As with the world over, expat income protection policies are taken out far less often than they should be.
Let’s take a look at the basis of such a policy, one major reason that the majority of individuals do not consider it necessary, and then add to the reasons that they should!
The basis of an income protection policy
This policy comes under the broader term of health insurance. By taking out an expat income protection policy, individuals who are working and living oversees are taking the very sensible step of ensuring the lifestyle they have come to expect is maintained.
The reason for this is that the policy will provide a substantial percentage of their monthly income. This will be in the event they suffer from long-term ill health or are laid-up for a lengthy period and unable to return to work.
As long as the policy is current and premium payments are up to date a well-presented expat income protection policy will be valid until the individual fully recovers and returns to work, reaches the age of 65, or dies, whichever comes sooner.
It will never happen to me
Let’s be honest, no one wishes to dwell on the fact that they may contract a serious illness, nor should we think about being involved in an accident that causes serious, personal injury.
However, just because we do not wish to suffer either fate, it does not mean that it cannot happen.
Expat income protection cover will certainly not prevent the possibility and consequences of such personal traumas, but, what it will achieve is something that should not be underestimated; a steady, regular income flow on a monthly period during the period the individual is unable to work.
This fact should have particular relevance and impact on those expats who have families and dependents to support and provide for.
Three further reasons for taking out expat income protection cover
It is clear from the above that the major benefit of arranging this type of policy is the fact that you will be able to maintain a lifestyle you have worked hard to build.
By adding to this the following factors, it should help expats in the region fully understand the ‘hidden’ value of such a policy: