What does an Income Protection Insurance Plan do for you? Comments Off on What does an Income Protection Insurance Plan do for you?

What does an Income Protection Insurance Plan do for you?

Posted by on Jan 8, 2016 in Uncategorized

Majority of the financial experts all over the world agree that safeguarding your earning ability needs to be the priority. According to David Reed, director at Oscar Winson, the purpose behind income protection insurance plans is to offer expats with regular income in the scenario that normal income is lost owing to disability or illness.

With the income protection insurance, you get a certain percentage of the annual income earned. Typically, this would be 50 to 65 percent of the employment income. It is important to remember that amounts could vary depending on the insurance company you select. The existing legislation, payments are made without deducting personal income tax.

Income replacement

The extent of income that can be replaced using insurance is typically calculated with the after-tax income lost by the expat. From this, the local state benefit is deducted (to which the expat is eligible). The final income amount is then given to the expat on a monthly basis and is tax-free.
A person living outside the United Kingdom has reduced eligibility as far as state benefits are concerned. Therefore, the payment assessment’s second level might have minimal impact on the expat income insurance claims.

David Reed explains that for those who are self-employed, the employment income equals the trading revenue for the previous tax year. On the other hand, for those who are employed, the insurable income will be the annual salary and the benefits received in kind.

For expats serving at higher company positions, such as directors, the company would release the plan, insuring a part of the dividend payments, in the event that they are paid regularly and pension contributions by the company.

Premium types

Income protection insurance schemes could also be developed with reviewable premiums or guaranteed premiums. Financial advisory firm, Oscar Winson says that in case of guaranteed monthly premium, there will be no increase in the amount during the plan period, irrespective of any insurance income claims that have been made by the expat.

On the other hand, reviewable premiums are generally reviewed by an insurance firm after every five years. These get reviewed based on the claims UK market experience, not on the claims made by the expat.

Income protection insurance plans are formulated for a specific number of years that can be chosen when the application is made. Typically, a plan is set up for running till the estimated retirement date of the expat. However, short periods could also be selected depending on individual circumstances.

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Common Causes for Hospitalization that Expats Encounter Comments Off on Common Causes for Hospitalization that Expats Encounter

Common Causes for Hospitalization that Expats Encounter

Posted by on Jan 1, 2016 in Uncategorized

Increased travel also increases the chances of injury or illness. This is why long-term travelers (traveling for over 6 months) and expats moving to middle income or poorer countries, need to pay special attention to their health and wellness.

David Reed of Oscar Winson says that expats are often seen struggling with common illnesses or unexpected injuries because they fail to plan appropriately before they shift countries. Enough research is not done on the potential health hazards or prevailing health risks. Below is a list of some of the typical causes of hospitalization encountered by expats:

Neglect of ordinary risks

There are some expats who research and prepare extensively for the worst-case scenarios and in the event, neglect the common risks like gastroenteritis. Some seasoned travelers might also have a laidback approach towards routine health risks. They forget to take simple precautions like washing hands or maintaining proper hygiene during food preparation. These habits could land them in a hospital situation with a serious stomach or intestine problem.

Counterfeit drugs

Some of the evolving popular expat countries like India, Ecuador and Panama are centers of fake drugs and medication. In fact, it is even possible for first world nations to harbor such imposters. According to David Reed, expats must ensure that they purchase all medicines from a registered and trusted pharmacy, wherever they are in these countries. Also, a global chain of pharmacists is always preferred over a local retail supplier. You could consult a reputed doctor in case you are unsure about where to buy your medication.

Health insurance policy

Oscar Winson explains that expats living in areas that do not offer first world healthcare and need to move somewhere else for treatment, it is important to know that certain medical insurance policies might not pay for the hospital travel unless it’s a life and death situation. If you are extremely ill for using ordinary transport and yet do not have any life-threatening illness, you might have to pay a huge amount for using air ambulance. It is very important for expats to check their medical insurance policies carefully.

Average medical facilities

In developing nations, private medical facilities, such as hospitals and clinics, might look very impressive. However, these good looking buildings could disguise the absence of proper medical facilities and experienced staff, resulting in a bad treatment experience for expats. They could be at a risk of getting transfused with contaminated blood, owing to inadequate screening and poor hygiene.

These are just a few of the several hospitalization cases that expats might experience staying in different countries,

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Options for Insurance Coverage as an Expat in China Comments Off on Options for Insurance Coverage as an Expat in China

Options for Insurance Coverage as an Expat in China

Posted by on Dec 26, 2015 in Uncategorized

David Reed, director of Oscar Winson says that expats can choose between insurance options that available locally in China or international coverage from an insurance company in their country of origin. In the case of the former, language would be the main point of contention. Only if expats seek insurance from foreign-owned companies, likely to communicate in English, can this problem be resolved.

Oscar Winson explains that coverage from a company based in the home country could be more expensive. However, these insurance policies are more straightforward. Also, you will not require a separate insurance policy when you opt for this kind of insurance. Those expats who need to cross borders on a frequent basis would be better off with an international coverage that works globally.

Life insurance

You need life insurance to ensure that your family does not suffer any financial and other losses in case you die. Are you saving enough for future expenses such as children’s education, property investments, and so on?

For expats in China, it is vital to carefully assess the burden that accompanies the retention of foreign life insurance coverage when one is living in china. what is the geographical limitation of your present life insurance cover? does it support you if you cross borders? these are important questions to consider when looking for an appropriate life insurance policy as an expat in china.

Home insurance

Home insurance in China is a good way to ensure an expat homeowner. Home insurance policies will help safeguard your possessions in the event of any damage or loss. These could incorporate specific coverage with respect to items such as jewelry, antiques, and so on. Fire insurance might not be advisable for all expats in China as such policies typically cover physical structures of homes and will be the responsibility of actual property owners.

Medical insurance

According to David Reed, even though China has medical facilities catering to international clientele such as expats, these could come at a rather expensive cost. That is why it is extremely important to ensure that you get high-quality expat medical coverage while living in China. This will help ensure that you need not worry about healthcare expenditure in case of an accident or illness.

Motor insurance

Expats in China will realize that driving in this country is very different as compared to other nations in the world. A good expat motor insurance offers the coverage required for your car or other vehicle. This will ensure that you have sufficient protection in case an accident should occur. You can get motor insurance for personal cars, business vehicles, commercial vehicles, and so on.

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Get the Right Medical Insurance for Anxiety Free Expat Life Comments Off on Get the Right Medical Insurance for Anxiety Free Expat Life

Get the Right Medical Insurance for Anxiety Free Expat Life

Posted by on Dec 18, 2015 in Uncategorized

In their own country, majority of the population enjoys access to subsidized or free healthcare. However, the situation changes when somebody moves to another country. Premium healthcare services and top rated hospitals in Asia are quite expensive but it is also not advisable to depend solely on state healthcare for your family’s needs. Also, David Reed from Oscar Winson says that it is difficult to predict any unexpected situations which might present themselves to us in the future. Therefore, it is vital to have some protection against long-term illness or serious accidents.

It is highly recommended that all expats get health insurance since a medical emergency could occur anytime, resulting in the mounting up of bills. For instance, in the Philippines, expats can opt for both private medical insurance, as well as, subsidized government health insurance schemes. For those who can afford private health insurance, there are several local and international providers to choose from. It is true that the insurance will be a little more expensive as compared to the government scheme, but you could pick from a number of different options.

David Reed is of the opinion that expats living outside the country absolutely require detailed medical insurance that ensures access to good healthcare, whether staying abroad or living in the home country if required.

Things to consider for selecting health insurance

Expats looking to get medical insurance should answer the following questions before deciding on a plan:

• Does the insurance have an age restriction?
• Does the plan include repatriation? Will it allow for family members to move around with you?
• Do chronic conditions have coverage in the policy?
• Are sports injuries or physiotherapy covered in the health insurance plan?
• In case you move countries, will the coverage be easily transferrable?
• Is maternity coverage included?
• Does the plan include dental treatment? Is it possible to add it to the plan?

Selecting an expat medical insurance company

Oscar Winson advises that when deciding on an expat medical insurance firm, expats must do an enquiry on the different terms and conditions stated in the policy. For instance, are you allowed to pick your own hospital or doctor for treatment or do you have to settle with the hospitals and doctors that are associated with the medical insurance company?

You can also inquire about the filing of expat medical insurance claims. It is important to ensure that you have a complete understanding about the process. The claims filing process should be practical and easy, not causing any disadvantage to you and your family.

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Safeguarding Expat Interests Efficiently with Comprehensive Insurance Advice Comments Off on Safeguarding Expat Interests Efficiently with Comprehensive Insurance Advice

Safeguarding Expat Interests Efficiently with Comprehensive Insurance Advice

Posted by on Dec 11, 2015 in Uncategorized

As you plan your life in a new country, it is important to plan ahead for untoward situations and protect yourself in advance. Investing enough thought about insuring yourself against medical emergencies or taking a life insurance plan to support your family financially after your lifetime is critical. However, there may be complexities that prevent you from simply choosing a viable insurance plan and signing up for it, because of your expat status. A financial advisor, like David Reed, Director of Oscar Winson, who has sufficient experience with expat insurance is a critical ally you can depend on to safeguard yourself with the right kind of insurance.

Expat life insurance

Living in a foreign country, away from the extended family in your own land, it becomes even more important for you to ensure that your spouse and children are financially protected in event of your death. Life insurance addresses this need, but understanding the various life insurance types and their unique features and benefits may be a complex task for you. When you have the expertise of Oscar Winson’s expat insurance professionals, you can quickly identify the perfect life insurance plan to safeguard your family’s interests most effectively.

Critical illness and disability insurance

Contracting an illness that requires extensive, expensive treatment is a huge burden on your family and the problem is exacerbated when you are in a foreign country where you may not have family members or friends to fall back upon. The right kind of critical illness insurance can eliminate the financial pressures that such situations result in. If critical illness or a disability prevents you from carrying out your professional duties, insurance can give you financial protection to make up for your inability to earn your regular income. Medical insurance is another important coverage you need to address expenses so that you can get treatment at the very best medical facilities in your adopted country.

Business insurance

For those British expats who have moved to a foreign country to set up their business there, protecting their primary source of income is a priority task. At Oscar Winson, we help you understand the legalities involved in expat business insurance and we offer advice about the right kind and amount of insurance that you should take for your business enterprise. As a business owner, you are legally liable in a variety of situations and we help you understand these and safeguard your personal and business interests against these potential liabilities.

Apart from these various insurances, you also need other coverages, such as automobile insurance, home insurance etc. These insurance plans allow you to live life anxiety free in the foreign country of your choice without exposing your life savings to risk of any kind. However, to understand whether or not you need a specific type of insurance and to identify the most appropriate one for you, you need the advice and guidance of expat financial experts such as David Reed, Oscar Winson’s Director. Protect yourself efficiently and comprehensively with the right insurance to ensure that you can enjoy all the advantages of the expat lifestyle to the maximum.

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Insurance And Expats – Everything You Need To Know About Insurance In A Foreign Country Comments Off on Insurance And Expats – Everything You Need To Know About Insurance In A Foreign Country

Insurance And Expats – Everything You Need To Know About Insurance In A Foreign Country

Posted by on Dec 5, 2015 in Uncategorized

Expats and Adaptations

Living in a foreign country is never easy, mainly because there are so many things that you must do and adapt to prior to living a normal life. As you stress_managmentprobably know, adaptations usually cause stress, and stress is undesirable. If you want to live a productive normal life you will have to keep yourself away from all the stress, and learn how to adapt to a new situation that you are finding yourself in.

Adjusting ToA New Life

In addition to that, let me just tell you that adjusting to a new life is anything but easy, but it certainly is something that everyone can achieve. Also, there are numerous things you must think about as an expat, such as your future, your investments, and your potential to flourish in this foreign country.

Thinking About Your Future

your_future_by_matt023-d50u97dPerhaps it is true that all of us must think about our future, but this is even truer for expats. When it comes to the
future, it sometimes can be uncertain, but it is your task to make it certain and know that you can rely on your plansfor the future.

Types Of Insurance Expats Must Think About

When it comes to insurance, is definitely something expats must dedicate time and effort to think about. There are numerous types of insurance, and it would be wise that you decide very early on what kind of insurance you will need. Think of insurance as your safety net that you can always fall back to in case something goes wrong. Here are some of the most common types of insurance that might be useful for an expat.

Life Insurance

One of the best types of insurance that everyone should have is definitely life insurance. In case of your unexpected death your family will be able to get a certain amount of money, that will certainly be useful for them.

Critical Illness

There are also types of insurance that focus on developing an illness and that protect you in this scenario. As you probably know, some of the illnesses today can be treated only with large amounts of money which is used for medication and treatment. Make sure that you use every chance you have to extend your life as long as possible.

Disability Insurance

If you travel frequently, or commute to work, it might be a good idea to get disability insurance. Also, if you think that you are at special risk because of your career, make sure that you get it to make yourself feel safe and protected from these unexpected occurrences.

Medical Insurance

This insurance is largely similar to illness insurance, but it focuses on medical care that is given to you in case you need it. It’s always a good idea to think about your future, and especially your health.

Business Insurance

If you think that your business is too valuable not to be protected, make sure that you get it insured as soon as possible.

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