Expats should review Insurance Policy

Non-domiciles working or living in the Middle East should review their insurance arrangements to ensure they have the right cover in place for when they most need it, warns leading international financial adviser Guardian Wealth Management.

People moving abroad to work or live, will often have taken out insurance in their country of permanent residence but this may provide limited or no cover at all where they are now residing.

“It is important that anyone working or living in a new country reviews any insurance policies they may have in place to ensure they properly cover them both for where they are working and for their individual needs,” says David Russell, Senior Executive Officer for Guardian Wealth Management in Qatar.

“We find people will have taken out life insurance in their home country thinking it will cover them anywhere but insurance is often very specific and changes to circumstances, such as a change of country of residence, if only on a temporary basis, can severely limit or even null and void the cover.

“Since insurance is usually only looked at once a year when renewal comes around, the terms and conditions can often be overlooked. Similarly, people’s situations may have changed since moving abroad; they may have married or had children. This is why we would urge people to review whatever policies they hold and to make sure they meet their personal circumstances and needs as they are now.”

Key insurance cover that expatriates should be considering includes term assurance (life cover), serious accident, critical illness, and financial protection such as family income benefit.

“Often families living abroad rely on one bread winner. Having the right insurance cover in place for accident or serious illness when the main salary earner is incapacitated and unable to work – or to cover other members of the family raising children or managing the family home – can be an enormous relief,” Russell says.

“GWM works with some of the best providers of insurance cover to international workers and those living abroad and we can help individuals and families ensure they have the right cover for their circumstances.

“The international financial protection packages to which we have access are designed to be flexible, so that people can change their cover as their lives and needs develop and change,” he adds.