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The importance of protecting your income while working abroad

Make Sure you Purchase Disability Insurance When You Work Overseas

Nowadays, apart from safety, what most people are concerned about when considering an offer of employment overseas are the salaries and benefits coverage. According to HSBC’s Expat Explorer survey, more than 35% of expats working in the banking and financial services sector in Hong Kong make more than HKD 1.55 million annually. And according to ECA International’s annual MyExpatriate Market Pay Survey, middle expat managers in Japan earn $375,289 per year on average. An expat professional’s income is one of the most valuable assets, but what if an unfortunate event happens and you lose that income? Disability can occur at any time. In this article, we will discuss the importance of protecting your income while working abroad.

What is Disability Insurance?

Disability insurance often called income protection, is designed to ensure the beneficiary’s income if the worker becomes disabled and is unable to earn an income. The types of disabilities include serious illness, an accident or injury, and a mental health issue. The plans will generally pay you a percentage of your income after you are disabled for a set number of days or months and pay until you reach age 65, can complete another job or are no longer disabled.

Short-Term & Long-Term Disability Insurance 

There are generally two types of disabilities insurance: short-term disability and long-term disability. Short-term disability insurance provides a percentage of income if an employee is disabled and unable to perform job duties in six months. Long-term disability insurance will pay an employee a portion of monthly income if he or she is unable to work. Payments end when an employee starts working again or dies. The benefit plans often differ significantly from one employer to another.

 

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Hazards of Life When Living Abroad

Working and living overseas comes with a set of challenges. This is not only regarding the initial culture shock, but it also involves a certain level of risks such as urban crime and political protests. How safe it is for expats to work and live abroad depends largely on the chosen destination. People in some countries may prejudice toward nationals of certain countries for historical and political reasons. There are certain countries where it is more dangerous than others. These unexpected circumstances and events reiterate why it is so the importance of protecting your income while working abroad.

Why Disability Insurance is So Important?

Besides physical accidents and work-place related accidents, most expats don’t realize that chronic conditions can also cause disabilities. And if they become disabled and unable to work, could you pay the bills? This is why disability insurance becomes very important. The chances of disability are actually quite high before age 65. if you think about it, your most important asset is your ability to earn an income.

Disability Insurance

It is strongly recommended for expats moving overseas to obtain an international health insurance plan with disability coverage. Especially for those self-employed expat individuals and independent contractors. Many expat benefit plans include some local healthcare benefits. However, these local medical plans do not provide medical treatment outside of your destination country nor cover emergency evacuation and repatriation. Most expatriates will want a plan that provides international medical treatment. Expats will also want to obtain life insurance when working and living overseas. Remember, some say that your ability to earn an income is your most valuable asset!

How to Obtain Expat Disability Coverage?

Don’t forget to include the coverage of expat disability and life insurance. The peace of mind of knowing that your future income is protected while working and living overseas is very important for individual expatriates and their employers. Expat Financial, a division of TFG Global Insurance Solutions Ltd., can often source group expat life and disability plans for organizations that are employing expat employees. A group plan will often provide superior coverage and rates. We also offer a great expat disability plan for individual expatriates.

If you have questions about the individual and group expat disability plans we offer or if you would like to discuss your needs and produce a customized quote, please contact us or complete the quote form.

Expat Tokyo - Why you need international health insurance?

6 Reasons Why You Should Relocate Overseas

Six Reasons Why You Should Move Abroad

The traveling bug seems to have taken the world by storm. One can also call it the “expatriation bug” as people are moving abroad in increasing numbers. While there are people who are investing their time to explore new pastures for the sake of adventure and fun, there are many who are actually looking to turn it into a way of life. In fact, the idea of departing from an old and mundane lifestyle to a new beginning seems extremely inviting.

Though the very thought of beginning from scratch might appear to be intimidating initially – if you have put your mind to it, you will soon realize the amazing benefits of relocating to a foreign location of your choice. Listed below are some of the wonderful advantages of moving overseas in 2019, six to be precise:

1. Opportunity To Explore New Culture:

Moving abroad allows you to step out of your comfort zone and embark on a new journey wherein you get to explore a new country and its culture, people, food, and language that is completely alien to yours. Besides some new and stimulating experiences, you learn to set up things for yourself independently such as doing the daily chores, making a living etc. while grappling with new challenges. This gives a strong boost to your confidence, which is extremely important to settle down in a new country.

2. Better Employment Opportunities:

Though the aspects of an expat life might appear to be difficult, yet, there are several facets that make this endeavour extremely rewarding. One of the most significant reasons why moving abroad is catching up amongst people, especially millennials are promising employment opportunities. Countries such as Canada provide a perfect destination to people looking to begin a new professional journey that is extremely fruitful and rewarding.

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3. Strengthening of Your CV:

Working abroad will help you develop new skills that are significant to sustain oneself in a competitive job market. The skills and expertise gained abroad can make your CV look impressive and provide you with an upper hand vis-a-vis your counterparts. Who knows your prospective employer may be simply impressed by your newly formed qualities. It has been documented that taking an overseas work assignment can really benefit your career long term.

4. Better Lifestyle:

Often, folks consider relocating overseas with a vision of starting life afresh. By getting access to new opportunities, they intend to have a luxurious lifestyle, which they might have been yearning for in their home country. Countries such as the UK, Canada etc… with their advanced infrastructure, a strong economy, and low tax rates are extremely alluring for people willing to relocate.

Tokyo Airport

5. Broadened Outlook Toward Life:

Once you migrate to a new place, you tend to broaden your horizons by stepping out of the dependable comfort zone that you relied on earlier. As you meet new people, explore a new culture, taste new food, and above all travel around, you will be able to form new attributes that will broaden your outlook toward life.

6. Appreciation for Yourself:

Living in a foreign location provides you with several opportunities for self-actualization. You will learn to understand certain traits about yourself, which you were probably unaware of earlier. While some of these might leave you introspecting and improvising, some may make you adore yourself more than ever before. After all, the most important relationship a person has in their life is with themselves.

Yet wait, another reason to move abroad is to potentially earn more money. It has been reported recently that you can earn more money if you move abroad as companies employing expats often pay a salary that is higher. Multinationals often provide better benefit plans and superior global insurance coverage. You may even benefit by paying fewer taxes while living abroad.

The aforementioned reasons are just the tip of a massive iceberg, and there are many others that can fuel your zest to resettle on distant shores. However, if you are keen to write a new success story, just take the leap of faith to realize some of the most promising benefits. We would be remiss if we did not mention the importance of obtaining global health insurance coverage before you move abroad, but it is possible to get global healthcare if you are already living abroad.