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Protecting Your Expatriate Family
If you and your family relocate overseas, one of your first priorities from a financial planning point of view may very well be establishing health care. Costs and 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. Making sure that you have the important insurances in place will afford you greater peace of mind coupled with greater security as a family. 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 in your new country of residence and also when travelling. Always make sure that you are comfortable with 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 so very many companies offering health insurance to expatriates in the marketplace today and all come with features, benefits, exclusions and exceptions. I would recommend that you 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 are you prepared to accept second 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. Financial expenditure and outgoings will not cease if you are taken ill: your ability to provide for your family will however 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 to you and of interest. 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. For your family to maintain the same standard of living in the event of your death you have to make sure that you have 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. If you simply require insurance against your untimely death for the fixed number of years of your offspring's childhood for example, this can be arranged via level term life insurance. 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 their changing circumstances. Life insurance policies are available for your whole family and are definitely something 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 put off until tomorrow that which you can get done and dusted today! Yes, insurance is boring! But insurance does bring protection. And protection brings peace of mind. When it comes to financial and wealth management and making your money work harder for you and your family, the first step is to actually make sure your current position is secured. We all know that we should have enough in the bank readily to hand to cover a rainy day or an emergency trip back home - but at the same time we need to look out for ourselves and our family today as well as securing our future tomorrow. Based on your country of residence, country of domicile, intention to remain or repatriate, and the needs and requirements you have, a financial adviser will be best placed to advise you when it comes to all your insurances and assurances. Rhiannon Williamson is the publisher of http://www.shelteroffshore.com/ - the online resource for expatriates, international investors and those dreaming of a new life abroad. Shelter Offshore features three main channels - offshore investment, property investment abroad and overseas lifestyle. Rhiannon Williamson also offers readers the chance to receive a free financial review or to improve their overall financial planning with 'The Offshore Advantage' http://www.shelteroffshore.com/index.php/shelter/offshore_advantage/ This free guide teaches readers how to build secure wealth using their secret offshore advantage.
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