An area highlighted to be of great importance for expatriates to consider when moving abroad is insurance.
Having insurance plans in place is vital for expats, especially as you will be living in another country that may have a drastically different system for healthcare than your home country. Health insurance, as a start, is something that you may not consider, or take for granted if it’s offered by your employer, here in the UK.
However, in another country healthcare is vitally important, and may even be a legal necessity. Many popular expat destinations, like the UAE, require all foreign workers to take out a health insurance plan. Even if not a legal requirement, in some foreign countries a health plan will be the only way to secure healthcare of a high standard.
Health insurance is just the start though, there are other insurance plans that you should take out to ensure security for you and your family. One type you may not want to think about is life insurance.
Life insurance should never be overlooked. The whole point of insurance is to protect you, and your loved ones, from the unexpected, and life insurance is the ultimate from of protection from the ultimate in unexpected hardship.
We cannot ignore the fact that accidents happen, and in the event of an untimely death, the last thing you want is to create more anguish for your family. Similarly, taking out a critical illness plan is also of paramount importance. In some ways, the effects of a critical illness can be even more financially damaging than an actual death.
In the event of a critical illness, you may need to give up working, in which case you, and/or your family, could be without an income. In this situation you may also require care, which will place an extra level of financial burden on you.
In these instances it’s clear why insurance is necessary- without it you will find that an unfortunate health situation is made worse by financial problems.
Whenever you are going abroad, even just for a holiday, travel insurance is always recommended. Travel insurance will cover you for any mishaps that may arise in your new home, ranging from legal costs of you are a victim of crime, lost possessions or even cancelled plane tickets.