Expat life insurance

More and more people are choosing to move abroad; be it for work, education or just for a change of pace and lifestyle.

This big life change can bring with it an increased level of risk, highlighting the need for adequate life cover to protect your loved ones should the worst happen.

While there’s no such product as expat life insurance, it’s often a term used to describe the life insurance options available to expats.

But exactly what policy options are available?

We can’t secure life insurance for expats at Reassured but we’ll help to shed some light on the subject and answer some commonly asked questions in this article.

Keep reading to find out everything you need to know about expat life insurance…

Both level and decreasing term life insurance policies are available to expats through some providers.

Please be aware that not all providers will offer life insurance to expats.

Term life insurance is a form of life insurance that lasts for a specified period of time (the term).

If you pass away during this term, a pay out will be made to your loved ones.

You’ll pay a monthly premium which will be calculated at the point of application using information such as:

• Your age
• Smoking status
• Health and wellbeing
• Level of cover
• Policy length

When taking out life insurance as an expat it’s also likely you’ll be asked questions regarding your emigration so that insurers can get a better idea of the risk involved.

If you’ve moved to a country that is considered ‘high risk’ (eg. those at war) or have a high risk occupation while living there you may experience inflated premiums.

The terms and conditions of the policies offered to expats will likely vary between providers.

Some providers may offer whole of life insurance to expats, however not all will provide this option.

As cover lasts for life, you’ll need to pay premiums for the rest of your life to keep your cover in place.

As it’s likely you’ll experience higher premiums due to the added risk of living abroad, this can become an extremely costly option for expats.

Comparing quotes is essential to securing cover that meets your new requirements at a cost-effective price so you may need to shop around.

As discussed above, if you have an existing life insurance policy it’s likely that your cover will remain in place.

If you have a long-standing policy, it’s likely your cover will remain unaffected but it’s best to consult your provider to let them know of this change.

If you’re moving abroad and are trying to secure cover, you may be declined depending on how soon the move will be.

Each insurer will have different terms and conditions regarding providing life insurance to expats.

The cost of life insurance for expats will be calculated by taking your unique circumstances into consideration.

Expats who’re looking for life insurance will often be considered on a case by case basis using the above information.

It’s likely your premium will be more expensive to compensate for the increased risk of living abroad.

If you’re moving to a high risk area (those at war, in political unrest or prone to outbreaks of disease) or the occupation you’ll be employed to do while there is considered dangerous, you may be charged even more.

To secure the most affordable cover, you’ll need to compare the different offerings from various providers to make sure you’re getting a great deal.