Q. I’m Priya, a business owner. I travel to different countries because of my work. I am settled in India, but I am looking for a global term insurance or health insurance cover. Do you have any suggestions?
As a globe-trotting entrepreneur, it is wise of you to recognize the importance of safeguarding your health no matter where you are located, Priya. International insurance coverage can provide you peace of mind and protection while you're away from home.
Here are some points to help you pick the right insurance plan:
Coverage for pre-existing conditions
Some global health insurance plans may offer coverage for pre-existing conditions after a waiting period, while others may exclude those altogether. It is important that you know this before you decide.
Network of medical providers
Please check if the insurance provider has an extensive network of medical facilities and doctors in the countries you frequent. It must also include 24/7 emergency assistance services. Easy access to medical services and a seamless claims process are important considerations.
Medical evacuation and repatriation
The health insurance plan must cover emergency medical evacuation and repatriation expenses. These services become critical if you encounter a medical emergency in a remote location or in a country with inadequate medical facilities.
Exclusions and limitations
It's crucial to understand the exclusions and limitations of global term and health insurance plans. Knowing what is not covered will help you make informed decisions.
Deductibles
A deductible is the amount that you must pay out of pocket before the health insurance coverage kicks in. The deductible level must align with your financial capacity so that you can strike the right balance between affordability and coverage.
Reputation of insurance provider
Prefer insurance providers with a strong reputation for reliability, financial stability, and efficient processing of claims. Read customer reviews and seek recommendations before you choose.
Policy renewal and portability
Check if the insurance policy is portable, so that you can renew it regardless of your location. This ensures continuous coverage and saves you the hassle of reapplying for insurance when you return to base.
Currency flexibility
Pick policies that offer currency flexibility. The option to pay premiums and receive benefits in multiple currencies will benefit you and also reduce the impact of currency fluctuations.
Global term insurance riders
Depending on your needs, explore adding various riders to enhance the policy's coverage and address specific risks, like accidental death or waiver of premium.
International travel advisories
This may not be directly related to insurance, but you must follow the travel advisories issued by India and the countries you intend to visit. This will help you assess the level of risk associated with your travel destination and take necessary precautions.
Priya, we advise that you reach out to insurance providers who specialise in international coverage or have experience in offering policies to frequent travellers and business owners like you. They can help you understand the options available and assist you in selecting a plan that fits your needs and budget.
Insurance offerings and regulations vary from country to country. Before you buy a policy, thoroughly review the terms and conditions and ensure it is the right fit for you, in coverage as well as cost.
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