Far more expats with health insurance than life or IP cover
A worrying number of expatriates have no life or income protection insurance in place, according to William Russell.
A customer survey carried out by the provider shows that 61% of expat clients say they have no life or income protection in place. A further 6% said they were unsure whether they did or not, while the remaining 33% had at least one of the products in place.
Conversely, 70% of life and income protection clients said they had health insurance, while a further 7% were unsure.
William Russell said that while the results may be unsurprising when viewed alongside domestic figures, they do demonstrate a real need for expats to be adequately advised and informed about the risks of being uninsured against death or sickness absence.
James Cooper, sales director at William Russell, added: “Although we are pleased to see that a high number of expatriates are making provision against the risk of needing expensive medical treatment whilst they’re abroad, it is worrying to see how many expatriates are not making financial provision in the event of their untimely death, or an illness or accident that would prevent them from working.”
Earlier this year, Health Insurance examined the challenges facing intermediaries in selling protection to expats. Barriers to sales cited by those in the industry include a lack of providers in the international protection market, high premiums and EU legislation making provision complicated.