Unfortunately, there is no choice when it comes to terms of life and death. It is a matter of destiny and time when it will happen. So it becomes very important to prevent your loved ones from problems that your death might cause. Buying a life insurance is a smart decision not because you are helping financial markets, but you are purchasing a freedom assurance even during the toughest times. If you are an expat or in fact planning to become one, it will be tough to get full benefits with an ordinary life insurance policy.
Getting life insurance will save your future from outstanding liabilities, such as mortgage, credit card balances and other loans. There are even some plans that will pay your medical expenses during your serious illnesses or before your death. Life insurance will save your children from unpaid taxes on your property or other fees. Sounds great! But what if the unthinkable happens during your international visit, an untimely death? Just the thought of that is scarey. Do you feel prepared? If you do not, then it is time to ensure you make some preparations.
First of all, there are basically three types of life insurance: Term Insurance, Whole Life and Universal Life. They differ in the terms of payment, duration and features. For an expatriate, it is the best option to take an expat life insurance before moving. Once you become an expat the terms and conditions of your life insurance policy might not cover everything. Life insurance for international travelers depends on the country you are living in and your nationality.
Mortality and morbidity are the factors that will determine the terms and conditions of the policy and will be considered by the insurer. The factors of your job, where you live, your age and medical history will also influence the policy. These things will help them in determining your life expectancy, such as the chances of you getting sick with a specific illness which is common in that region. It is easy to predict the mortality and morbidity in your country, however, it becomes difficult predicting the same if you travel to other countries. That is why insurance companies are refusing to take that risk when you are going to live in another country.
You shouldn’t rely on your ordinary life insurance if you are going to become an expatriate. Overseas life insurance is a secure option if you are going to be traveling a lot. Just remember, time is not always your friend, so do not put yourself at a greater risk by hesitating even for a moment. Also, you should consider buying life insurance under 30 as the premium rates and insurance quotes are minimal at that time.