Recent research into expatriate’s insurance coverage has revealed that 61 percent of expats do not have adequate life and medical insurance.
According to the research, which was carried out by international insurance company William Russell, a large number of expatriates do not have sufficient coverage to insure their lives overseas. Of the expatriates questioned, 70 percent revealed that they did have insurance to cover their medical costs while they are living overseas, but 61% of those that do have medical insurance do not have life insurance. Alarmingly, seven percent were actually unaware of what type of cover they did have, if any.
The survey is the latest in a long line of research that reveals that many expatriates do not take sufficient cover to insure their lives overseas. In this latest study, it is apparent that while expatriates do give a high priority to attaining appropriate medical insurance, they are failing to give due consideration to what will happen in the event of their death or if they are unable to continue to work due to a serious illness or injury.
Speaking in a press release, James Cooper, sales director at William Russell commented: “Although we are pleased to see that a high number of expatriates are making provision against the risk of needing expensive medical treatment whilst they’re abroad, it is worrying to see how many expatriates are not making financial provision in the event of their untimely death, or an illness or accident that would prevent them from working.
International Life insurance protection is available to expatriates, and can prove invaluable to families struggling to cope with bereavement. Also, with advances in medicine meaning that more people are living for longer with a serious illness or injury, the need for income protection insurance is now just as significant as the need for life insurance cover.”
Do you have satisfactory cover?
If you are unsure as to whether you have adequate insurance to cover your time living overseas, check out our free guide to expat insurance. It contains everything you need to know about arranging suitable insurance to cover your time abroad, including a free insurance checklist.
Insurance is extremely important when you are living abroad and you should always ensure that you seek the services of a professional when arranging suitable coverage for yourself and your family. See our directory of expat insurers for a list of professional companies.