Frequently Asked Life Insurance Questions

 

faq

Everybody has a set of individual circumstances that are clearly unique, and your Life Insurance coverage will need to
reflect this, especially when you are an Expat needing Life Insurance Abroad. For example, an accident in the family may
result in higher medical costs for non-nationals depending on where you are, as will extras, such as critical care, if required.

For Ex-pats, it is likely to be important to arrange Insurance Policies for Foreigners that have international coverage.
The most effective solution could be to take out a portable policy that can move with you, wherever you are in the world.

Insurance provides a vital protection against the impact of unexpected events and should be tailor-made to reflect you
and your family’s needs and circumstances.

Why Buy Life Insurance?

There are four important reasons to purchase Life Insurance for foreigners:

  • Income Replacement. When a couple plans to exist on two incomes, and the income is reduced to one because of death, Life Insurance Policies can help. The death benefit paid to your spouse can help maintain the lifestyle to which she or he is accustomed.
  • Mortgage Protection. In the event of death, Life Insurance Policies may be used to pay off outstanding balances on mortgages.
  • College Funding. In the event of your death, your Life Insurance Policy can help to pay for your children’s education.
  • Final Expenses. Medical bills, funeral expenses, and burial costs can add up quickly and usually cost thousands of dollars. Few people want to face their own mortality, but a Life Insurance Policy will help your family handle these expenses after you are gone.
Who Needs Life Insurance?

Anyone can benefit from a Life Insurance Policy. Life Insurance for Ex-pats help pay for expenses that remain after a death. Almost everyone will acquire some type of medical expense upon death especially while residing abroad. The same applies to funeral expenses.

Beneficiaries are not always family, spouses, or children, they can also be another individual or entity to cover debts. Life Insurance Policies do not exclude single individuals. You may choose anyone who is financially dependent upon you as your beneficiary to help pay for expenses and obligations after you are gone or as a Charitable Gift.

When Should I Purchase Life Insurance?

As soon as an Insurable interest emerges such as Pregnancy, Purchase of a new home with a Mortgage or establishments of a business partnership. Death or serious injuries can come at any time. Purchasing Life Insurance as soon as you are able is the best time to do so because you can lock in a lower rate at a younger age. Many people find reasons to put off purchasing Life Insurance, believing that there is always more time to pick up a Policy. That time is not always there and delaying this purchase will cost More.

What Are the Various Types of Life Insurance Plans for Foreigners?

There are several types of Life Insurance Plans for Foreigners or Expats. In order to get the best policy to fulfill the needs that you have established, you should research what plans of insurance offer the most affordable rates at the highest benefits available. Types of Life Insurance include:

  • Level Term Life Insurance Coverage for a period of 10, 20 or 30 years
  • Whole Life Coverage
  • Universal Life Coverage
  • Endowments
  • Accidental Death
Is It Expensive to Purchase Expat Life Insurance?

No. Life Insurance Abroad.com has partnered with the most Affordable & Highly Rated Life Insurance Companies with generous death benefits. As high as 20 times your Annual Income.

Are there any Tax liabilities Involved?

No. Life Insurance Abroad.com specializes in Level Term Life Insurance. Tax liabilities only arise if you withdraw cash from a whole or universal Life Insurance Policy. At present, we do not advocate cash value Life Insurance Policies due to the current interest rate.

Can I Change My Life Insurance Policy Once I Purchase It?

Yes. You can always increase your death benefit, as long as you medically qualify. Life Insurance companies are aware that situations arise that may require you to change the way you handle and plan things. Beneficiaries can change, as could the amount that you wish for your Life Insurance Policy to be worth.

Who May I Designate as my Beneficiary?

Anybody or any Entity that is depended upon your income. You can assign anyone to be your beneficiary as long as they have an insurable interest in your ability to earn income. If you choose, you can have an individual, business partner, multiple people, a charity, a trustee, or your estate listed as your beneficiary.When you name a beneficiary, it is important to remember that you need to be clear about who receives the benefit and what he or she will receive.

How Much Life Insurance Should I Purchase?

As much as your financial obligation require. Gather all of your financial information and begin sorting through what expenses may remain once you are gone.

Click Here for details on Life Insurance Planning.

For those who do not have family or dependents to care for, an Insurance Policy that covers the funeral expenses is adequate. For those with family and dependents, it is important to calculate all of the expenses that you will be leaving behind and the expenses of your dependents no matter where in the world you may be.

Can I Buy Policies for More Than One Person?

Yes. Joint or Group Life Insurance policies are available for those who want to have one plan that will cover more than one person. As with standard individual policies, working with our Life Insurance agents is the best way to establish what needs to be done upon reaping the benefits.

For additional information regarding Life Insurance Terms, please visit https://www.iii.org/resource-center/iii-glossary