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Quality insurance top priority for expat employees

Over half of the HR directors noticed an increased demand for health and wellbeing benefits from their overseas workers since 2012, which was also reflected in the responses from the employees, with a quarter saying that they expected more from their employer in this area than they did five years ago. While the statistics show that some employers are changing to accommodate their workers, many more are not; only a third of HR directors said that they met this need by providing such improved benefits.

In particular, there was a requirement for flexible working hours and quality international private medical insurance (IPMI), and the desire for these looks like it will continue to rise. This is because a third of the HR directors responded that they anticipate the number of their employees working overseas will grow over the next five years, with most (80%) expecting their employees to travel to a European destination.

What’s more, two-thirds of those receiving IPMI viewed the insurance as absolutely essentiall when moving overseas, saying that they would not have gone to live abroad without it, and nine out of ten believe that their employer has the responsibility of looking after their health while they’re abroad.

Sheldon Kenton, the managing director of Bupa Global, summarised the report, saying that he felt businesses with overseas employers are experiencing a change in the attitude of employees. “Employees are becoming increasingly engaged with their own health and wellbeing, and are calling on their employers to take an active role in it too,” Kenton said

Of course, you don’t have to have moved overseas for work to understand the importance of quality medical insurance. All expats should have access to high-standard healthcare in their chosen destination, whether they’ve moved for business or for retirement. There are also other insurance products that, like IPMI, enable you and your loved ones to cover all your “what-if” scenarios. For instance, providing expat life insurance is one way Blacktower helps our clients safeguard their future.

Quality Life insurance for expats

A good financial adviser aims to offer clients complete peace of mind in their financial dealings. One way in which we do this at Blacktower is by offering a special life assurance product to expats in Portugal. Our Private Wealth Portfolio is an effective expat life insurance policy that provides you and your family with a range of benefits.

Reduced tax liability, exclusion from Portuguese Stamp Duty, and no inheritance or gift tax to pay are just a few of the benefits of this fantastic Portuguese expat life insurance policy.

For employers in the UK, we also offer advice on purchasing group private medical insurance, as well as a multitude of other suitable products for businesses so that they can offer their employees the most robust protection and financial security.

To discuss your options, contact a Blacktower adviser today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Expats Can Take Advantage of Tax Changes in Murcia and Andalucía

Goals for 20182018 has brought good news for many expats tackling the idiosyncrasies of finance in Spain and, especially for those who want to manage their legacy planning successfully.

This is because British and other EU citizen expatriates in Spain have received a boost in relation to succession tax laws.

Under the Spanish regional system, expats in Spain (but not those from outside the EU or EEA) can avoid costly Spanish state succession rules on passing; instead they are able to take advantage of kinder regional laws, such as those just implemented by Murcia and Andalucía.

In these areas, if you have Spanish assets but have not quite yet become a fully-fledged expat or indeed if you have Spanish property but still reside full-time in the UK; your heirs, wherever they may live, are entitled to the full range of succession tax reliefs offered by the region in which your assets are invested. Sometimes this may be as much as 99% succession tax relief or, in some cases, total exemption.

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Good news only, please

Dave Diggle

As an IFA I have become very sensitive to market reactions and I have always had an interest in current affairs, but at this time even I am getting bogged down by this endless supply of bad news.

The recent drops in the stock markets are simply down to confidence and not of the same making of the crisis eight years ago.

I still struggle to see why a barrel of oil at $27 dollars compared to the $108 of eighteen months ago is anything other than good news. After all, there are more consumers of oil than producers. Motorists felt the positive effect immediately and users of oil in industry such as manufacturing plants or airlines should post better than expected quarterly profits, which may help dividend levels. In many cases this is yet to be rolled out.

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