Life is good for expats and their families living and working in SE Asia. The benefits of a pleasant climate, comfortable housing, varied entertainment options with some superb dining experiences and first-class schooling for your children mean that your lifestyle choice is a step above what you would have in western countries.
The cost of this lifestyle
This above average lifestyle is enjoyed by many SE expats families. It costs far less than a similar standard of living in your home country, but the fact is that it still costs!
For the majority of families living in SE Asia these costs are met through salary received into the household.
Just consider your situation if for reasons of illness or an accident you are unable to work.
No work – No income
Those SE Asia expats who are self-employed need to work continuously if they are to maintain a steady income.
Those who work for a company need to check their employment contract to see what type, if any, income protection clause is included. This needs to be long-term and give comprehensive benefits.
We say this because it is still quite common for companies that actually do offer such cover do so only for a relatively short period of time. If your illness or injury prevents you from working past their agreed cover period then salary will cease until you are fit enough to recommence your work or to find alternative employment.
It does have to be said that finding alternative employment is no easy matter when you are unable to begin a new job almost immediately.
It makes eminent sense to look at solutions that will protect SE Asia expats and their family’s lifestyle while living in the region.
One surefire way to achieve this is to take out an income protection insurance policy.
What exactly is income protection insurance?
When you take out such a policy the protection insurer concerned will pay a proportion of your stated income as long as you are unable to work due to illness or injury.
In the case of well-presented policies, payments will continue until you are able to return to work or until you reach retirement age.
The level of protection SE Asia expats decide upon will obviously have an impact on the policy payments they make. For this reason, you should base cover around your current outgoings. Things to consider include:
While the amount you receive on a monthly basis will not be 100% of your current income it will be a sufficient amount to ensure you meet regular payments, and that you are able to afford a reasonable lifestyle.
Peace of mind
SE Asia expats owe it to themselves and their families to maintain a lifestyle that they have worked hard to achieve.
It is easy to think that illness or injury will not affect you in the foreseeable future, but the truth is that none of us have a crystal ball to forecast future events.
It is truly hoped that illness or injury will never affect your ability to work, but in the event it does, and does so for an extended period of time, taking out an income protection policy means you are giving yourself and your family peace of mind. It means your lifestyle and theirs will be maintained for as long as it takes to get you fully back on your feet.