Business
Protecting what matters
as an expat
By Aaron Crotty
Having the right protection in place
is an aspect of financial planning that
is often overlooked. While insurance
could be more complex and costly
when living abroad, it could protect
you and your loved ones in the event
of the unexpected occurring.
Adequate protection or insurance
cover can provide peace of mind for
you and your family. It means you can
safeguard a desired quality of life
for your loved ones and help avoid
any financial hardship if long-term
plans change through becoming
unemployed, ill health or loss of life.
Types of cover
There are various types of personal
protection policies available. In
general, it's always important to
ensure the cover you have is adequate
for your circumstances and that your
family members know the details of
what you have in place.
The type of protection available
includes:
premiums will usually depend on the
length of the deferment period.
Private health insurance: The extent
of this provision and the quality of
local healthcare services are likely to
be key factors in deciding whether
to have private health cover or not.
If healthcare is not state provided or
subsidized, the costs of even minor or
routine medical treatment can quickly
mount up over time. When arranging
cover, check whether the whole
family is covered for investigations,
outpatient and inpatient fees, hospital
stays, transport to a specialist unit and
repatriation. Such policies can be very
expensive, so you may decide to pay
a voluntary excess to keep premiums
down.
Critical illness insurance: This will
provide cover within set criteria, in
the event of a permanent disability
or diagnosis of a specified, serious
illness. Depending on the level of
cover - which again can be altered if
Income protection insurance: This
kind of protection can provide an ongoing income if you are no longer
able to work. This usually kicks in after
a deferred period of time, and your
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After The Bell
required - this could help to pay living
expenses and the costs of moving if
illness means you have to retire early.
Life insurance: These policies are
designed to pay a lump sum if you
die. You can choose how much cover
you need, how long you want it to last,
and change the amount and policy
duration at any time, subject to the
terms and conditions within it.
With health related insurance, the
general rule is that the younger you
are, the cheaper it is. In the event
of medical or critical illness there is
the likely event that future insurance
previsions may be restricted (with a
higher cost) or even unavailable.
Do not delay. Get the right protection
plan in place to safeguard yourself and
to protect your loved ones now.
To connect with Aaron, email
[email protected].