Insurance for Expats
It appears that expats have access to a wide range of insurance products, including life, health, and car insurance—the list is constantly expanding! But a lot of people skip buying insurance because they think they're too young, totally healthy, or that bad things just won't happen to them— they happen to someone else. Finding insurance for expats can get a bit tricky.
Ever wondered, “Why should I get life insurance in my 30s?” Could it be beneficial to invest in an insurance plan to safeguard my business? It’s something we often think about — being overconfident can really get in the way of clear thinking.
Do I need an expat insurance plan?
Many people don't get insurance even though it's the moral thing to do. Contrary to popular belief, everyone needs insurance, regardless of their financial situation or health status. In the event that something unforeseen happens to us or our loved ones, insurance will provide financial protection.
When there are straightforward, simple solutions to reduce hazards, never take a risk. Such caution is particularly crucial when your family's safety is at risk.
If you and your loved ones make the wise decision to obtain insurance, you can feel reassured that in the event of a tragic event such as a family death, a serious injury, or a loss of income, financial worries won't exacerbate the pain and suffering you are already going through. After catastrophes, we are able to concentrate on living thanks to insurance.
How to choose the right insurance for expats
Finding the best expat insurance policy could be challenging at times. There is a wide range of insurance products and coverage levels offered by the financial sector to meet the needs of all customers. Thoroughly researching and evaluating insurance policies is necessary to choose one that fits your financial plans.
You need to consider several factors, including your age, health, the amount of coverage you need, and your income, to choose an insurance policy that fits perfectly with your budget.
Infinite can assist you in finding a fully qualified and experienced adviser, which is the best course of action because very few of us have the financial acumen to determine which insurance broker provides the best coverage for your hard-earned money.
What are the different types of expat insurance?
Insurance brokers offer a wide variety of insurance types and even more products to ensure you have financial stability if something unexpected happens that could change your way of life.
Infinite is a well-known full-service broker with access to a wide choice of insurance options that will help you reach your financial objectives and lessen the strain and impact of any future downturn.
Expat Life Insurance
Only 1 in 3 European citizens have life insurance. One out of four mortgaged households in Europe do not have life insurance. Could this be considered a wise decision? The subject of whether life insurance is worthwhile is one that many individuals frequently ponder.
Obviously, the answer is no. Purchasing life insurance for expats guarantees your family's safety in the event of the unimaginable. You and an insurance broker get into an agreement when you purchase a life insurance policy. In return for premium payments, the insurance company assumes responsibility for paying your beneficiaries a lump sum upon your death. Some insurance companies even provide life insurance for kids.
Expat Health Insurance
We can't always foresee health issues. Although you may be making monthly contributions to your nation's health system, state health systems are typically underfunded and underequipped in terms of staff and equipment, which could mean that in the event of a medical emergency, you won't receive the care you need. Because they are unable to utilise their local healthcare systems, those without medical coverage are in an even worse situation.
In the event that your health deteriorates, how can you obtain the full coverage and medical care you require? What happens if you already have a medical condition? In an emergency, medical costs can be extremely high, particularly if you are travelling overseas and must visit a private hospital.
The issue is resolved for you by a health insurance plan for expats, which lessens the impact of medical costs on your spending plan. By obtaining a health insurance policy, you can select the level of coverage that best suits your needs and financial situation. A specialist in expatriate health insurance policies, like an Infinite adviser, can help you determine which policy is ideal for you and offer you any extra coverage you might want to add to your insurance plan.
Insurance for Expats' Income Protection
Some people rely solely on their monthly earnings to meet their expenses. What would happen if an unforeseen issue prevented you from earning your monthly income? Expenses such as food, bills, and mortgages will likely exhaust your funds to the point of depletion, resulting in confusion and significant stress.
Insurance for income protection serves as a buffer. When you purchase an income protection policy, your insurance company replaces a portion of your lost income by paying you a certain amount each month. Getting guidance from a financial advisor who can walk you through the specifics of the different policies available is the best way to ensure that you make the proper decision.
Expat Critical Illness Insurance
Regretfully, medical crises like cancer, heart attacks, and strokes are inevitable. In addition to endangering your life, a health emergency may also affect your family's way of life and your financial objectives. In the absence of a safety net, it is difficult to handle the high expenses of emergency care, hospital stays, and recovery.
Critical illness insurance enhances your health insurance coverage by providing a lump sum that you can spend as you choose. Perhaps it's to cover medical expenses, such as cancer treatment, or maybe it's to take that once-in-a-lifetime vacation that you've always wanted. Our critical illness insurance specialists can analyse the policy documentation with you, recommend the best expat insurance quotes, and even dispel some common misconceptions about critical illness insurance.
Getting insurance for expats
Deciding to move abroad is a giant step, and it’s definitely something you want to think through carefully. You might want to consider a few things before making your decision. You and your family should have insurance coverage. Living abroad can be quite a challenge, especially when an unexpected health issue comes up and affects your monthly income.
Being an expat can be a bit tricky because even if you're keeping up with your national insurance contributions back home, you might find that you can't access your local health system. Even if you do, services and costs can vary significantly between countries. Health emergencies can significantly disrupt your plans, resulting in unforeseen expenses and significant stress. That's why having comprehensive insurance is so important.
Insurance options for British expats living in the EU
So, on January 1st, 2021, the UK officially parted ways with the European Union. The UK-EU withdrawal agreement lets UK residents with a European Health Insurance Card (EHIC) continue using it in European countries until it expires. The UK government has shared that a new Global Health Insurance Card (GHIC) is taking the place of the European Health Insurance Card for most UK citizens.
The GHIC card takes care of chronic or existing illnesses along with emergencies. So, it's important to plan ahead for treatments like dialysis or chemotherapy to make sure they're available in your area. The GHIC card doesn’t cover transferring patients from European countries back to the UK or private medical healthcare options.
Working with top-notch insurance brokers, Infinite's qualified advisers can recommend a range of comprehensive insurance policies, along with various optional add-ons, to meet the needs of British expats looking to stay in the EU.
Let's chat about insurance in the United Arab Emirates.
Did you know that nearly 10 million people call the UAE home? It's interesting to note that about 90% of them are expats! Most expats tend to settle in Dubai and Abu Dhabi, as these cities provide a wonderful quality of life and plenty of job options.
So, it turns out that in Dubai, employers are actually required to provide and pay for insurance, as mentioned on the UAE government's portal. Sponsors need to obtain insurance coverage for their resident dependants. In Abu Dhabi, the rules about insurance have a bit of a twist. Basically, employers and sponsors need to take care of health insurance for their employees and their families, which includes one spouse and up to three kids under 18.
Many insurance options can help you stay alive, even in an emergency. Comprehensive insurance really ought to be a key part of every expat’s financial plan.
Finding the perfect insurance policy that fits your budget
For just a little extra on your regular expenses, you can take a significant step in protecting your family's well-being. Reach out to Infinite to find out more about the top expat insurance options out there right now.