As you prepare to travel or live overseas, there’s a long list of things to do to prepare. But one thing you may not be giving much thought to is disability insurance. That would be a big mistake!
You may think it’s unlikely you’ll become disabled, but, unfortunately, it’s more likely than you may realize. Did you know that over 25% of 20-year-olds will experience a disability that keeps them out of work for at least a year before they reach retirement age? We’re not trying to scare you; we want you to be informed and protected!
Most people think that the best chance to become disabled is from some kind of accident, but that’s not the case. According to the Council for Disability Awareness, the majority of long-term work absences are actually caused by back injuries, cancer, heart disease and other illnesses. Is there any reason to think your risk of becoming disabled would be lower while overseas?
Good Neighbor Insurance offers great international disability insurance for expats serving outside the U.S. We offer both short-term and long-term disability plans for employers and individuals to provide income in the event that an illness or accident results in a disability that prevents the insured from working at their regular employment.
Will My Domestic Disability Insurance Plan Cover Me While I am Overseas?
If you are covered by a U.S. disability insurance policy, it’s important to find out if your policy will cover you while traveling or living overseas. It’s even possible that your frequent international travel might void your domestic disability insurance policy.
One disability insurance policy that is sure to cover you while living abroad is from Petersen International. You can be stateside, travel occasionally or frequently overseas, or even reside overseas and you will be covered! Since this policy covers you internationally, the premiums will be a bit higher than a local U.S. policy. Thus, it’s targeted to those who travel frequently or live outside the U.S.
How Does Long Term Disability Insurance Help Me?
Long term disability insurance can provide a steady stream of income to help cover your essential living expenses during an extended illness or after a disabling accident. It covers expenses such as to help pay for food, clothing, utilities, your mortgage, car payments and more. You can receive a portion of your salary paid directly to you each month if you’re unable to work. Your coverage may include financial incentives designed to help you transition back to work.
What Qualifies Me for Disability Insurance?
As an employee, your entitlement to disability insurance will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.
When Does the Employee’s Long-Term Disability Period Begin?
The long-term disability period begins the first date the employee misses work. However, if the employee is getting paid while on medical leave, they are not entitled to long-term disability because they are not losing income.
Is an Employee Eligible for Disability Insurance if They Must Return to the U.S. for Medical Treatment, Even Though They are Able to Work?
This disability insurance policy only covers employees if they are unable to work due to disability.
Is My Disability Insurance Coverage Based on All Income?
Disability Insurance Coverage is based on a person’s base salary. Other forms of income, such as travel expenses/gifts, ministry expenses and special gifts are not considered part of your annual base salary. These other forms of income are excluded from calculating the income used to determine your disability insurance coverage.
What Group International Disability Insurance for Expats is Offered by GNI?
If you’re responsible for the employee benefits of an international company or organization of 10 or more employees, disability is an important benefit to offer them. Good Neighbor Insurance offers both short-term and long-term group disability insurance plans to international employers.
What Individual International Disability Insurance for Expats is Offered by GNI?
Individual disability insurance is important protection for expats residing outside their home country who do not have disability coverage through their employer. Good Neighbor Insurance offers individual disability insurance plans to U.S. citizens who are residing outside the U.S. for more than 12 months. These plans cover those expats who are serving on humanitarian jobs, faith-based jobs, missionaries, priests, contractors, self-employed, or who are even working for a company.
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Good Neighbor Insurance provides international travel insurance, expatriate medical insurance, as well as employer group medical insurance and other international cover to those traveling and living outside their country of residence or citizenship. Call one of our professional licensed international insurance agents at 866-636-9100 or you may email us at [email protected].
Have amazing and safe travels!
