Expats Urged to Take Cover!

When you’re planning a new life abroad there is just so much to factor in to the equation.  You are, after all, planning a whole new life for yourself and quite possibly for your family as well.  You have to find work, somewhere to live, you have to put your old life in order as well before you leave for your new life…

All too easily the planning and preparation takes over and you can lose sight of some of the smaller pieces of the puzzle that you really need to have in place to ensure your new life is well insured!  Expats are often the absolute worst people for failing to get their essential insurances in place – from home contents insurance to health insurance!  And so in this article we’re going to list out the essential cover you need to remember to get in place.

We’ll break it down for you so that you can tick each one off when you have it arranged – and this guide can act as a sort of checklist for you to add to your planning preparation.  Expats, you are urged to take cover, and here’s what you need to get in place to insure your new life!

Buildings and Contents Insurance

Very few people in the UK live without buildings and contents insurance because a) they often come as a package and b) those with mortgages are usually legally obliged to have buildings insurance in place.  However, when you expatriate and take on a new home abroad it can all seem a little too complicated and daunting to find an insurer in your new nation who will offer you the cover you need.  And yet living without home and contents insurance is a very risky thing to do!

There are no end of ‘amusing’ stories out there about those who have failed to get insurances in place if you choose to look on the Internet for them for example – and we use the term ‘amusing’ very loosely as in reality, the thought of seeing your home go up in smoke or your favourite and treasured belongings disappearing out the window under a burglar’s arm is not very funny at all is it!

So, get covered and get cover in place straight away.  Speak to colleagues or neighbours about who they insure with, speak to an expat financial adviser as even if they can’t arrange cover for you they will know of firms who will offer you cover.  Look in local newspapers for advertisements from insurance firms, or contact the large global insurers such as AXA and AIG who usually operate in all the major nations in the world.

Expat Health Insurance

More and more health insurers are coming around to the idea that expatriates require specialised policies and specific levels of cover.  Tailored cover is therefore available to you and your family and in absolute reality, you are mad if you actively choose not to get cover in place.  You are taking a very real risk, not only with your health but with your finances as well because in many countries the cost of health care is incredibly expensive.

If you don’t have cover in place in a country like Germany you may not receive treatment if you fall ill.  If you don’t have cover in place in a country like India you may not be able to afford to be repatriated to get the health care you need.  If you don’t have cover in a country like America you could literally lose the shirt off your back when trying to pay for any care you have received.  Whilst you may still be willing to take that risk – think about your family and their health and think about how you would feel if something happened to one of them and you couldn’t afford to get them the care they needed to get better.

There are so many decent providers of health insurance out there that you will be able to find a policy you can a) afford and that b) gives you the level of cover you want and need.  Again, we’d suggest you speak to an expat financial adviser who can help you wade through all the policies out there and find the best one for you.

Life Insurance

If you have any dependents, a spouse or ongoing financial obligations such as a mortgage it makes sense to look into life insurance.  If you don’t have it in place and, God forbid, something happens to you when you’re living abroad, how will your family cope financially after you’re gone?  Even if your spouse has a well paying job, if s/he loses you the reality is that s/he will struggle to work at least for a considerable amount of time.  Furthermore, if you have children who will continue to support them financially after you’re gone, and if you’re paying a mortgage on a property can anyone afford to take on that liability if you die?

Life insurance needn’t be expensive, what’s more there are policies out there that can pay out after a set term, you can get joint policies with a spouse and you can certainly call on an adviser to sort you out the exact and specific level of cover you need.  We’d urge you to seriously think about getting life cover in place – it’s a very selfless thing to do that could make a huge and positive difference if something did happen to you.

There are many other insurances from travel insurance to car insurance – but the above three are the core three you need to get in place as an expat.  With these types of cover arranged you can sit back and begin to relax into your new life abroad.