5 Things To Know About Life Insurance For World Travelers
5 Things To Know About Life Insurance For World Travelers

Life insurance aims to meet the funeral and burial expenses of a person in its most essential form. Some particular plans can also provide dependents with financial support and may come as a one-time lump-sum payment or a smaller regular payment. The coverage levels determine the exact monetary amount received by the nominee.

Like all other policies, there are some exceptions in life insurance plans too. These include things like abuse of drugs and alcohol. Usually, life insurance is relevant only in cases where there is a loss of life. It won’t help you if you end up with a severe injury or illness. But this gap can be quickly filled with additional insurance that will cover critical illnesses and permanent disability.

Life insurance and its need and relevance vary according to the particular stage of life. You should assess the same need at critical points like:

· Starting a new job

· Getting married

· Buying a new home

· Having children

· Retiring

Your lifestyle, age, and health status are the primary determiners of the policy cost. Furthermore, know that the best life insurance is Colonial Penn. That would mean cheaper life insurance for you.

Travel insurance is necessary, considering the tendency of Americans to tread across the globe. Term life insurance is also essential for people frequently traveling abroad. All of us expect that we will come back home safely when we venture abroad. But it would not be very reasonable to assume that it would always be the case. It is better to stay on the safe side. If you are going to be leaving on a big trip soon, the following information will help you stay safe:

  1. Decide the trip specifics – destination and duration.

There are country-specific codes assigned to different nations. The basis of these assigned codes is the safety levels for travelers in that country. Several factors count when these codes are assigned. They include:

· Famine

· Conflict or even worse war

· Disease

· The availability of medical care

· Economic problems

Life insurance companies then come up with underwriting guidelines. These guidelines are according to the code category a country falls under. The travel restriction in safe countries is relatively fewer. If visits to the country are warned against by the US State Department, then the company will, in all likelihood, reject your application.

Another vital thing to consider for life insurance companies is the trip duration. While granting insurance policies to travelers, the trip duration also counts. If you wish to stay more than eight weeks at one destination, the insurance cost is likely to go up.

  1. Common emergencies encountered while traveling.

When you are traveling, you are likely to experience various situations. While most of them might be pleasant, some might be adverse. It is not humanly possible to predict such undesirable travel experiences and emergencies. It is, therefore, an excellent idea to get life insurance beforehand. There are several international life insurance policies for you to avail of. Such specialized insurance plans are valid even when you are abroad. If you frequently travel to foreign lands, such insurance plans will provide you safety. It comes into play in case of emergencies you encounter while elsewhere abroad.

  1. In case of loss of life.

Losing a loved one is terrible on its own. But if they die abroad, the experience is worse still and even more devastating. Furthermore, you are also stuck with the additional financial burden that comes with the loss. The financial loss resulting from a loved one’s death while abroad makes the mourning even harder to bear. You need to pay for the additional costs resulting from the death in a foreign land.

It is only wise for a person who often travels to invest in a suitable term life insurance plan. It is a worthwhile investment that ensures that your near ones can transition into a life without you smoothly.

  1. The life insurance type also matters.

Life insurance plans and policies are of various kinds. Moreover, the policy specifics also vary from one company to another. There are broad categories of insurance plans as well. Sometimes your agent might conclude that you are not eligible for most of these programs. In such cases, ask for policies that don’t require physical exams or are accidental policies.

The chances are that the questions for such insurance policies will be more relaxed and lenient. There are specific policies that give you ample freedom. With these policies, you can insure your life without divulging your overseas trip the following week. This freedom is usually the result of the lenient framing of common insurance questions. Some accidental or no exam life insurance plans are even more sympathetic. You need to check out the policies and the accompanying issues that you must address for more details.

  1. Switching country of residence.

A life-insurance company usually will be very concerned about your future foreign travel plans. More so, if you intend to change your country of residence. You might need to divulge such plans if there are any. Some insurance policies also require you to mention any country you might have lived in the recent past. So, if you are looking for life insurance just before going on an ex-pat assignment, it is a bad idea. So is taking life insurance before a permanent change of residential country. As mentioned earlier, some countries favored by the insuring company might have a free pass and won’t cause a problem.

Final Thoughts

Traveling abroad is no longer a luxury. It has transformed into a necessity for both businesses and personal purposes. So, if travel is a part of your life, then it only makes common sense to protect you and your loved one’s life with insurance. With a life insurance plan, your nomadic life will get a much-needed amount of stability and certainty.