Expat Insurance

Summary: Expat insurance is no less dull than any other form of insurance but it is an essential item to pack along with mosquito repellent and a phrase book when moving abroad...

As more and more of us are getting itchy feet and longing to spend at least part of our lives living, working, travelling and exploring in different parts of the world, so more and more of us are having to think carefully about that most boring of topics – namely insurance!

Expat insurance is no less dull than any other form of insurance but it is an essential item to pack along with mosquito repellent and a phrase book when moving abroad!  Expat insurance takes many forms, the most essential to consider are expatriate health insurance, repatriation and life insurance, travel, injury and illness insurance.  This article gives a quick overview of each to make it easier for expats to determine which they really need.

International health insurance is of particular interest to expats moving to live in a country with high medical costs, it is critical for those moving to live in a country with no form of national health service and furthermore for all those moving to live abroad who have children in tow, the whole family will need some form of expatriate medical insurance in place to cover all eventualities.

The most basic levels of cover simply pay out in the event of emergency treatment being required, there are many restrictions on such a policy but it can be a good basic expat insurance to have for those in good health, who have little disposable income and no ties!  In terms of the level of cover that can be purchased, basically if you want it and can afford it a specialist insurer will provide you with the level of cover you want!

Typical expatriate health insurance plans cover all major medical bills, pregnancy and childbirth, they pay a certain amount towards routine dental and optician appointments for example and the provider charges according to the country in which the expat will be living and working, their age and general state of health.

Repatriation insurance is for those who cannot get the medical treatment they need in the country they are in – basically those with this level of insurance will be transported home in the event of serious illness.  Expats living in remote or primitive parts of the world may require this type of insurance.  Furthermore, should the unthinkable happen and the person with repatriation insurance actually dies whilst abroad then their body will be returned home.

Life insurance is relatively self explanatory although there are various forms of life insurance.  Those who have a mortgage to pay, debts to meet or children to raise for example might require term life insurance which is a policy that runs for a fixed period of time, it is usually renewable and often convertible.  The main alternative is permanent life or whole of life insurance which is expensive but as the name suggests, if maintained it guarantees to pay out a fixed sum upon the death of the person insured.

Life insurance is recommended by the majority of financial advisers for anyone who is married, in a long term relationship or who has dependents.

Specialist expat travel insurance is worth considering by those who plan on travelling a great deal whilst living overseas – travel insurance policies when bought on an individual ad hoc basis soon add up therefore those who know that they will be travelling further afield or even making relatively regular home visits might like to consider expat travel insurance policies that cover multiple journeys.

And finally, injury and illness insurance for expatriates covers anyone taken ill or seriously injured and who can no longer work.  Such policies usually pay out only after a certain amount of time has passed and some of the cheaper policies only then pay for a maximum fixed period of time – but for anyone with little in terms of savings, with a family or dependents, such insurance is well worth considering.  Add-ons to injury and illness insurance include accidental death and capital benefit in the event of a serious or debilitating injury or illness.

Expat insurance can be sorted out prior to departure or international brokers can be sought out to get policies in place after relocation.

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