Much as its name suggests, expatriate insurance is a collection of insurance meant to protect people living and working in countries other than their own. Since people living abroad face the same challenges as people living in their own countries, expatriate insurance covers the same contingencies plus some extras that are particular to said individuals. In consequence, most forms of expatriate insurance are purchased in much the same manner as the same insurance for people living in their own countries, though there are also forms of expatriate insurance that can be purchased as riders on existing insurance.
Most Common Forms of Expatriate Insurance
Befitting its nature, expatriate insurance exists as a multitude of insurance policies catering to the same clientele. However, since some coverages are more prominent than others, the insurance policies that provide them tend to dominate the bulk of discussion about expatriate insurance.
First, there is expatriate insurance for personal property, which serves to protect the expatriate's possessions. Often, expatriates can purchase riders for their home insurance policies that will extend coverage to their possessions no matter said possessions' actual location. Bear in mind that not all home insurance policies cover the same sets of possessions for the same contingencies, meaning that expatriates need to be careful about finding out their options and then making the right choices. On the plus side, careful management of options for home insurance policies can help expatriates save on their premiums without increasing their chances of being uncovered in case of emergencies.
Second, there is international auto insurance, which can provide a range of coverages for interested expatriates. In main, most people purchase international auto insurance to provide coverage for both legal liabilities incurred as a result of auto accidents and damage inflicted upon the insured vehicles. Traveling businesspeople interested in driving should make sure to purchase auto insurance, not least because most countries mandate auto insurance for people driving on their roads. In most cases, expatriates must purchase auto insurance in their countries of residence, since it is difficult to transfer auto insurance policies between countries.
Other popular forms of expatriate insurance range from short-term travel insurance to coverage for personal liabilities. However, there is one kind of coverage in the form of expatriate health insurance that should be considered essential for businesspeople heading out on extended trips, more so than even auto and personal property insurance.
Using Expatriate Health Insurance to Cover Extended Business Trips
Expatriate health insurance is essential because people living abroad might not be able to access the health care needed to protect them in case of emergencies. Even in countries with universal health care, expatriates might not be considered eligible to receive health care or might be limited in their health care options. As a result, expatriate health insurance is needed to ensure that businesspeople traveling abroad get all of the health care needed to keep them in top condition.
Health insurance for people living abroad is much the same as health insurance for people living in their own countries. In exchange for a premium, the insured parties receive an agreed-upon set of coverages. Factors such as age and current medical condition are all included in the calculation of the premium, as are the conditions included in the coverage. Expatriates need to be careful about making sure that their insurance policies provide them with sufficient coverage without overburdening their finances at the same time.
On the plus side, most health insurance intended for expatriates are portable, meaning that the insured expatriates can continue benefiting from their coverages even while moving between countries. However, it is important to note that health insurance for expatriates will not cover them upon returning to their own countries. As a result, people who are planning to venture out of their own countries for no more than a short time might find short-term travel insurance a better use of their funds.
To sum up the previous points made here, insurance is still essential to expatriates living outside of their own countries. In fact, insurance might be even more essential for these people because most of them find it harder to reach the support networks that might be expected to help them in case of emergencies. Expatriate insurance, particularly expatriate health insurance, is a means of providing them with peace of mind while letting them pursue opportunities in countries other than their own.