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Many people are working abroad, which
in some cases will mean that they spend
most of that time out of the UK, whilst
retaining UK citizenship, making them
an expatriate. For a while, a company
which sent its workers abroad would take
out life insurance on their behalf, through
brokers such as Multinational Underwriters
Inc or Expat Financial. These companies
offer corporate or group policies specifically
for international employers and do also
offer individual international policies.
However, recently companies have not
been taking up these policies in as many
numbers. A decent benefits package for
junior expatriates may not be as cost-effective
as simply providing a higher salary. But
when you send someone abroad on work,
being able to turn to your employer should
you find yourself in a crisis is probably
more valuable that a pay package that
has been slightly inflated.
But you are not on your own when it comes
to life insurance overseas. International
brokers offer insurance deals for those
companies that do recognise the importance
of insuring their travelling employees.
Should this be the case, an international
package with a UK insurer is usually less
problematic that taking out policies with
local organisations for expatriate employees.
Using a local insurance provider exposes
the company to regulatory regimes that
may be exclusive or restrictive. For instance,
there may be restrictions on foreign currency
that prevent expats from receiving any
benefits in a currency like US dollars
which is regarded as stable. Also, the
length of the stay in that country may
preclude an employee from membership of
a local insurance scheme. |
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So,
no matter what kind of insurance you are
looking for, and even if you have found
an employer who will offer you insurance
as part of your package for working, international
insurance is the most appropriate option
for international travellers. It doesn't
matter if your are an expat or not, the
welfare of your family should something
unexpected happen to you is a major concern.
You do though have an advantage with international
life insurance that a stay-in-the-UK policyholder
will not have.
International policies are payable in
stable currencies, such as UK sterling,
wherever you are. You can get medical
examinations wherever you are and can
pay premiums by wire transfer, cheques
or by credit cards over the internet.
You will not be subject to the taxes and
regulations that can hold policies sold
within national jurisdictions within a
straitjacket.
Offshore life insurance may also provide
substantial liquidity, borrowing at below-market
rates from the investment account, and
tax free appreciation of investments.
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