There is one scenario where you need both — when you are in the gap period between arriving in a country and getting your long-term IPMI sorted. Expat health insurance takes time to arrange, underwrite and activate. Travel insurance covers you in the interim and also covers trip cancellation and baggage for your journey out.
Also: most expat health insurance excludes adventure sports and activities. If you plan to engage in high-risk activities (diving, trekking, motorbiking in Southeast Asia), a separate travel policy or specialist sports cover may be needed on top of your IPMI.
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