Living overseas in a high-risk country either by choice or obligation presents a greater level of danger to you and your family. To make things worse, your domestic life insurance policy may not pay if something were to happen while living abroad. You certainly want to protect your loved ones financially in case of your untimely death. Can you even qualify for a term life insurance policy while you’re overseas because of your location or lifestyle?
Good Neighbor has good news for you! We’ve been looking high and low for a strong international term life insurance plan for high risk countries and we found one!
What is the Recommended Term Life Insurance for High Risk Countries?
Good Neighbor highly recommends Insured Nomads Term Life Insurance for expatriates residing overseas for more than a year. This policy is specifically designed to meet the needs of the globally mobile, digital nomads and international travelers.
We’ve learned that many people can’t get a domestic life insurance policy once they start their new overseas lifestyle. They may also find that their existing domestic policies become invalid once they travel outside their home country long enough or when they permanently move overseas. This could potentially leave a family unprotected in the event of untimely death.
What are the Benefits of the Insured Nomads Term Life Policy?
Here are some of the important benefits of the Insured Nomads Term Life Policy:
Worldwide Protection: covers 171 countries, including high-risk nations
“Death of all Causes” Coverage:
- Regarding the “death of all causes” International Term Life policy, there are no exclusions for war or terrorism or nuclear, chemical or biological warfare, or even suicide if you are not residing in a high-risk country.
- Example of a death due to a war or terrorism situation: Client purchased the term life policy and is residing/living in the UAE. If the insured travels to Baghdad, and is killed in Iraq due to a war or terrorism (since the coverage is worldwide) situation, the policyholder would be covered.
- However, if the policyholder is residing/living in Iraq, then the policy would not be issued a “death of all causes” term life policy. For someone living in Iraq and most other war-torn countries, we would offer “death of natural causes only” coverage. However, UAE is not one of those countries so “death of all causes” would be in their international term life policy.
Flexible Term: you choose the length of the term of the life insurance policy, from one year to 30 years.
Affordable and Level Premiums: insurance premiums are less than you would expect considering the exposure you face and they are guaranteed to be level through the term.
Is the Insured Nomads Term Life Policy Available to Non-U.S. Citizens?
You may be a non-U.S. citizen and request this term life policy. However, you will need a U.S. address to do so.
How Much Life Insurance Coverage Should I Get?
You can take the same approach to determine your life insurance coverage needs while living overseas as you do when you are living in your home country. You should get enough life insurance coverage to cover your salary, dependents, debts and other expenses. According to the Life Insurance and Market Research Association, some experts recommend having enough life insurance to replace income for 7 to 10 years. Other insurance experts recommend coverage that is 10 – 15 times your income, to account for inflation, market returns and average household expenses.
One popular method of calculating your life insurance needs is to add your mortgage balance, your outstanding debt and the projected cost of your children’s college education. Then add your income multiplied by the number of years your family will depend on it. You can also add end-of-life expenses, such as funeral and burial costs.
Do I Really Need Term Life Insurance if I Have No Dependents?
Maybe you’re not married and don’t have children, so you don’t have anyone depending on your income right now. You may think you don’t need life insurance. Yet it could benefit you to purchase a policy now to lock in a more affordable premium for when that time comes. Or someone, such as an aging parent or disabled relative, could become dependent on your income later in life.
Another reason to have life insurance is to make sure all of your debt is paid off if something were to happen to you. Or you may want to leave a legacy and could designate a portion of your policy to a charity, school, fund or person. There is also something to be said for maintaining a life insurance policy while your health is good. If your health should change in the future, you may not be able to get a good price or may not qualify for a policy at that time.
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Good Neighbor Insurance provides international term life insurance for high risk countries and for all expats residing outside the U.S. Please connect with one of our licensed international team members to find the best term life insurance policy coverage for you and your family. You may call one of our trained agents at our toll free number, 866-636-9100 or email us at [email protected]. Or you may call our Arizona office at 480-813-9100. We are here to serve you, our guests!