best internationally recognised insurance providers, we can offer a wide range of choice to meet your needs and budgets.