Our Advice on Insurance
What you need to know about insurance?
The photo shows a happy and relaxed young woman, who has peace of mind because she chose to be well insured. All expatriates living in foreign countries have to be protected against any type of risk. There is only one way to obtain that; you have to be well insured. Our advice to you:
1. Choose the right broker: The role of the broker is to advise you in your selection of the best choice of solution. It is an important responsibility and requires mutual trust. As it is an important decision to undertake, your broker must be officially established and possess the necessary regulatory insurance licenses. In case of a conflict or misrepresentation, this is your security that your rights are well protected.
2. General Insurance: You have many choices at hand from different insurance companies, trust the judgement of your adviser. Remember that even a modest premium enables a wide protection of your assets.
3. Health Insurance – How does it work? There are a number of large health insurance intermediaries like ACS, April, Gras & Savoye, Now Health, Henner, MSH. They design a health insurance product and then select an insurance underwriter to “manufacture” it. They exclusively distribute these products through a network of retail brokers across different regions. Be aware of Anglo-Saxon insurers, as they are keen to offer wide covers, but apply numerous exclusions. If you generate high claims expenses, your premium can be substantially increased at renewal time. Under French jurisdiction, insurers cannot increase your individual premium in excess what they charge to other insureds. The premiums are only revised each year in relation to the age and medical inflation of your country of residence, but applied as a general increase or “community based” increase to all policyholders.
Remember that the price of a good health insurance is much cheaper than the expenses of a serious illness!