Living in Korea and insurance
Can you keep your Korean insurance after returning to Italy?
Some Korean private insurance contracts may be kept after you return to Italy. Departure or return is not, by itself, an automatic cancellation event for every private policy. That does not mean keeping every contract is always advantageous.
First, reconsider what the insurance is intended to cover. Some benefits, such as death or permanent disability cover, may under their terms respond to events abroad. Other contracts, including medical-expense insurance based on treatment at Korean medical providers, may not be usable for medical expenses in Italy. Check the policy definition of the covered territory and medical provider.
Next, make sure the contract can be managed in practice. Ask whether premiums can be paid from Italy, whether a Korean bank account is required, whether an overseas address and phone number can be registered, whether customer service is available without Korean identity verification, and which documents and translations are required for a claim from abroad.
When deciding whether to cancel, also consider the surrender value, the possibility of enrolling again, your current health and your age at a future application. If you cancel and later return to Korea, there is no guarantee that you can buy the same coverage again on the same terms. This does not mean that every contract should be retained; compare the value of its coverage and its cost separately.
An example
Current information from one insurer explains that its Korean medical-expense insurance does not reimburse medical costs incurred at overseas medical providers. Insurers also offer separate products for travel or long-term stays abroad.
This example shows why Korean medical-expense insurance and insurance for risks abroad must be distinguished. Use your policy document and terms to determine which events your own Korean insurance covers in Italy.
Questions to ask before returning
- Can this contract remain in force while I live abroad?
- Which accidents or illnesses occurring in Italy are covered?
- How can I pay premiums and update my address and contact details?
- Can I file a claim from abroad?
- Are originals, translations or authentication required?
- What surrender value and effect on future enrollment would cancellation have?
- Is premium suspension or refund available during a long stay abroad?
Claims to avoid
- “Every Korean policy is automatically cancelled when you return home.”
- “Korean insurance works in exactly the same way in Italy.”
- “Cancelling before you leave is always the best option.”