Health & Protection in Bermuda
Here you are being offered a position in Bermuda, your focus might be on the sunny beaches and fine sand , but this should not overlook the regular need for your daily life protection. This comes from the general misconception that insurance is costly, which is often the case, but still it makes sense when you do the math. Before you move to Bermuda, make sure you have everything you need to make the best out of your expat experience abroad, and that includes not just the safety blanket of insurance, explore our full guide on international insurance here, but also the extra services and benefits you can get with them.
Bermuda actually has quite a large insurance industry, as it is the biggest sector of the economy in the country especially offshore insurance and reinsurance. So what is out there for the expat residents? It should not be very difficult to get insurance as an expat in this country. Because of the tax advantage for insurance companies in Bermuda, there are several international insurance companies in the country.
Companies such as ACE Group, Aetna, and Allianz have established a large presence in the island. Getting quotes or signing up for plans should be as easy as going to their websites, sending an email, or calling their offices. There are also insurance brokers that can help you get general, medical, and life insurance in Bermuda such as the Freisenbruch-Meyer Group. It is advisable for expats to set up insurance plans before moving to Bermuda to save yourself the hassle and also to make sure you are fully covered by the time you arrive.
Importance of Insurance
The lack of information makes people susceptible to misconceptions, such is the case when it comes to getting insurance. The need for insurance should be very basic as it provides a safety net for you and your family in severe cases of emergencies, but that’s not all it’s for. When you’re living abroad, there are several services you would need as an expat, such as regular medical check-ups or more importantly evacuation. These are just some things that you won’t need to worry about when you have insurance as most insurance policies, especially international insurance policies offer services and benefits that are tailor-made for the expat lifestyle.
Another important thing to remember is the cost of emergencies or even the cost of regular medical care while you’re living abroad. Bermuda has a relatively low cost of living, but medical care costs are still quite high especially because it’s not very accessible in this country. Insurance can also be very helpful for things like maternity benefits or routine medication for recurring illness. Most people really underestimate the amount of money, effort, and time insurance can save you in the long run.
Local Insurance in Bermuda
The local insurance industry in Bermuda is quite prominent. Public social services and healthcare system is not available for foreigners in the country, so private insurance is the best option. As the presence of international insurance companies in Bermuda is quite overwhelming, if you want local insurance coverage, the best way is to go through local insurance agents and brokers such as the Freisenbruch-Meyer Group. But since brokers and agents in the country are more likely to refer you to the bigger international insurance players as well, it is advisable for expats in Bermuda to just get international insurance coverage through the many prominent international insurance companies in the country such as Aetna, Allianz, AXA, or Cigna.
Getting international insurance coverage can also give you better benefits that can fit your expat lifestyle in Bermuda as well as a wider range of coverage all over the world.
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