May spouses with no income, apply for an international term life insurance investment? Yes, is the simple answer! Of course one has to go through underwriting and meet all the other qualifications the underwriters will request.
Good Neighbor Insurance provides international term life insurance for those residing outside the U.S. You may view our international term life insurance plans here at https://www.gninsurance.com/health/term-life/.
Here are a couple questions and answers that we want to share with you all (all in USD):
Question 1: Regarding someone who has no annual income (in this case, a stay-at-home-mom), what is the maximum coverage amount they can have on international term life?
Answer 1: Typical, if spouses buy coverage together and one is a stay-at-home caregiver, we give them the same limits as the working spouse.
Question 2: What is the highest face amount a spouse who has no income can get on your international term life insurance policy?
Answer 2: One can request a face amount of $50,000. However, we will be glad to go up to as much as a $250,000 face amount dependent on the family’s income and assets.
For more information on our two international term life insurance benefits please go to:
Option One: https://www.gninsurance.com/petersen-international-term-life-insurance-residing-outside-u-s/
| Eligibility | · International term life policy is available to U.S. expatriates living outside of the U.S. |
| Worldwide Coverage | · Worldwide “Death All Causes” coverage available in broad range of countries
· “Natural Causes Only” coverage available in high risk locations, i.e. – Iraq and Afghanistan |
| Policy Term | · 6 months to 10 years. |
| Death of all causes | · 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 such as (at this time) Iraq.
· Example of a death due to a war or terrorism situation: Client purchased the Term life policy and is residing / living in 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. |
| War and Terrorism | · Fully covered unless you are involved in a military or militia. |
| Nuclear, Biologic, and Chemical (NBC) | · Fully covered unless you are involved in a military or militia. |
| Residency Conditions | · None.
· This means that if you are back in the U.S., to stay, you may still keep your international term life policy and still be covered here in the U.S. during the rest of your term life policy period. |
Option Two: https://www.gninsurance.com/clements-international-term-life-insurance/
| Eligibility | · Program is available to professionals working and living outside of their country citizenship, regardless of nationality. |
| Natural Causes Only (NCO) & Death All Causes (DAC) | · Exclusion applies to both your NCO or DAC policy. These situations are not covered: Suicide, death as a result of criminal act by insured, nuclear, chemical, biological, war, and terrorism. |
| Worldwide Coverage | · Worldwide “Death All Causes” coverage available in broad range of countries
· “Natural Causes Only” coverage available in high risk locations, i.e. – Iraq and Afghanistan |
| War and Terrorism and other exclusions | · In general war and terrorism is covered by the policy. The only thing that is not covered is nuclear, chemical, and biological terrorism. Any other acts of war or terrorism, for example an IED, suicide bomb, etc., would be covered.
· As we discussed on the phone, the contract is slightly confusing because war and terrorism are listed in the exclusions section. This is because all standard Lloyd’s of London contracts exclude war and terrorism. However, in this policy an endorsement is included at the end of the contract under the War and Terrorism Clause which specifically includes war and terrorism. Therefore, war and terrorism are covered except for in the specific case of nuclear, chemical, or biological terrorism as mentioned above. · Other exclusions include criminal acts, suicide, drugs and alcohol, and an illness waiting period. If the insured’s death is a result of a criminal act committed by the insured, then that is excluded. If the insured commits suicide, then that is excluded. If the insured’s death is caused by drug or alcohol use (excepting drugs used as prescribed by a doctor), then that is excluded. · Lastly, death caused by illness that occurs in the first 6 months is not covered. Death caused by illness after the first 6 months is covered. |
| Policy Term | · 1 to 10 year terms |
| Residency Conditions | · If an insured permanently returns to their country of citizenship, for a period longer than 6 consecutive months, this policy will be canceled
· If the policyholder relocates back to North America no longer going to be an expat outside of North America), then they can typically keep the policy through the end of the term before the next annual renewal payment. At the end of that annual policy (when they pay for the next year’s policy premium) the policy will end. However, this is handled by the underwriters on a case by case basis, and the determination is not made until we receive notification that the client has moved. |
If you are interested only in Accidental Death and Dismemberment (AD&D) we also provide that great investment. You may view this investment for you and your family here at https://www.gninsurance.com/health/accidental-death-dismemberment/petersen-adnd/.
For more information please call our educated and professional international insurance agents here toll free at 866-636-9100 or at our Arizona office at 480-633-9500. You may also email us at info@gninsurance.com or go to our main web site at www.gninsurance.com for more information.
Thank you for allowing us to share these great international term life insurance benefits with you. As an insurance agent and co-owner of Good Neighbor Insurance (Doug Gulleson) I personally hate insurance – but I love insurance when I need it. It is hard to pay a premium for a benefit(s) I am not seeing but I know how important those benefits are for me if I fall prey to a disaster of some kind. Thus, in the end, I totally love and believe in the need for insurance. Because insurance is an investment – a partial or full replacement of a loss I may come across in during my lifetime. International term life insurance is a great investment to make sure your spouse/family has the life that they had while you were here to provide that lifestyle to them, even if you did not have an income. This is why we strongly believe in the benefits an international term life insurance provides to those who are residing outside the U.S.
