Financial adviser Guardian Wealth Management has warned expatriates that living abroad may cancel out insurance arrangements.
Warning expatriates, the international financial adviser said most insurance policies taken out by people moving abroad to work or live will have limited or no cover at all since they are not valid in other countries.
Insurance policies are very specific and change of circumstances, such as change of domicile to a foreign country, even temporarily, can “severely limit or even null and void”, warned Gavin Pluck, European director for Guardian Wealth Management.
“Since insurance is usually only looked at once a year when renewal comes around, the terms and conditions can often be overlooked’, he said adding: “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”.
Expats should seek protection instruments such as family income benefit apart from critical illness, serious accident and life cover, advised Mr. Pluck.
“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”, he concluded.