Being insured while attending a university in another country matters because living outside your homeland comes with a lot of uncertainty. The last thing you want to be caught off guard by surprise expenses that can ruin your finances thousands of miles away from your parents. The prices of insurance for students studying abroad vary by lender, but policies are more different than you think.
To pick the right insurance policy at a price that makes sense to you, think about the following factors to narrow your options:
Find out the unique risks you may face in a specific country where you want to which you want to go to school. Think about the general dangers, such as crime rates and road accident statistics, as well as safety incidents related to foreigners, especially to international students of certain races, religions, genders, and sexual orientations. Get as much information as you can beforehand, so you can compare policies properly. As you are likely to travel to different tourist destinations in the country during your stay, plan in advance the things you may want to try. Extreme activities clearly expose you to more risk, so strongly consider getting insured adequately in case your trip does not go as planned. Also, understand the political climate of the country. Is the country prone to threats of insurgency or terrorism? Even if a country is known for violence or impunity, it pays to know the level of safety pertaining to specific locations.
The country you choose to study in may be generally safe in the eyes of the world, but it is probably in the heart of a geopolitically unstable region. For instance, Qatar is ranked as the safest country in the Middle East by the Global Finance magazine, but it has also been at odds diplomatically with its neighbors, including Saudi Arabia, Bahrain, the United Arab Emirates, and Egypt. Another example is South Korea, which is a popular destination for international students. In 2010, this democracy was home to more than 80,000 foreign students from over 170 countries. However, the nation shares a border with nuclear power: North Korea. There has been a marked improvement in its relations with other global powers over the years, but it remains relatively dangerous, especially to the people living in South Korea.
Length of Stay
Of course, your insurance premium depends on its coverage period. Some policies are only good for a semester, but others may last longer.
List of Features
Student abroad insurance policies are not the same, but you should pay attention to certain kinds of coverage, including medical, dental, trip interruption, passport and credit card replacement, and emergency evacuation. Insurance products have limitations too, so review each one carefully to find the one that can provide you with the highest and the most comprehensive level of protection. Insurance shopping is not the sexiest part of studying abroad, but it is a necessary task.
If you have the right policy, you do not need to worry about your finances as much in case something unfortunate happens to you abroad.