What is Expatriate Insurance?
Expatriate insurance plans are designed for people living outside their country of citizenship. For example, you are a Canadian citizen living in the USA or in Malaysia. You are therefore not a local national and most likely can’t be covered by the local insurance companies that primarily serve the domestic population.
Why Expatriate Insurance?
While the local coverage may be available to the expat, he or she will choose not to obtain the local plan and purchase expatriate insurance from our firm for a variety of reasons:
- The local plan may be in an unstable currency
- Local plan coverage may be sub-standard
- Local plans may only cover you for medical treatment in the host country
- The local plan is probably not portable, while expats are
- The expat needs global coverage and treatment, especially if local healthcare is not up to 1st world standards
- Any many more reasons.
What Expat Insurance Plans are Offered?
Expatriate insurance often covers a duration of 1 year or more while you are officially residing abroad from a reputable insurance company that specializes in serving the needs of expatriates, not local nationals. Those retiring, working or living abroad will often require:
- Expat Health Insurance
- Expat Life Insurance
- Expat Disability Insurance
- Expatriate Group Insurance
- Evacuation Insurance
- Expat Dental and Vision Insurance
- Property and Liability Insurance
What Considerations are There for Expat Insurance?
Purchasing expatriate coverage for yourself while living abroad is a crucial part of any financial plan for expats. If you are an expat or about to become one, it is important that you consider the following general items when purchasing expat insurance plans in general:
- Is the policy set up for expats or locals?
- Is the insurance company reputable?
- Am I dealing with an expat insurance broker/expert such as Expat Financial (yes are a bit biased on this point)
- Is the insurance company experienced and specializing in providing coverage for people living abroad?
- Can the insurer pay claims abroad?
- If getting life or disability coverage, is the plan renewable and can it cover me in my new country?
- Is there tax or legal considerations with the expat cover?
- Is the coverage portable if I move to a new country? Generally, expat plans are not renewable if you move back home.
- Will I be approved if I have a pre-existing medical condition?
- How much will it cost and how do I get a quote?
This is just a partial list of things that expats should think about, but please contact us to discuss your requirements. Some of the plans we offer are available to quote and then purchase online, such as the Cigna or IMG medical plans. The bottom line is that expatriate insurance is important for future and present expats and they should plan carefully and talk to an expert as domestic brokers with limited experience may recommend the wrong policy or may not have access to the plans that our firm offers both individual expats and expat employers.