Is your Insurer Being Honest With You?

by admin on May 8, 2012

Is your Insurance Company Lying to you?

One of the more common misconceptions when expats purchase medical insurance is the assumption that some expat medical insurers will make a longer term commitment to policy holders. While insurers do not provide deliberately misleading information to consumers, policy wording and sales documentation are often unclear regarding the limitations of the product.

The truth is, all expatriate medical insurance policies are annually renewable.

Even if an insurer were willing to guarantee coverage over the long term, they would not be willing to guarantee future premium prices. Conversely, if they were willing guarantee future premium prices they would not guarantee renewability.  Either way, your policy is renegotiated and renewed annually.

The fact of the matter is that expatriate medical insurance is short-term insurance purchased by people who, generally, take up residence overseas for an indefinite period.

The operating assumption generally held by the expatriate medical insurance industry is that those stricken by serious chronic health conditions and critical or terminal illnesses will return home for long-term treatment near their families and loved ones thereby limiting the need for ongoing coverage.

Any expatriate medical insurer who has a policy holder stricken with chronic conditions and critical illnesses will want to manage costs, increase premium prices and introduce new exclusions. Simply put, as risk increases, so do premiums – that is if coverage is continued at all.

At RBI Premium, we believe that consumers shopping for expat medical insurance need to know the truth about what they are paying for, which is temporary medical coverage, not life or critical illness insurance.

For more information about the Rbi Premium Expat Lifestyle Membership please go to www.rbipremium.com

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