Protecting Your family during overseas relocation



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PROTECTING YOUR FAMILY

Protecting Your family during overseas relocation

If you and your family relocate overseas, one of your first priorities will be establishing health care. services abroad can differ greatly to what you are accustomed to 'back home'. Therefore it's essential to make sure that you are fully covered.

Starting with straight health insurance for you and your family you may then need to consider both critical illness insurance and income protection. Ensuring that you have the important insurances in place will afford you greater peace of mind coupled with greater security. Personal peace of mind will enable you to get on with enjoying your time abroad and allow you to concentrate on establishing long term financial freedom.

Health insurance

In terms of health insurance, it's essential to make sure that you and your family are covered not only in your new country of relocation but also when travelling.

Always make sure that of any restrictions or limitations of policies recommended to you, and any excess you may be liable for in the event of a claim.

Medical costs differ greatly around the world, as do the standards of treatment available. Find out what services are available in your country of residence, what your expatriate insurance covers you for, and always make sure that you have the option to repatriate in the event of an emergency.

There are many companies offering health insurance to expatriates in the market today and all come with features, benefits, exclusions and exceptions.

Speak to a financial adviser to find out what your best options are, depending on your personal needs and those of your family.

With something as precious and essential as your health, you should settle only for the very best. Know what's available and be a smart buyer!

Critical illness insurance

Critical illness insurance can take away stress and financial strain if ever you are incapacitated through serious illness.

Medical expenses and outgoings will continue if you are taken ill, but your ability to provide for your family will cease. Critical illness insurance is designed to payout in the event that you are unable to work due to serious and ongoing illness.

Income protection insurance

Income protection insurance may also be available. This insurance is used to replace a percentage of your income if you are unable to work through injury or illness.

Life Insurance

As an expatriate living in a 'foreign' country there are many uncertainties, upheavals, unknowns and concerns especially when it comes to fiscal matters.

Life insurance is one of the most important products when it comes to peace of mind. You want to protect your loved ones in the event of your death - protect them financially and emotionally. Ensure that your family can maintain the same standard of living in the event of your death by taking the correct type and level of life insurance.

The type of life insurance you need depends on what you want to achieve with your policy. For example, level term life insurance is for those who simply require insurance against their untimely death for the fixed number of years of your offspring's childhood Decreasing term insurance can be used to pay off a mortgage or other loan in the event of your death during the outstanding period of the loan.

Whole of life insurance is exactly as it sounds - it covers your beneficiary in the event of your death whenever it occurs.

And annual renewable life insurance can be used by expatriates who wish to insure themselves one year at a time depending on the changing circumstances.

Life insurance policies are available for your whole family and they are worth considering when it comes to financial peace of mind.

First steps

Whether you are a new expatriate, an expatriate in a new country, or an expatriate worried about the levels of insurance you have for your family, you shouldn't waste time.

Insurance is boring! But insurance does bring protection. And protection brings peace of mind.

Sound financial and wealth management makes your money work harder for you and your family. The first step is to make sure your current position is secured.

With our Bank balance, we must be not only be ready to cover a rainy day or an emergency trip back home - but also take care of ourselves and our family today as well as securing our future tomorrow.

Based on your country of relocation, country of domicile, intention to remain or repatriate, and the needs and requirements you have, a financial adviser will be best person to advise you when it comes to all your insurances and assurances.