A recent William Russell customer survey has shown that the majority of expats are taking the risk of not having any life or income protection insurance in place, and in some cases, they even don’t have a health insurance.
Whilst it is generally accepted that taking out suitable international private medical cover represents a prudent investment for expatriates, it would seem that, on the whole, purchasing protection products is not considered as important.
The survey was completed by over 650 expatriate policyholders from all parts of the world. When health insurance clients were asked whether they had any life or income protection insurance in place, with any insurer, 61.4% of respondents indicated that they didn’t, with a further 5.7% saying they were unsure. So, only 32.9% of those questioned had life and/or income protection insurance.
On the other hand, when life and income protection insurance clients were questioned about their health insurance arrangements, just under 70% said they had health insurance in place, with a further 7.4% saying they were unsure. The results of the survey suggest that expatriates are far more likely to insure their health than make financial provision for either their untimely death, or the risk of them being unable to work due to an illness or injury.
Of the findings, James Cooper, Sales Director at William Russell, said:“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.”
The results demonstrate a real need for expatriate consumers to be adequately advised and informed about the risks of being uninsured, as when living overseas, taking out sufficient protection represents an important investment in the security of both a family’s standard of living, and financial future.
It is only natural, in these economically turbulent times, to question the value of this kind of cover. But when examining the need for life insurance, it is worth thinking about how your family would cope financially without its breadwinner. Equally, when examining the need for Income Protection insurance, it’s important to consider how long your employer would continue to pay you throughout a long period of sick leave. Indeed, this question becomes even more pertinent if you are self-employed – if a sudden illness or injury left you unable to work, for how long could you rely on your savings?
William Russell, as one of the few providers to offer health, life and income protection, can offer expatriates a comprehensive insurance solution to suit their needs and protect their families today and into the future.
J&C Expat Services is the offical agent for William Russell in Laos. For further details, click to read more about our life and income protection insurance. Alternatively, to discuss with us, please contact email@example.com or call 020 77 100 200 , or click here for a quick quote