5 Types of Insurance You’ll Need as an Expat

When you move to a different country, you’ll need to arrange expatriate insurance, including plans that cover health and travel.

Each type of insurance protects you in a specific way. For example, health coverage will protect you from hefty medical bills. Travel insurance protects you in the event of canceled flights or lost luggage.

Depending on which country you’re moving to, you‘ll need specific types of insurance. Each country has its own rules for expats so this is something that you will need to research.

However, there are some types of insurance that almost every country requires its expats to have. It’s vital that you organize all of the necessary insurance coverage before you decide to relocate so that you’re covered from day one of your move.

Insurance companies generally require you to pay a monthly or annual fee. When you run into trouble while living abroad, such as injuries or illness, the relevant insurance provider will cover some (or all) of the associated costs.

How Do You Find the Cheapest Insurance?

When you’re moving to another country, it can be difficult to find the cheapest quotes. However, one of the best ways to find the best prices for each type of insurance that you need is using comparison websites.

With comparison websites, you can compare quotes side by side to easily compare the level of coverage and prices between different insurance providers. You can filter your searches to find a company that covers exactly what you need. 

What Types of Insurance Do You Need?

Now you know how to shop around for the cheapest quotes, let’s take a look at which types of insurance you need when you become an expat.

1. Health Insurance

In some countries, you may be able to access some but not all of the healthcare facilities without valid health insurance. In other countries, you can’t access any healthcare facilities at all unless you are able to prove that you have health insurance coverage.

Health insurance not only grants you access to use the local health care facilities in your new country but it can also significantly reduce the costs of any medical bills. If you fall ill or get injured while living abroad, your health insurance company will cover some or all of the costs for you.

It’s of special importance to get health insurance if you are currently receiving ongoing treatment or you take regular medications.

1. Dental Insurance

In some countries, dental check-ups and procedures are covered by general health insurance. However, the country you’re moving to might require you to have separate dental insurance to access your local dental services.

Although dental insurance might sound insignificant if you’re relatively young and have had no significant dental issues in the past. However, you can never predict when tooth or gum problems might arise.

Having dental insurance will keep the costs down if you need to get a filling, a crown, or a new set of dentures.

1. Travel Insurance

Travel insurance covers you for any problems associated with your travels. It covers the costs of flight cancellations and can help with medical bills if you fall injured while abroad.

If you are flying to your new country, there is always the risk of your luggage getting damaged, going missing, or getting stolen. If this occurs, your travel insurance helps to keep your luggage safe while traveling and will cover some of the associated costs.

1. Home Insurance

If you plan on purchasing Home when you move abroad, you’re going to need home insurance. This is mandatory for homeowners in most countries.

Generally, if you are applying for a mortgage, you will need to prove that you have valid home insurance. If you are renting, you may not need home insurance as it’s the landlord’s responsibility to get insurance for the properties that they own.

Home insurance covers the costs of damages to the permanent fixtures in your home. However, it does not cover general wear and tear that results from you and your family living in the home.

The cost of your home insurance will depend on the size of your property and when it was built. 

1. Life Insurance

Life insurance may not be mandatory in your new country. However, you may wish to take out a policy to ensure safety for your family when you pass.

Your life insurance provider will pay out a lump sum of money to your loved ones following your death so that they don’t struggle financially. Some insurance providers offer the option to pay out the money at regular intervals.

Companies can specialize in a specific kind of life insurance, such as over-50s insurance. If you’re coming up to retirement age, life insurance might be something to consider.

This article appears in Jan 1 – Dec 31, 2022.