Being an expat in SE Asia takes a different kind of person. One who is prepared to push that little further in search of new experiences. This is both from a working and leisure point of view.
The many men and women who carve out a successful career in the region do so through hard work and determination, but the rewards can certainly be worthwhile.
In order to maintain that individual lifestyle, or for any expat in SE Asia who has a family it is imperative that they protect their regular, expected income. Here’s how that can be achieved:
Medical Health insurance is strongly recommended
Medical health insurance policies are seen as being an important part of life for expats and something that needs putting in place and regularly renewed.
Taking out such a policy is certainly to be recommended as it will cover medical treatment on an as an when basis. It means that the individual(s) concerned can be treated as an outpatient, or for more serious conditions they will be admitted for inpatient care.
Unable to work for an extended period
Being unable to work due to a serious illness or injury is something an expat in SE Asia should not dwell on, but it must be considered.
If you are struck by a serious illness or involved in an accident where long-term injury makes it impossible to work until fully recovered this will involve an extended period of recuperation.
Those that are self-employed or work for a company that offers limited “sick pay” will find that their regular, expected income will cease after a certain period. Without a comprehensive income protection plan in place you are putting that hard-earned lifestyle in jeopardy.
Savings will only last for so long, and let’s face it, if you are unable to work for your current employer it is very unlikely you will find other work owing to your condition.
A Protection plan includes Income Protection & Life Insurance
The solution that will ensure you maintain your expected lifestyle is to take out a protection plan. This type of plan also comes under health insurance, but it is far less taken up than it should be.
An expat in SE Asia who takes out this type of policy is ensuring 2 types of benefit:
You pay an agreed monthly premium that goes towards protecting your monthly income in the event you are unable to work. This is regardless of the fact that incapacitation is caused due to a serious illness or you are seriously injured.
The best income protection policies available will offer in the region of 75% of your expected salary during the time you are unable to work. Once these monthly payments begin they will continue until you are fit enough to go back to work or you reach the age of 65 – whichever comes sooner.
It must be said that such cover will take a huge weight off your mind relating to concerns about future income. It will give you complete peace of mind because such a policy will enable you to meet monthly outgoings and maintain your lifestyle. It is important that both individuals and any expat in SE Asia with a family understand the benefits such cover affords.
In the event you die there will be a lump sum payment made to any named beneficiaries. This is particularly important to those who have long term partners and/or families. You will be secure in the knowledge that you are providing for them in the event of your death.