Insurance tech pioneer: Health insurance for the new workforce of digital nomads
July 15, 2021
If you have been thinking of becoming a nomad either in the future or starting this lifestyle, one factor you might not consider is digital nomad insurance. Just as you need insurance for things such as your automobile, home, health, and so on from home, so too should you have insurance while you are living remotely.
Many people have made the mistake of moving abroad without security to keep them healthy and on the road. With the help of an insurance tech pioneer, Andrew Jernigan, from Insured Nomads, let’s discuss why it is so important to have digital nomad insurance.
You Never Know When the Worst Will Happen
When traveling around remote parts of the world, you can quickly enter a world of unpredictable circumstances. Even with international insurance in the past, Jernigan quickly noticed in a small piece of West Africa that nomad insurance needed to be better:
“One day, after traveling two hours to collect our mail in the post office, we bumped into guys wearing uniforms of a well-known boots-on-the-ground medical and security assistance company. After confirming they could reach our location if an evacuation were necessary, we were given a dismissive look and told we could not afford their service.” Since then, he has dedicated a large chunk of his life to creating a company that can help alleviate potential problems such as this.
Sometimes Plans Change
When you venture out into the unknown, you probably enter each country with a specific set of goals and plans. However, life doesn’t always tend to work out in our favor. Or, how we intend on things to work out. Jernigan also found himself in this sort of scenario:
“A little over seven years ago, I was not managing stress and a multiple time zone work routine very well and ended up letting my lifestyle take me off balance. I found myself being rushed to a hospital where I had to have an open-heart surgery by the end of the day.”
Since plans can change without warning or notice, it’s essential to have a safety net.
Sickness is Covered
One of the common issues that nomads run into when they go into a new country is getting sick on the local bacteria and other crud found in the food and water that they are not usually exposed to in their native countries. Or contracting a sickness that they didn’t previously have. The good news is that those who have digital nomad insurance can get these kinds of problems covered, no questions asked.
Another important thing to consider when traveling is COVID-19 protection. Some countries are requiring tourists entering the country to have COVID-19 insurance protection for the entire duration of their travels. Make sure to double-check the country you are traveling to or just grab coverage with a plan that includes it.
Mother Nature Can Cause Big Problems
Each part of the world has its own fair share of local problems with mother nature. From hurricanes to tsunamis and earthquakes, you never know what you might come across while out on the road. Although very unlikely, mother nature can leave you in a world of financial and physical hurt.
If the worst were to happen and a natural disaster left property of yours in ruins or even injured you personally, insurance will be the easiest way to recover financially. Not to mention, you can venture out into potentially dangerous areas knowing that you are covered if something were to happen.
Delays Can Be Expensive Without Insurance
Delays are certainly one of the problems that you will come across as a nomad. As Jernigan states: “many of us have travel stories that involve dealing with delayed flights, going through culture shock or heartbreak, having our online accounts hacked, or even getting stuck in a country because of a natural disaster or unrest.”
Delays are inevitable, along with other issues such as those mentioned above. For this reason, you should take some initiative and find coverage that will protect you so that you don’t need to spend money out of your own pocket to rebook your flights or depend on the kindness of airline companies.
Your Baggage is Always Safe
Although many nomads will not travel with checked baggage to make going in and out of airports easier, there will likely be instances where this is necessary. For example, those who are on their way home might see checked baggage as a means of bringing gifts back from their travels to their friends and family back home.
Although rare, the prospect of losing your baggage is something that you should consider. Many airline companies won’t help you out if your bags get lost or only reimburse you a small chunk of the monetary value. With nomad insurance, though, this is something that you will never have to worry about in the first place.
There is No Price Tag for Peace of Mind
When you travel abroad, you instantly learn the value of experiences and priceless moments that you get engaging with the local communities, exploring world wonders, etc. However, without peace of mind, these experiences quickly fade in their total level of utility.
As Jernigan asserts: “living as an expat, or taking on the digital nomad lifestyle has pros and cons, and learning to balance those well may now be as important as getting a new degree… If you are in a global lifestyle, find an international health insurance coverage right for you, rather than a trip-oriented policy.” Take it from Jernigan; there is no price not worth paying to have some peace of mind while out on the road.
Insured Nomads Corporation (NPN#19616300) acting as the agent in selling these insurance policies in the USA. It receives compensation based on the premiums for the insurance policies it sells. Insurance license information available here.
Coverage may not be available in all jurisdictions. Further information provided upon request. Available direct, embedded and through select brokerage firms.