You’ve got plenty to think about when you’ve embarked on an adventure. But how are you protecting tomorrow, today?
How will I make this place feel like home? Will my family feel settled here? How will the kids find their new school? There are so many questions that make us spiral with worry. We explore how having the right insurance in place can help you feel more in control of your future.
Are you protecting your tomorrow with insurance?
What happens when things take a turn for the unexpected? What if you lost your job or fell ill and are out of work for a lengthy period? What if your partner is injured in an accident and needs you to take care of them? Have you thought about income protection insurance as well as health insurance and life insurance?
Types of insurance
- Health Insurance – you can get cover for the latest medical treatments and access private healthcare internationally.
- Life Insurance – should the worst happen, you can provide your family with financial security for the future. The payout could help pay off a mortgage, or cover the costs of private education for the children.
- Income Protection Insurance – provides you with a regular monthly income if an injury or illness prevents you from working in your regular profession while you’re living and working abroad.
How will your family manage?
Nobody wants to think about these kinds of scenarios, but injury and illness are part of life. Whether you’re just about to make your life-changing move, or you’re settled in your new home, it’s always a good time to have the conversation and plan how you want to protect your lifestyle and your loved ones’ future.
Despite this, in the UAE for example, 75% of people do not have provisions in place to protect their income against unexpected illness, or even death.
Are expats particularly at risk?
It has been shown that expats are more likely to insure their health than make financial provisions for unexpected events in the future, such as an inability to work due to illness/injury.
In fact, just 33% also had life and/or income protection insurance. This is in contrast to 77% of life and income protection customers who also have health insurance in place.
A focus on immediate health concerns, at the expense of long-term planning for an untimely death or protracted workplace absence, can therefore mean many expats remain unprepared.
Reducing the burden on your family with life insurance
The loss of a loved one is an emotional time – and there will be a lot to deal with.
This might include:
- registering the death
- repatriation of remains
- funeral arrangements
- administration of wills
- accessing bank accounts and investments
- continued mortgage and rent payments
While you cannot eliminate a lot of this distress, you can remove some of the burdens associated with an untimely passing.
Life insurance could help your family to remain financially secure and receive the help they may need and protect the legacy you have built for them.
5 questions to ask yourself
- How long are you considering staying abroad?
- What are your career plans?
- What contingencies do you have in place should something unexpected happen?
- How will your family be looked after in your absence?
- What practical challenges might your family face if the worst should happen? How might this be made more difficult by being overseas? What could you do to protect your family’s lifestyle?
Start planning today and protect your tomorrow
Moving and living abroad is exciting. A little planning will go a long way to help secure the best future for you and your family. Protection against unexpected events is an important item to put on your list. Make sure any arrangements you make reflect your unique lifestyle and needs and that they are flexible enough to work with you and your family, wherever life takes you.
At William Russell, we have nearly 30 years of helping expatriates finding best places in the world to move abroad and settle into their new lives overseas by providing world-class international health insurance, life insurance and income protection.