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Income insurance protects against loss of earnings from illness or an accident. Expats in Asia concerned about covering monthly expenses in the face of a debilitating medical condition should consider taking out income insurance in order to avoid a potentially catastrophic financial situation.
The long-term interruption in the income of the main provider in a family can cause major upset and hardship and can be a particular concern for self-employed expats in Asia. Income insurance can help to relieve any serious financial burden in the event of a serious health issue by covering all monthly bills and offering security and peace of mind. An already upsetting time for you and your family need not be exacerbated by financial pressures.
If a household’s main income earner develops a major health issue, for example suffering a stroke, medical insurance may take care of healthcare costs, but there remains a problem with how to pay ongoing liabilities. If there is no income, how are accommodation costs, school fees, utility bills and even general household expenses to be met?
Life insurance will not meet these costs and critical illness cover may only cover part of these expenses resulting in serious financial consequences. Without income protection insurance, family savings can be wiped out by merely meeting day to day living costs.
Many expats in Asia working for companies assume that in cases of serious illness they will have the benefit of company insurance cover. However, while this is certainly true in some cases it is our experience that income protection is not by any means offered as standard. As a result, we suggest that all expats undertake a review of exactly what provision is included in their employment contracts. You may find that you need to take out income protection insurance personally in order to ensure that your family are properly protected.
Infinity provides income insurance for expats in Asia with a policy designed to protect long-term financial security. Policyholders benefit from knowing that a regular monthly income will still be received should an accident or illness make working impossible.
Our income insurance solution is available to expats in Asia aged between 18 and 65, however please note that the plan needs to be set up before the age of 56. Benefits include a monthly income whilst incapacitated and rehabilitating which sees an increase of 2% compound interest each year.
If you have concerns regarding your financial security in the event of a serious accident or illness, contact us today to explore our income insurance solutions for expats in Asia.