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One of your first priorities - from a financial planning point of view for you and your family may well be to establish the appropriate health care coverage and related insurance provisions. Costs and services abroad can differ greatly from what you are accustomed to ‘back home’. Therefore, it is essential to make sure that you are fully covered. In addition to standard health insurance for you and your family, you may need to consider both Critical Illness Insurance and Income Protection Insurance.
Health Insurance- In terms of health insurance, it is essential to make sure that you and your family are covered in your new country of residence and also when travelling. Always make certain that you are comfortable with any restrictions or limitations of policies recommended to you and be aware of any excess you may be liable for in the event of a claim. Medical costs differ greatly around the world, as do the standards of treatment available. Find out which services are available in your country of residence, which services your insurance covers and always make sure that you have the option to repatriate in the event of an emergency. There are scores of companies offering health insurance in the marketplace today, and all come with specific features, benefits, exclusions and exceptions.
Critical Illness Insurance- Critical Illness Insurance can ease the stress and financial strain in the event you are incapacitated due to a serious illness. Financial expenditure and outgoings will not cease if you are taken ill. Your ability to provide for your family will, however, cease. Critical Illness Insurance is designed to provide a payout in the event that you are unable to work due to serious and ongoing illness.
Life Insurance- As an expatriate living abroad, there are many uncertainties, upheavals, unknowns and concerns - especially when it comes to fiscal matters. Life insurance is one of the most important products when it comes to peace of mind because you want to protect your loved ones in the event of your death. For your family to maintain the same standard of living in the event of your death, you have to make certain that you have the correct type and level of life insurance. The type of life insurance you need depends on your objectives. If you simply require insurance against your untimely death for the fixed number of years of your children’s childhood, one option could be level Term of Life Assurance. ‘Decreasing’ Term Insurance can be used to pay off a mortgage or other loan in the event of your death during the outstanding period of the loan. With decreasing term insurance, the death benefit decreases over the term, and shrinks to practically nothing in the final year. Premiums for this type of insurance are generally lower than for a regular term policy or a whole life policy with the same face value. ‘Whole of Life Insurance’ is exactly as it sounds – it covers your beneficiary in the event of your death whenever it occurs. The benefits are paid upon the insured’s death or at an age specified in the policy - typically at the age of 100 or more. ‘Annual Renewable Life Insurance’ can be used by expatriates who wish to insure themselves one year at a time, depending on their changing circumstances. Life insurance policies are available for your entire family and are definitely something worth considering when it comes to your financial peace of mind. Income Protection Insurance- Income Protection Insurance may also be available and of interest to you. This insurance is used to replace a percentage of your income if you are unable to work due to injury or illness. Income Protection Insurance provides for a lump sum or regular scheduled payments if you become debilitated and are unable to continue working. The insurance may provide close to 75% of your salary if you are unable to work due to sickness or accident.
Travel Insurance- When you’re away from your nation of birth – whether temporarily or for good – it’s more important than ever to make sure you’re fully covered in terms of health, possessions and liability in both your new country of choice and also for any side trips or holidays you take. Coverage can come in all manner of different flavours, depending on how it is packaged up by the different companies, so it is vital that you read the small print to check what you're buying is what you expect. For temporary or short-term stays abroad, such as to work, study or simply a period of holidaying or residing abroad with an expectation of arriving you can usually find a policy offered by one of the major brand insurers that suits your needs, whether it's working holiday insurance, study abroad insurance or just general travel cover. If you're looking at a long-term or even permanent move abroad, however, it's worth checking out the smaller, more specialist insurers who cater to expats. As well as those operating in your own country, you may find companies in your new country of residence that offer competitive policies to fit your needs; however, with this may come language complications if the country you have moved to is not a native English-speaking country, and it is vital to read thoroughly any contracts, agreements or policies before signing anything.
War Risk & Conflict Insurance- Its best suitable for someone working or living under threat of violence as a consequence of his position. This policy covers people operating in a dangerous geographic area with: War Life Insurance Medical Evacuation Insurance Kidnap & Ransom Insurance Death & Disability Insurance Defense Base Act Insurance Specific Personal Protection for Afghanistan, Iraq & other recognised War Risk Insurance Zones Oil & Gas Insurance or cover for other Hazardous occupations.