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Monday, 08 October 2007 |
Focussing on healthcare for the Expat living in France, we are pleased to announce the addition of a range of healthcare insurance schemes designed with expats in mind.
In additional to the range of full and top up medical plans, we are now able to offer financial protection plans to our clients. These options include Life , Critical Illness and even Income Protection Insurance, providing a valuable financial lifeline in the event of serious illness, injury or death.
 With difficult times ahead, it is always worth considering the importance of insurance to protect your assets. None more so than those insurances designed to provide financial protection when needed.
If you are Employed, Self-Employed or own a Business, you should be thinking about what would happen if a serious illness or injury cut off your income. State benefits are designed to provide a minimal amount of assurance during these times, but the shortfall in income will have a noticeable effect on your lifestyle, one way or another.
If you are of a working age and feel concerned about the implications of ill health, injury and disability you should consider one of the following options:
Income Replacement:An insurance contract designed to provide a replacement income after a pre-defined period of time. The contract will continue to pay an income until you are able to return to work, retire or pass away.
A workman aged 35 who fell off his ladder and damaged his back. Signed off work as a result and receiving state benefits where eligible. Having an Income Protection plan means he is able to receive up to 75% of his income as a benefit and thereby top up the earnings gap suffered. The benefit could be paid for up to 30 years (retires at 65) if he does not recover and return to work.
Critical Illness:An insurance contract which is designed to pay a tax free lump sum in the event of suffering a listed ‘critical illness’. Conditions covered include ‘dread’ diseases such as Cancer and Parkinsons Disease, MS and the like. It is traditional for such policies to trigger a claim once you have survived the condition for 30 days or more.
A single professional living alone, no major financial commitments such as a Mortgage or a dependant Family, so Life cover would not be suitable. A critical illness plan would provide a tax free lump sum so the member can make lifestyle and/or property changes to adapt to condition. Equally, an individual could spend the money on a ‘trip of a lifetime’ as a treat, or indeed spend the money on medical treatments if required.
Life Cover:A simple product designed to pay a lump sum upon the death of the member. Sums insured can vary depending on needs, commitments and family requirements. Sums insured can be as low as £15,000 and as great as £50 Million.
A young family living in France, the breadwinner suffers a fatal heart attack and leaves a mourning widow and children, with no form of income. The payment from the insurance company is pad on a tax free basis and enables the family to financially function for the immediate future. They may pay-off the mortgage, loans and other commitments and provide a degree of stability for the children to grow up with.
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Last Updated ( Monday, 04 May 2009 )
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