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Expatriates avoiding life insurance
| Published: | 15 May at 4 PM |
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As reported by Life Insurance, a new study has shown that the majority of expats are risking not having any insurance in place for life or income protection.
UK expatriates are taking a huge risk by not purchasing the correct coverage, according to new research carried out by international insurance expert William Russell.
The study indicated that expats are more likely to have insurance on their health than for their death; it appears that they are also willing to risk their salaries by not having insurance, which would be useful if they are not able to work due to injury or illness.
Respondents were surveyed if they had any income or life protection insurance set up, and almost 62 percent said they had zero, while over 5 percent were not even sure. Disturbingly, only 32.9 percent of people have income and/or life protection insurance.
Specialists believe that expats choose to skip over medical coverage because most apply for cover while they are healthy, meaning that the yearly prices turn possible buyers off since they tend to look at the present.
Expats should carefully consider their options, says Tim Harvey from offshoreonline.org. The cost of cancer treatment, for example, is more than £10,000, while even a broken limb can cost around £6,000 in medical fees.
UK expatriates are taking a huge risk by not purchasing the correct coverage, according to new research carried out by international insurance expert William Russell.
The study indicated that expats are more likely to have insurance on their health than for their death; it appears that they are also willing to risk their salaries by not having insurance, which would be useful if they are not able to work due to injury or illness.
Respondents were surveyed if they had any income or life protection insurance set up, and almost 62 percent said they had zero, while over 5 percent were not even sure. Disturbingly, only 32.9 percent of people have income and/or life protection insurance.
Specialists believe that expats choose to skip over medical coverage because most apply for cover while they are healthy, meaning that the yearly prices turn possible buyers off since they tend to look at the present.
Expats should carefully consider their options, says Tim Harvey from offshoreonline.org. The cost of cancer treatment, for example, is more than £10,000, while even a broken limb can cost around £6,000 in medical fees.
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