Why Expat Income Protection Insurance Cover Is Right For You

Expat Income Protection Insurance Cover

Let’s take a look at what expat income protection is and why you should have it.

Expat health insurance cover is a “no-brainer”

Taking out a health insurance policy is something that all expats should do as a matter of course. Those individuals who do so for themselves, and where necessary, their families are securing peace of mind.

They will be safe in the knowledge that should medical treatment be necessary due to illness or injury that they can take advantage of wide-ranging health cover benefits under the policy taken out.

Another often overlooked consideration

Taking out an expat income protection insurance policy is something that is widely overlooked. There are lots of reasons for this and perhaps, like the majority of workers worldwide it is not something that immediately springs to mind in terms of being an essential.

However, for those who ignore the reasons and benefits behind expat income protection cover it could very well be the difference of maintaining a lifestyle you have fought hard for and struggling to manage on bare essentials.

Income protection insurance explained

Income protection cover actually comes under the broader term of health insurance. Its purpose is to protect an individual’s regular monthly income in the event that they are unable to work due to illness or injury.

Importantly, it also covers life insurance. If the policy holder dies a lump sum payment is made to their chosen beneficiary.

This means that a robust expat income protection insurance policy provided by a well-respected and long-established international health insurance provider will commit to giving you a percentage of your monthly salary. In the event of death, then your chosen beneficiary receives a lump sum payment.

The income protection payment will continue for as long as it takes to get you fit and back to work, or until retirement age, whichever comes sooner. The percentage of salary you will receive varies and will depend upon the type of policy you take as well as the level of premium you pay, but it should always be viewed as being in the 50-75+% bracket of your regular salary.

Crucial for the following individuals

If you fall into any of the following categories it is crucial that you consider taking out expat income protection cover.

  • Self-Employed
  • Freelance workers
  • Working for a company that does not provide such cover as part of your employment contract

With regard to the last category it needs to be understood that expat income protection cover is quite different to agreed “Sick Pay” stipulated in your contract of employment.

If your employer has agreed to pay your salary while you are unable to work due to sickness or injury they will only do so for a limited period. The period involved will vary dependent upon the company and any regulations in force, but it is highly unlikely this will be longer than 1 year and, in many cases, far less.

Anyone who is unfortunate enough to suffer from a serious illness, develops a major medical condition, or is involved in an accident causing long-term damage will not only require expert medical attention and care, there is a strong likelihood they will also require an extensive recuperation period.

Protect the lifestyle you have come to expect

Expat income protection insurance is available for a reason. Consider how you would cope and maintain the lifestyle you have been used to if your monthly income abruptly ceases. Those with families have even more reasons to consider such a situation.

By looking closely at what is offered in terms of expat income protection insurance policies you will find something that will meet you needs. For those who feel comparing the different options available will be too time-consuming, or for those who would rather have a comprehensive but clear list of all options available, it is recommended that you contact a well-respected expat health insurance broker.

By doing so you are benefitting from expert advice and will be presented with options that suit your situation. As there is no additional charge for making use of a broker’s expertise this really should be another “no-brainer!”.

Simple, flexible and affordable health insurance. Just as simple as it can get with your very own price.
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