Investment Migration Advisors Need to Talk to Clients About Health Insurance
Since the ’90s, residency and citizenship planners, investment migration agents, lawyers, and other consultants have continuously honed their skills in advising clients on finding the right program to satisfy their objectives. During the same period, RCBI jurisdictions have continuously improved their programs to offer remarkable solutions and attract investors by meeting those objectives.
While clients’ motives vary from case to case, most are recurring: A safe and stable environment for oneself and one’s family, having a plan B, moving to a country with a higher quality of life, more economic opportunities, better education, and so on. Each individual or family has its own reasons for making the move, but the underlying objectives don’t vary much; freedom, security, investment, and asset protection.
To satisfy a client, the investment migration advisor must fully understand the fundamental motives of the applicant. Only when the advisor grasps what really drives the client can he ensure the success of the application process and the satisfaction of the applicant, which, in turn, will grant the advisor a chance at repeat-business, after-sales collaboration, and referrals.
Other stories on offering the right advice to clients:
- Citizenship and Wealth Advisors: What Each Needs to Know About the Other to Help Their HNWI Clients
- How Investment Migration Firms Can Capitalize on Clients’ Demand for Education
- 7 Ways HNWIs Sabotage Their Own Backup Plans – Part I
Understanding the fundamental “why” and offering solutions to satisfy these needs and desires has always been the key to success in every advisory business. And this is where the topic of health and high-end medical insurance comes into play because it aims at satisfying exactly the same fundamental motives.
What is meant by “it satisfies exactly the same fundamental motives”?
First, it protects the client’s assets in two chief ways.
On the one hand, the traditional element of the insurance protects you against volatility in the balance sheet, here the applicant’s wealth. Medical treatment is expensive and, when searching for the best care worldwide, which very often is not in the client’s country of residence, it turns out that costs may be very high. Surgeries, treatments, and medication that cost $250,000 and more are not exceptional anymore. International health insurance covers these costs worldwide.
On the other hand, it protects the most important asset that one can have: Health. Everyone who has experienced sickness and disease in their family is well aware of that. Being international also means that your health risk landscape changes dramatically as you face very different environmental influences.
The second motive is security.
International health insurance is an investment in one’s health, security, and protection. No, it will not be able to prevent an individual from falling ill, having cancer, cardiac disease, or accidents. But it gives you the best possible chance at becoming healthy again.
And here is the second element of international health insurance of which many advisors are not aware; advice and free choice of hospitals, clinics, and specialists. This is crucial because a wrong diagnosis, an error during a surgery, or prescription of a medication that isn’t actually required can all cost a lot of time and money and may even worsen one’s condition.
With the help of an experienced advisor, diagnosis and direct treatment by the most renowned specialists globally is ensured. Abroad, it’s often very difficult for an individual to find the right clinic and doctor for a specific illness. The advisor has the know-how to advise and facilitate the right contacts.
In this manner, international health coverage helps create the security an applicant is looking for: Having the best specialists taking care of you when you need it the most.
The third motive is freedom and lifestyle, often closely related to the freedom of travel and the desire to be a global citizen. The privilege and opportunities of an international lifestyle naturally also come with international risk exposure. Thus, an international lifestyle requires adequate international health coverage with services that work globally. Those applying for a citizenship or residency program become eligible for international health insurance. It offers the potential to leverage a citizenship in combination with international medical insurance to reach an even higher quality of life.
This is why it’s crucial for investment migration advisors to speak about international health coverage and offer the possibility to be educated and advised by an expert. Many individuals are not aware of the possibilities, benefits, or even the existence of such international health insurance options and they will be grateful for the advice.
Making a client happy and satisfied has always been the best route to a sustainable and successful business. To that end, be sure not to neglect the mention of international medical coverage.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.