Whether you’re looking for a cheaper life insurance policy or you want help if you find yourself kidnapped when working abroad, this latest international insurance update specifically for expats covers all eventualities and all essential insurances!
As an individual who lives perhaps a more exciting life by choosing to reside and work overseas, you also face the annoying prospect of having to increase the number of insurance policies you’re subscribed to as well!
For example, where you could get away with NHS treatment if you lived in the UK and fell ill, you may very well need private medical cover once you move abroad. Added to this is the fact that expatriates often want to increase their life insurance when abroad, and are aware that they won’t have the state to fall back on in retirement or if they lose their job. All of the eventualities you expose yourself to by being an expat can be covered or protected against…
Life Insurance Update for Expatriates
More insurance policies means more expense…of course…however, there is some good news for expatriates who have yet to get their life cover in order. According to a leading financial and insurance expert, life insurance rates are almost at an all time low. In fact, insurers are taking a hit on their policies at the moment, and for every £1.05 they pay out, they’re only collecting £1 in policy payments.
Don’t worry, life insurance providers haven’t turned into charities. The fact of the matter is, competition in this sector is intense and companies are fighting to gain your business. Some companies will be squeezed so tight that they will have to give in and be taken over, but it’s all to our gain as customers at the moment. Anyway, where an insurance provider is losing in one sales are, (i.e., life insurance sales in this instance), they are making it up elsewhere as everything is ‘cross-subsidised’ – i.e., life insurance business might be making them a loss, but critical illness cover might be earning them a fortune.
So, it’s absolutely the right time to sign up to a life insurance policy to cover you and your family – because don’t forget, if you are two parents or two bill payers in a family, you will both need cover in place. Also remember – it can pay to have two separate policies rather than one, as you get double the cover for your family for only a little bit more in terms of annual premiums. Speak to an adviser to help you determine how much cover you need, and which type of policy is best for you.
Expat Health Insurance Update
It may seem incredibly far fetched to think you will ever need much more than health insurance to cover for a stay in hospital – however, not only do accidents happen but natural disasters can occur, civil unrest can ensue and terrorism activity can happen. And now, bearing all that in mind, one particular expatriate health insurance company has added a few unusual bells and whistles to their insurance options for account holders.
According to the Telegraph, InterGlobal, the private medical insurance experts, have teamed up with red24 – an international security firm – to offer policyholders that extra level of protection. So, whether you want security advice before you travel to a new destination or you find yourself caught up in a coup and needing to escape, InterGlobal and red24 will have your back covered.
Okay, so their policies aren’t necessarily the cheapest in the expatriate medical insurance market, but they are quite possibly the most comprehensive! If you feel that you could potentially benefit from that little extra layer of protection, speak to InterGlobal. But before you do sign up to their policy, it may pay to shop around and think clearly about the realistic level and type of healthcare cover you need.
Travel Insurance Update for Expatriates
And finally for this roundup of international insurance updates for expats, international travellers are being warned about the ripping off tendencies that some travel insurers have been applying of late. Some insurers are maxing out your cover for you - £10 million for medical expenses anyone? Or £3,000 if you lose your bag? Unless you’re highly accident-prone or travel with lots of designer gowns in your suitcase, you are highly unlikely to need the levels of cover offered – therefore you are not likely to need to pay the premium being asked!
However, actually finding a realistic travel insurance policy is not that easy! See if you can get travel cover included with your health insurance perhaps, if not you will just have to shop around!
