Health, Income & Life Protection
Protecting the ones you love….
While you accumulate your wealth, it’s essential to ensure you properly protect your financial position. Your health and life is vital to your earnings potential and the future of your family and without properly protecting your finances, you may be putting them at risk.
Frequently asked questions:
What is the first thing I will need?
Probably the most common type of health insurance for expats is international private health cover, or as you may have heard it called; Private Medical Insurance (PMI). The reason for this is that most countries require expats to have this insurance in place as a condition of their visa.
There are plenty of ways we can decide upon medical insurance for you and your family, we can even take a ‘pick-n-mix’ approach, ensuring that we get it right for all of you, and satisfy the sanctions outlined by the relevant government.
How can you plan for the unexpected?
It may seem strange to be told to make provisions for things you don’t expect to ever happen to you, and we hope that it never does. However, the cold hard facts are that if you were to fall critically ill and unable to work, or if it were to happen to your partner, you will feel the effects financially, which naturally impacts on all other areas of your life.
There are two main types of insurances to protect against loss of earnings; critical illness cover and income protection insurance. The first is a lump sum benefit and second a regular, replacement income for while you cannot work. There are provisions applied to both types of cover, but the good news is that we are able to make a plan for you that covers every eventuality and means that you won’t be left struggling to meet your daily cost of living, so at least the financial impact of ‘the worst’ happening to your family will be limited.
What determines the cost of life insurance?
Basically, the amount you will pay will be based on your age, health and the amount of cover you need.
People are living longer which actually means that the cost of life insurance is becoming ever more affordable. You must take into account any cover you already have in place, which you may have in your contract of employment. For example – you may have a ‘Death in Service’ benefit. You may also have it with your mortgage or through your partner. The most cost effective option for life protection is often term insurance, which will pay out a lump sum when you die providing it is within a fixed timescale. Whole of life insurance is typically more expensive, but more comprehensive. It is really down to you to decide what is more important, your advisor will help with this decision.
Protecting yourself against every eventuality could essentially be very expensive, but by building it into your overall financial plan we can identify what savings you can potentially earmark to help support you and your family should the unthinkable happen.