Moving internationally is very exciting, but it can also come with many unique challenges to face. Regardless of where you live, it’s important to have life insurance in place to protect you and your family. A good life insurance policy will cover your burial and memorial costs, as well as pay off your debts and support any family members that are currently relying on you for income. Living overseas is always an adventure, and you want to make sure that you and your family are prepared no matter what happens. Here’s everything you need to know about buying life insurance while you’re living overseas.
US Citizens Living Abroad
If you are a US citizen and you are about to move abroad, you should check your life insurance policy before you leave. Some insurance policies will continue to cover you even when you are living out of the country as long as you make your payments, but many could possibly change your rates. If you’re already living abroad, you can look into both US-based and internationally-based life insurance companies by comparing life insurance quotes for both and finding the one that covers your needs for the lowest total cost. Depending on where you are going, you may be able to get life insurance coverage where you are currently living, which might be the better option if you are planning on staying there for a long time. Many US-based insurance companies will charge much higher rates for someone traveling abroad. If you are traveling to a country that has a culture of civil unrest or that is thought to pose environmental or sanitary risks, your insurance costs could go up quite drastically.
If you would prefer a US-based life insurance policy, you can get in contact with an independent American life insurance agent. They can help you find a new policy that will cover your unique needs as you travel and live abroad. Keep in mind that you may need to come back to the United States to receive your life insurance policy in some cases. It’s important to shop around when looking for this type of insurance to make sure you get the best rates. Rates can vary widely from company to company, so look at every option available to make sure you haven’t passed over something that’s a good fit.
Non-US Citizens Living In The US
If you are a non-US citizen living in the United States for an extended period of time, you may want to purchase life insurance here. Even if you aren’t a US citizen, you can get insurance in the United States if you establish residency here. However, you generally need to either be working in the United States or have family living in the United States – you can’t get insurance in the US just by taking a long vacation here.
To qualify as a resident of the US, you must have a permanent residence here, and you cannot live outside of the US for more than three months of the year. You will need to live in the US while you purchase and receive your life insurance, and you will need to be able to provide proof of residence. When you apply for life insurance, you should make sure to check with your insurer about their policies regarding travel and moving back overseas. If you think that you may move back home at some point, you should look for a policy that will cover you in the event that this happens.
When you get life insurance in the United States, you will need to take a medical examination. Some policies do not require a medical exam, but most still will. Life insurance companies base their premium prices off of how much of a risk they consider you to be, and part of that is dependent on your health. Chronic illnesses, a history of illness in the family, a history of smoking and heavy drinking, and obesity can all factor into higher premium pricing. Premiums also tend to rise a bit as you get older. Before your final premium prices are determined, you will need to be examined by an approved medical examiner from the insurance company. They may come to your home to do the examination, or in some cases, it may be in an office. They will typically interview you about your health and do some basic tests. A blood sample may also be required. The more coverage you are requesting, the more in-depth your medical examination will be.
You may also need to acquire a copy of your medical records from your home country when applying for life insurance. If you can, get a copy of your medical insurance before you leave, as you never know when you may need them. The insurance company also may ask to be put in touch with your primary care doctor overseas. Once they have thoroughly verified your health, as well as your residency and income status, they will make an offer for life insurance, which you can accept, or opt to shop around somewhere else.
Regardless of whether you are a US citizen living abroad or an international citizen living in the US, you want to make sure you get the best policies for your needs. That’s why it’s important to shop around and use independent insurance agencies. Get quotes from multiple insurers before making a final decision, and make sure to read the fine print and thoroughly understand your policy before signing. With some good planning, you can find insurance that will cover you as you travel abroad and back home again.