Appropriate and adequate insurance is vital when emigrating to another country.
Nothing will ruin the experience and excitement of moving to a new country more than not being adequately insured, should something unfortunate occur.
However, the insurance market has many different types of cover and can initially seem confusing. “If I’m moving abroad permanently, is expat insurance right for me?” or “what medical insurance cover will I need when I move abroad?” are frequently asked questions.
Your personal circumstances will be specific to you so you are likely to need personalised solutions for each type of cover. What you really need to assess and understand is what types of insurance you are going to need in your destination country.
• Do you need full private medical care?
• Are you shipping your furniture and other possessions?
• Do you plan to buy a property as soon as you can?
• Are you shipping your car or do you plan to buy or rent one?
• Are you covered whilst actually travelling to your destination?
• Do you have adequate life insurance for your family’s protection?
• Is it likely you will require personal accident cover?
Some of the global insurance companies, such as Allianz and Axa, offer sophisticated healthcare plans, for example, but quite often these bigger corporations offer ‘global expatriate’ plans for the mobile expat who may need to move around the world at short notice. Do you really need global cover if you know you are moving to just one location with the intention of spending the rest of your life there?
Is it more likely that a local provider will understand the market better and offer you a more tailored, potentially cheaper solution? However, do you really have the time to trawl through many different providers’ websites, dealing with time zone differences and currency payment issues?
When moving abroad, one of the most valuable things you leave behind is a network of professionals who have access to your medical records and an understanding of the treatments and illnesses you may have had. If you have been lucky and have avoided the need for extensive medical care, it may not prove too difficult to establish yourself into a new medical system. However, if you have an history of specialist medical treatment, it will take a lot of liaison to ensure that the medical services in your new country are up to speed with your history and requirements.
What is the health system in your new country like? Will you be covered for any treatment you may require as a new arrival and what are your entitlements to receive medical care? Once you understand the local health system and what care you will automatically receive, you can then plan for the level of cover appropriate to your needs.
When you step onto the plane to move abroad, the excitement can almost be overwhelming. Undoubtedly, it will be tinged with sadness and apprehension about leaving family and friends behind and heading off to a completely different life. Make sure that you and your possessions are fully covered en-route as nothing will ruin your first few days in your new home more than having to sort out problems with your outward journey if you don’t at least have the comfort that you had taken out travel insurance.
When moving abroad, it’s usually in the hope of finding a better life for you and your loved ones. However, whilst it is never possible to predict the future it is certainly prudent to ensure that should anything happen to you your family are taken care of financially. Being in a new country, away from family and friends can be difficult enough; dealing with financial worries at the same time can be really stressful.
Make sure that any cover you take is payable in the currency local to your new home as trying to get a payout transferred from your old home and currency to your new could cause unnecessary expense and delay at a very difficult time.
Home & Contents Insurance
Depending on whether you are shipping your possessions to your new home and whether you are planning to rent on arrival or already have a dream property lined up, you will need to ensure that your new home and/or possessions are insured against loss.
Most people won’t ship their own car as it is too expensive but it is highly likely you will want to buy one as soon as practical on arrival. It goes without saying that insuring your car will be vital – think about the difference in coverage between full and third-party insurance and bear in mind that your no-claims bonus will be a thing of the past!
A new concept and new product! – our partner Migration Cover is launching shortly with a truly innovative product so watch this space!