Expat guide to family finances

Protect Your Family

Protect your family is against the hard life of surprises, such as job loss or serious illness or critical, family is a priority of financing is important for most expats.
Every year thousands of families head of the family, lured abroad by a group of positive economic prospects and quality of life. Reasons for you and your family to take abroad for many expatriate life, but it is important to plan, and protect yourself against unexpected events.

Ensure peace of mind

There is a wide range of actions on the market to match each scenario. But how do you know what to take, the covers, so you can sleep at night? Income protection, serious illness, life insurance, individual health insurance, travel insurance - the list is endless what appears and what you choose depends on your family situation.
"It is therefore important that the assessment is carried out to help either witnessed by an international bank [, expatriates to manage their wealth or independent consultant specialist, to either over or avoid under-insurance," says Christopher Wicks , director of Bridgewater Financial Services has that worked in this industry for more than 25 years. "Much will depend on whether you are abroad moves with a company or independent, self-employed or retired, for example from., If you are with your company on the move, you should examine the conditions very carefully to see whether You must be a covered insurance. " If you do not have the support of a company behind it, is the burden directly on your shoulders.
In general, the most important types of coverage: income, can provide you with an income under way - up to 75 percent of income before - in the event of an accident or illness (international politics tend to reduce payments for two years), insurance critical illness, which pays tax-free lump sum when it is recognized with a "critical illness", and is usually the life insurance include; life insurance that pays in the event of death before the agreed date, mainly medical and travel insurance.

Portability is the key

Of course, many expatriate families from one to the other post, it means that portability should be a big factor in planning for the protection of you and your family abroad. Alan Lakey is an independent financial consultant based in Hemel Hempstead, specializes in personal protection. He says when living in countries with a high risk life insurance, critical illness cover and private medical plans restrictions on such things as permanent and total disability may be. However, it also refers to the Chronicles: "It is important that you keep your insurance, if you change countries reported because it can also affect the speed and the amount and type of coverage needed," this could mean that you can change or update at the end of the policy every time you and your family to move to a new country.
One possibility is that international politics or laptops that can move with you. This is particularly important when it comes to life insurance and critical illness cover. This type of policy means that no matter where you are in the world, you can be sure that your family will take care of if something should happen to be taken from you.

Make sure that you have the appropriate cover in place

Ben Ewebank is the Middle East director of recruitment agency Michael Page and his wife fi Morgan Stanley, a global financial services company. The couple moved to the Middle East four years ago, and I have a daughter, 13 months old, Isabel. They have wisely covered for all eventualities. "We are covered by the life and health at work, and also has insurance for our mortgage," says Ben. "We also have savings abroad -., United Arab Emirates (UAE), if you lose your job, the bank freezes your account until you get a new job, to save as off the coast of the utmost importance"
Of course none of us can predict the future, but it is best to plan for the worst and hope for the best - that way you can be sure to protect your family, lifestyle and wealth can. And to consider even that all family members know that the maintenance of the property in your own country, or something as simple as sure the location of important documents such as insurance policies, bank statements, tax returns, wills, in the case of emergency planning.

Expert reports

Sam Epps, senior partner at Holborn Assets in Dubai, and emphasizes the importance of seeking advice from a specialist advisor of insurance, or in specific expatriate international banks. He also says that it is important not to delay purchasing insurance. "Do you give a premium payment to the insurance company, either in the case of serious illness or disability or dependents option if you die," he says. "With appropriate cover in place of these events, although life changing, you do not have to financially crippling either left you or your loved ones. It's about the right money. Come to the right place at the right time"
He gives an example where he was counseling a couple with the family about whether to add life and critical illness cover for planning. They went through the details, but the man was in the middle of a big project and is not able to finish everything. Unfortunately, shortly after these discussions, the couple suffered a stroke and was unable to work will, forcing the family to return to their homeland.
Wherever you live in the end, you should check if you have a portable cover in the right place for you and your family, and constantly review your needs with the help of expatriate consultants. In this way, you can play an active role in determining the future of your family.
That the value of investments can (and income received from it to them) fall as well as rise and you may not get back what you invested. For some systems, this may occur as a result contributed to the exchange rate fluctuations Fund may have exposure to foreign markets. Should be considered as a means of long-term commitment into account in most of the investment, and that means you should be prepared to hold them for at least five years.