Sleiman Karam

EXPATRIATES AND THEIR INSURANCE BENEFITS

Expatriates have special insurance needs that should be carefully analysed in order not to expose expatriates to risks that they should not take. Everyone has different needs and priorities for their insurance coverage. International insurance plans today offer the flexibility to meet the requirements of expatriates living around the world.
International insurance companies have long served expatriates around the world and understand the unique needs of expatriate life abroad. Insurance policies issued by local insurance carriers fail to cover when you are on assignment abroad.

A globally portable International Insurance plan is essential to guarantee your health insurance coverage anywhere in the world. No matter where in the world you live or travel, you will be assured of having comprehensive healthcare protection. These policies will continue coverage if the insured returns to his country of origin definitely or temporarily. This is a very important aspect since with age we can become uninsurable for medical reasons.

Protections available:

1- Global Disability plan

A global income protection plan will offer you a replacement of your income in the case that you are unable to work due to a long term illness or accident. With advances in modern medicine, you are more likely to survive a serious illness or accident than die from it. The insurance company will pay up to 75% of your salary (or insurable income) while you are medically certified as being unable to return to work, till you attain 65 years of age if necessary.
Medical underwriting is required (medical questionnaire and testing) before the insurance company offers coverage.
2- Global Life insurance
A Global Life insurance plan will give you the peace of mind that your family or dependents will be secure financially.
3- Medical and dental insurance plan
Having the peace of mind that, should anything happen to you, you will have access to the best facilities and the best treatment (whether locally, nationally or in another country entirely) is considered priceless to most expatriates.
Plan benefits summary:
- In patient and day patient accommodations
- Drugs
- Surgery
- Outpatient (physician, specialist, treatment, and tests)
- Emergency evacuation
- Maternity – optional plan – (Complication and/or normal maternity)
- Psychiatric care

It is essential that expatriates and their families profit from a comprehensive and adequate insurance plan in order to maintain their quality of life and insure financial stability in the case of a major illness or accident.

Some insurance companies specialize in the expatriate market and offer the needed benefits to attain this objective. It is very important to deal with an advisor experienced in the expatriate field and who has access to all the insurers serving this market.

One of my LinkedIn business contact, Mrs.Laura Dawson from Wilmington, North Carolina, asked the following question:

How can I provide workers compensation for international and multi-state employees ?

“My small business has found that trusted employees can live in other states while providing quality work outcomes. As we are preparing to expand our service on contract globally, my traveling employees will need health and workers compensation insurance to protect their health while on the job.

I phoned an insurance agent locally who recommended that an international provider of insurance plans may be the best method to write a policy for us. Does anyone know of this type of service/provider?”

Here is my answer, as published on LinkedIn:

Hello Laura,

I am an insurance broker and specialize in the expatriate insurance market. Some international insurance companies specialize in the expatriate market.

In the US I deal with companies like Cigna and International Medical Group. I also deal with many Canadian and European insurers that also service this market.

The pricing is based on the age and area where the expatriate will be living.

If I can be helpful please contact me.

Regards and happy new year,

Sleiman Karam, MBA
www.sleimankaram.com
514-910-5180