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Having the right protection in place is an aspect of financial planning that is often overlooked. While insurance could be more complex and costly when living abroad, it could protect you and your loved ones in the event of the unexpected occurring.

Adequate protection or insurance cover can provide peace of mind for you and your family. It means you can safeguard a desired quality of life for your loved ones and help avoid any financial hardship if long-term plans change through becoming unemployed, ill health or loss of life.

Types of cover

There are various types of personal protection policies available. In general, it’s always important to ensure the cover you have is adequate for your circumstances and that your family members know the details of what you have in place.

The type of protection available includes:

Income protection insurance: This kind of protection can provide an on- going income if you are no longer able to work. This usually kicks in after a deferred period of time, and your premiums will usually depend on the length of the deferment period.

Private health insurance: The extent of this provision and the quality of local healthcare services are likely to be key factors in deciding whether to have private health cover or not. If healthcare is not state provided or subsidized, the costs of even minor or routine medical treatment can quickly mount up over time. When arranging cover, check whether the whole family is covered for investigations, outpatient and inpatient fees, hospital stays, transport to a specialist unit and repatriation. Such policies can be very expensive, so you may decide to pay a voluntary excess to keep premiums down.

Critical illness insurance: This will provide cover within set criteria, in the event of a permanent disability or diagnosis of a specified, serious illness. Depending on the level of cover – which again can be altered if required – this could help to pay living expenses and the costs of moving if illness means you have to retire early.

Life insurance: These policies are designed to pay a lump sum if you die. You can choose how much cover you need, how long you want it to last, and change the amount and policy duration at any time, subject to the terms and conditions within it.

With health related insurance, the general rule is that the younger you are, the cheaper it is. In the event of medical or critical illness there is the likely event that future insurance previsions may be restricted (with a higher cost) or even unavailable.

Do not delay. Get the right protection plan in place to safeguard yourself and to protect your loved ones now.

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By Aaron Crotty

Aaron is a certified Senior Financial Planner with over seven (7) years experience in the financial industry. He is based in Dubai where he utilises his expertise representing Arlo Associates. Contact Aaron via email at

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