Piece of mind for your loved ones

Piece of mind for your loved ones

US Expat Life Insurance

US expat life insurance is definitely something you should consider after moving abroad, mainly because your provider from home probably won’t cover you. Just as domestic financial institutions can liquidate or freeze your assets after they discover you’ve relocated to a foreign country, insurance companies will most likely terminate your coverage if you don’t live within the 50 states anymore.

Before making the move, double check with your provider to see if they will continue to protect you and your family. If not, it’s highly recommended to have a plan in place before taking off. You may also want to check with your company to see if they provide any cover. Usually large corporations do to some extent, but sometimes it’s only limited to death in service benefits (which is usually not a large enough sum assured to provide for your family after death).

There are many factors that affect US expat life insurance:

  • Age. The older you are when you initiate your life insurance policy, the more expensive your premiums will be. This is the same will nearly every insurance provider in the world.
  • Country of residence. If you end up living in a more volatile place, there’s a chance that US expat life insurance plans won’t cover you, as the liability and risk of “the worst case scenario” happening is just too great.
  • TPD (Total Permanent Disability). Some life insurance companies provide TPD, which will pay out  a sum assured if you are paralyzed and are no longer able to work.
  • Critical illness. Similar to TPD, some companies will pay out a sum assured if you are diagnosed with a critical illness. This money can be used to help finance the fight against that illness, or provide an income for you while you’re hospitalized.
  • Child life insurance plans. While not popular in the US, in some regions (particularly in the Orient and Middle East), child life insurance plans are quite common. While living abroad, you may want to explore one of these policies. They provide cover on your children for critical illness and death, and they have an investment element that you can cash out at a later date to help pay for college and/or other expenses.
  • Sum assured. Just like life insurance providers in the USA, the larger your sum assured (i.e. the payout your beneficiaries will receive after death), the higher the premium.

To understand more about the different US expat life insurance options available to you in your specific region, along with help deciding between a term or whole of life contract, contact us today.



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