Insurance for Expats
Wherever you are in the world, ensure you have the right insurance coverage. Read our guide on insurance for expats to learn more.
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Insurance for Expats
Insurance is a strange product.
It's one of the few things you spend your hard-earned money on but hope you never use.
And while we hope we never need to use insurance, having a policy can provide a sense of security in times of uncertainty.
Expat insurance is specifically designed to meet the needs and provide coverage needed for those living and working overseas.
But with so many products on the market, finding the right insurance product for you can seem daunting.
In this guide, we explore insurance for expats. We will look at its role and delve into the different types of expat insurance products to help you better choose the right cover for you.
Is Insurance Necessary for You?
Unlike investing or retirement planning, buying insurance is often the last thing on people's financial to-do lists. But here's why it deserves to be moved higher up that list.
Taking chances when there are straightforward ways to mitigate risks, especially those that concern the well-being of your family, isn't the wisest approach.
Insurance is a crucial safeguard for everyone. It protects you and your loved ones in the face of unexpected events.
Having the right insurance policies in place provides peace of mind, knowing that you and your family are covered.
In the unfortunate event of unexpected occurrences like loss of life, accidents, or income loss, insurance ensures that financial concerns do not compound the emotional burdens.
Remember, unforeseen events are just that - unforeseen. You don't know when or if they will happen, but you can be prepared if they do.
On this page...
Use the links below to quickly find information about expat financial advice
- Insurance for Expats
- Is Insurance Necessary for You?
- Delving into Types of Expat Insurance
- Expat Life Insurance
- Income Protection Insurance for Expats
- Critical Illness Insurance for Expats
- Universal Life Insurance for Expats
- How to Choose the Right Insurance
- Finding the Right Insurance Policy with Holborn Assets
- FAQs
Our Insurance Services
Critical Illness
Critical illness insurance provides the financial support you need should you be diagnosed with a certain illness or disability.
Income Protection
Ensure your income is protected if you cannot work due to sickness or disability.
Life Insurance
Make sure your loved ones are financially secure with a life insurance policy.
Universal Life Insurance
Universal life insurance policy provides the coverage you need with added control and flexibility.
Delving into Types of Expat Insurance
Expat life is full of exciting opportunities. But it's essential to prepare for unexpected twists that might disrupt your financial stability.
The type of insurance you need will depend on your needs and circumstances. Let's look at some of the common types of coverage available on the market.
Expat Life Insurance
Expat life is full of exciting opportunities. But it's essential to prepare for unexpected twists that might disrupt your financial stability.
The type of insurance you need will depend on your needs and circumstances. Let's look at some of the common types of coverage available on the market.
Statistical data from Direct Line reveals that just 35% of people in the UK have life insurance despite six in ten households agreeing that it would benefit their family.
An expat life insurance policy ensures that your loved ones remain protected should the unthinkable occur.
With life insurance, you pay monthly premiums to the policy provider. In exchange, they will pay a lump sum to your beneficiaries upon your passing.
There are three main types of life insurance. They are:
- Term life insurance
- Whole life insurance
- Expat Health Insurance
Health issues often arise unexpectedly.
While you may contribute to your home country's healthcare services, this might not guarantee access to adequate medical treatment during a medical emergency.
Medical expenses can skyrocket in emergencies, particularly when abroad and requiring treatment at a private hospital. And if you have a pre-existing medical condition, finding the right coverage can be challenging.
Private health insurance for expats provides vital access to healthcare and a solution by minimising the financial impact of medical costs.
Opting for a health insurance policy allows you to select coverage levels aligned with your specific needs and budget.
Holborn's experienced team can help you find the right expatriate health insurance for your needs so you have access to the right medical care, should you need it. We can also advise on additional coverage options.
Income Protection Insurance for Expats
For many individuals, their monthly salary is their sole source of income. It is used to cover essential expenses like mortgages, bills and food.
But what if an unexpected setback prevents you from earning your monthly income?
Income protection insurance serves as a financial safety net. With an income protection policy, your insurance provider will pay a monthly sum, replacing a portion of your lost income.
For further information, please visit our dedicated page on income protection insurance.
Critical Illness Insurance for Expats
Regrettably, health emergencies such as cancer, heart attacks and strokes are part of life's uncertainties.
These emergencies can disrupt your plans and impact your family's financial well-being. The substantial costs of emergency treatment, hospitalisation and recovery can be challenging to manage without a financial safety net.
Critical Illness Insurance
Critical illness insurance complements your existing expat health insurance plan. With this type of cover, the insurance company provides a lump sum that you can use as needed. Whether it's to cover medical expenses like cancer treatments or to fulfil a dream vacation, critical illness insurance can offer financial security.
Universal Life Insurance for Expats
Universal life insurance is a versatile and flexible form of life insurance. It provides a death benefit and a savings or investment component.
What sets it apart from traditional life insurance policies is its flexibility in premium payments and the potential to adjust the death benefit and cash value.
Policyholders have the freedom to vary their premium payments within certain limits. They can also allocate the cash value to different investment options, typically offered as part of the policy terms.
The cash value portion of the policy can grow over time and be used to help the policyholder reach specific financial goals, such as building a retirement income.
How to Choose the Right Insurance
When choosing the right insurance product, there are a few factors to consider. These include age, health, pre-existing conditions and the levels of cover required.
Here are some important points to consider:
- Assessing Your Specific Needs
- Understanding Local Regulations and Healthcare Systems
- Seeking Expert Guidance
- Comparing Plans
- Considering Long-Term Needs
To choose the right insurance plan, assess your circumstances, including your medical history. Consider potential risks like pre-existing conditions, medical emergencies, loss of income or the need for repatriation.
In Asia, each country has its unique regulations and healthcare systems. Understanding these is important to ensure your insurance coverage aligns with local requirements and adequately covers healthcare costs.
Holborn Assets is an expert on insurance for expats. We provide independent, unbiased advice to help you navigate through complex insurance options. Our specialists can recommend the most suitable plans and levels of coverage based on your situation.
Look at different insurance plans, comparing coverage details, premiums, exclusions and benefits. Doing so will help you find the right expat insurance product option based on your needs.
Consider your long-term goals and how your insurance needs might change over time. Ensure you have the comprehensive cover you need and the flexibility to adjust your policy as circumstances change.
Finding the Right Insurance Policy with Holborn Assets
Insurance for expats is crucial, offering security in uncertain situations.
So whether you are looking for cover in your country of residence or worldwide coverage, we can help.
Holborn Asia offers independent, professional advice and wealth management solutions.
We work with some of the leading international insurance companies, allowing us to offer a range of expat insurance products to suit your needs.
We are part of the wider Holborn Assets Group, a leading, award-winning financial advisory company with over $2 billion in assets under management (AUM).
Book a free, no-obligation meeting today to find out how we can help you.
Frequently Asked Questions
Our personalised approach, comprehensive product range, and deep understanding of the expat lifestyle, including the unique challenges in Hong Kong, make us unique.
