A report by Cancer Research UK indicated that by 2027 50% of men and 44% of women are at risk of contracting some form of cancer. It’s not a nice thought but when it comes to needing help with bills, paying your mortgage or supporting your family you have to ask yourself are you protected, are they protected? Knowing you are able to cope when the worst happens will alleviate some of the stress allowing you to get on with your life.
The need for protection alters with the decisions you make providing for yourself and your family. A larger home with a greater mortgage, commitments to private schooling and high quality university education or the necessity for private health insurance are all decisions that should prompt you to put plans in place to ensure you can protect yourself and your family. There are ways to provide financial support to assist in treating serious illnesses, provide benefits if you or your partner are unable to work and earn the income required to support your lifestyle. Such cover can be explained to you by your adviser and they can help you identify if you need additional cover and how best to fund this vital expenditure!
Contracting a serious illness grows with age, it’s true, but there are also other influencing factors to take into account such as lifestyle and family history. All of these factors add up to the realisation that illness or injury can occur at any time and for any of us. For an expat the risks can be heightened by your location and the healthcare and support available in your country of residence. Far from wanting to worry you, it is important that we highlight the added risk you take when you decide to move abroad, don’t let this put you off, just make sure it is factored into your financial plan, and that is where we come in!
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.
If you are planning a move to the Middle East, for example, you will be required to have a full health check as part of your visa application. 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.
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.
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.
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“We have been utilizing the investment advisory services of Guardian Wealth Management since 2009, and have found the same to be professional, beneficial and completely focussed on our long term financial goals and risk appetite.