Many don’t know how important international life insurance is and it ends up being a bit of an afterthought. Travelers make sure to find coverage for their actual trip and their health, but often neglect the life insurance part of the search. There are many reasons why you need this type of coverage when traveling.
Most of the time you take out a life insurance policy to protect your family from the expenses that would come along with your death. This can include funeral costs, lost wages and other financial needs. If you are the sole provider, your policy is probably set up in a way to ensure your family is taken care of if you do pass.
When you travel abroad, you change your risk level and, in most cases, the benefits your policy covers. Expenses, such as shipping your body back to your home country may not be covered and your policy may not pay out the same way it would if you pass within your home country. If your family doesn’t have any savings to fall back on, they may be stuck with many bills they cannot afford. This could completely turn their financial life upside down, which just adds to the fact that they will already be mourning the loss of you.
Your current life insurance policy probably has exclusions that will come into play if you travel abroad. This is the gap that an International life policy can cover and if you end up in one of the excluded situations, it will cover you. It’s not a good idea to leave yourself at risk, but it’s even worse if both you and your life insurance policy are at risk.
Have You Been Rejected for Domestic Life Insurance?
Sometimes when you apply for a domestic life insurance policy and you state that you either travel overseas on a regular basis or live outside the United States for part or all of the year, you get rejected. This is normal and has to do with the risk level you present to the company. They won’t issue a policy if you seem like too much of a risk.
This is where international life insurance companies can help. They can provide the proper coverage for your needs including a variety of terms and death benefits. If you travel outside the United States a few times a year or spend a good portion of the year outside the country, adding this type of policy to your portfolio will help protect you and your family.
International insurance companies can help you, even if you work in a hazardous occupation. They have plans for many risk levels. Coverage depends upon your health, occupation, income, and the counties that you travel to. Of course, it all depends on where you will be traveling or living and what your actual occupation is. Some policies fit better for those considered a higher risk than others.
Additional Benefits through Riders
Not only can the right insurance company help you get a life insurance policy for international travel, but they can also help you get riders to provide additional benefits. One such rider, the waiver of premium will pay your life insurance premium should you become disabled.
Protecting your actual trip and your health are very important, but don’t forget about the family you are leaving behind. In the unlikely event that something does happen, you want to ensure your legacy is protected and International life insurance can help protect the financial well-being of your family.
It doesn’t matter if you travel for work or pleasure, you need this valuable coverage, especially if you know there is a possibility of danger. Some trips abroad, such as a safari expedition, scuba diving, deep sea fishing, taking a cruise or any other trip that could put you directly in harm’s way, could end in catastrophe. With the right insurance coverage, you can protect your own health and your family. It’s important to make sure you are properly prepared and getting the right travel insurance will help you rest easy and enjoy your trip.