You’ll be surprised how many life insurance companies offer insurance to expats. There are still issues. If you need expat life insurance, here’s your guide.
Making the decision to move from your home country is an exciting and sometimes terrifying time. There is a lot of things to take care of, including life insurance. You may already have a policy but it may not cover you if you are not in your home country.
Expat life insurance is not something that we always think about, but we should. Accidents do happen, and you want to make sure you have coverage, in case something does happen.
You certainly don’t want to leave your children or other family members holding the purse for any costs that are incurred while you are away. Getting life insurance as an expat can be easy, so make sure it is something that you take care of.
Types of Life Insurance
There are different types of life insurance policies, and the one you have now may be fine, or you may want to see if there is something that will work better. There are also a lot of variables when it comes to policies, age, lifestyle, and may have an effect on your policy.
It is best to ask about it and find out if there are any situations that will alter or change your existing policy. There may be stipulations regarding your new country of choice. Expat life insurance may be more expensive for different countries.
Check your Policy
If you have an existing policy, talk to your provider about your situation. You may only need to add your new address. There may be some additional adjustments and stipulations regarding the travel and your new country.
Your provider may also allow you to set up a new or additional policy for your new country. It’s best to know if there are clauses about being away from your home country and if it will change the payout of the insurance company.
Getting a New Policy
if you don’t have any coverage or if you want to start fresh with expat life insurance, then you will know exactly what your policy will be. You can set it up for the number of years you will be gone, or get a whole insurance policy for the remained of your time.
The best part of a new life insurance policy is that you can tailor it to your needs. If you have financial obligations in your home county, or if you still own property there, these items can be discussed and included.
What Issues Affect your Expat Life Insurance?
A lot of things can, actually. Your overall health, and whether your new country of choice. If you are exposed to things like if there are risks of diseases, wars or other health risks. Even a high-risk lifestyle can have an effect on your policy.
If you are going to live a nice quiet retirement life, you should be fine, but if you are moving to work or volunteer as a missionary or other type of peacekeeping work, then that needs to be brought up.
If you are a daredevil, deepsea diving, cliff diving, mountain climbing, you need to discuss that with you expat life insurance provider.
Where can I get Life Insurance?
If you are starting from scratch you can find out about life insurance from any reputable insurance broker. They will be able to give you all the information you need to tailor a policy to suit your new lifestyle and your new life.
You can also find coverage through your financial institution. They can provide limited insurance until the other policy begins, cover any overlap and they can cover you while you are in transition. They will cover your travel time, if you are driving, or flying, that can be covered.
Depending on the country you are moving to, you may be able to get coverage there. It may be more difficult without a residency or passport, but this will vary from country to country.
What is Covered?
This is a great question to ask your expat insurance provider. If you already have health concerns, if the area you are moving to has their own health concerns, like hurricanes, tornados or other diseases like dengue or any type of air-borne disease, you should ask about coverage for these issues.
Living abroad shouldn’t be a worry, so you want to know that loved ones and any other financial obligations are going to be covered, should something happen. You also need to know if it will cover any emergencies and medical care if required, like a doctor’s visit or a hospital stay.
Medical expenses can run into thousands of dollars in a different country, you need to have that made clear in your policy. It may be an extra cost on the policy, but worth the upfront cost compared to what an accident or illness can cost.
How Much Should I Get?
This will depend on what assets you have. If you have children, or a mortgage, you need enough to cover those costs, should something happen where you cannot. Take out a policy to cover any expenses that will be left and something for your loved ones.
If you are mortgage and children free, then a smaller policy to cover costs for your partner or your end of life celebration. If you are moving with your whole family, children, and everyone, then your policy will have to reflect that.
Getting your expat life insurance is an easy and painless process. Find a good broker, get your policy in place and then get out there and enjoy life. If you have a healthy lifestyle, then insurance is just that, insurance.
With a proper attitude, diet, and exercise, you will be happy and healthy and enjoy your new life and your new adventure. it’s an exciting time in your life, and a great gift to be able to start all over somewhere new.
Whether it is for work, for retirement, for love or just because you want to travel, once you have everything taken care of, you can get on with living the good life in your new country.