International Insurance

Some companies seem to feel that it is not cost effective to provide a decent benefits package for more junior expatriates, preferring to compensate them instead with higher wages and expenses, but they might do better to consider that for an expat, the knowledge that they can turn to their employers for help in times of crisis might sometimes be a more valuable benefit than a slightly inflated pay packet.

There are in fact still many companies that do recognize the importance of insuring all of their travelling employees. Companies that do so will usually look at an international package as opposed to taking out policies for their expatriate employees with local organizations, as the latter can be problematic. Local insurance regulatory regimes can be overly restrictive or exclusive, there may be foreign currency restrictions which prevent expats from receiving benefits in stable currencies such as US dollars, and membership of a local scheme may not be possible for some employees due to the proposed length of their stay.

International Health Insurance

Private medical insurance is designed to ensure that you can obtain the treatment you need, whenever, and wherever you need it, and as an expat, this flexibility will be invaluable to you. Your first decision needs to be whether you are interested in a basic scheme, which will usually cover emergencies, in-patient treatment, nursing at home and repatriation, or a comprehensive scheme which will usually cover you for all of the above, as well as out-patient care, specialist treatment, and routine dental and complementary care.

You also need to be careful about any possible geographical restrictions on the policy that you take out. US and Canadian citizens who are planning to expatriate need to be especially aware, as certain types of policy impose restrictions on the amount of time that they can spend revisiting their home country, whether for medical or non-medical reasons.

Accident and illness can occur at any time, and in any country, and most of the circumstances covered by international policies are similar to those covered by domestic insurers; the policies just have the advantage of being 'mobile' in a way that domestic policies are not. However, there are some issues which are of particular importance to expatriates, and it would be wise to make sure that your international health insurance covers them.

International Life Insurance

There are many different reasons why taking out a life insurance policy should be considered a priority for those with dependants and responsibilities. Whether you are an expat or a professional looking to buy a domestic life insurance policy, your concerns will undoubtedly be the same - the welfare of your family in the event of something unexpected happening. However, as an expat, you are probably in a position to take advantage of the greater benefits available through international life insurance, in a way that a stay-at-home policyholder would not usually be able to.

Policies sold within the jurisdiction of a specific government are often in a strait-jacket of taxes and regulations which defines the types of investment the insurance companies can hold their assets in, the types of investment they are allowed to offer their customers, what reserves they have to retain on their policies, the mortality assumptions they have to make, and the commissions they have to pay to those who market their products. This amount of regulation serves to make their returns unattractive when compared with international policies in the vast majority of cases. International policies also have the advantage over domestic policies for expatriate professionals in that they are payable in US dollars or other stable currencies, medical examinations can be conducted wherever you are, and it is possible to pay premiums in a greater variety of ways, for example by cheque, wire transfer, or in some cases by credit card.

Insurance is one of those things that everyone hopes they'll never need, and as a result, a frightening number choose to bury their heads in the sand, hoping that their luck will hold. However, by far the most sensible solution for those not willing to trust to fate, is to take out some form of insurance, to protect themselves and their dependants should the worst happen. There are many ways to make insurance more affordable by limiting the coverage or by increasing the deductable amount. To find out what Insurance would best meet your needs as an individual or as an organization please feel free to give us a call.