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In Today’s Article, I’ll Talk About The Importance Of Buying Life Insurance If You Either Work Or Live Abroad
I will also go through the eight questions you must know to ask.
Today’s Topic Overview:
- 8 Must Ask Questions When Searching For Life Insurance If You Work or Live Abroad
- #1 How Much Time Do You Work Or Live Abroad?
- #2 Where Do You Spend Your Time Abroad?
- Case Study Examples
- What Are Your Reasons For Purchasing Life Insurance?
- #3 How Can I Get Life Insurance Quotes Living Abroad If I’m Not Currently In The US?
- #4 How Will My Premium Payments Be Affected Living Abroad?
- #5 How Much Life Insurance Can I Get Whilst Living Abroad?
- #6 How Would I Go About Getting A Medical Exam For Life Insurance Whilst Living Abroad?
- #7 Why Get Life Insurance Whilst Living Abroad?
- #8 How Long Will My Life Insurance Last If I Continue To Work Or Live Abroad
- Top 7 Reasons People Buy Term Insurance
- Stories From The Field
- Next Steps
8 must ask questions when searching for life insurance if you work or live abroad
You currently live abroad, or you’re going to spend significant time abroad, due to retirement or work.
You’re curious to see what your life insurance options are. Is the life insurance that you purchased while you were stateside still good when you leave the country?
The life insurance options available to you depend on the specific country you live or work in. I’m going to go through eight particular points that you must ask before you make the decision of buying life insurance. You will be able to determine which of the options available to you are your best choice.
We’re here to help! If you have any questions or would like to receive a free, no obligation quote, please call (888) 626-0439. You can also submit a message to the left-hand side of the screen and we will reach out to you within the next 24 business hours.
1st How much time do you work or live abroad?
There is a major question that underwriters at different life insurance companies ask. We tell them our applicant lives or works abroad and they ask, “What portion of their annual time is spent outside of the US?”
Short-term time, such as a week to two weeks, makes very little difference on eligibility for insurance. The longer the time, the more impact there is on underwriting. This ultimately determines which price you would pay for insurance with that company.
This is why it’s important to work with a life insurance broker. At Buy Life Insurance For Burial, we’ve talked to different underwriters and different insurance companies. We can choose the ones that will give you the best advantage.
If you spend a certain amount of time outside of the country, that’s okay. Let us know. We’ll do our job following up with different life insurance companies. We’ll see which ones are the best to do the job for us to help you out.
2nd Where do you spend your time abroad?
The underwriter will also ask, “Where do you live?” As you’ll see below in my list, there are certain countries that are ‘no-go zones’. Underwriters feel that they are too risky for them to ensure somebody’s life safety.
These are typically third world countries that are known to be dangerous. War-torn areas in which your life is in immediate danger. However, there are plenty of countries that are considered first world. Underwriters have no problems with insuring somebody in these countries.
Check this list out below. It will help you to better conceptualize which areas are acceptable and which areas are not. Even if you do live in an unacceptable area there are possibilities.
Plans called ‘simplified issue‘ are whole life plans that do not have area travel restrictions. They can get you covered. This is a special product that Buy Life Insurance For Burial represents. It can better help you out. We can help you determine what kind of plans are the best suited for what you’re trying to accomplish.
3rd How can I get life insurance quotes living abroad if I’m not currently in the US?
You are a US resident, but you currently live outside of the country. Perhaps you do business in another country but you maintain a residence inside of the United States. There are options for coverage that will work with you on getting insurance.
Most likely you’ll be looking at what’s called a ‘non-medical‘ life insurance. Non-medical life insurance products do not require an exam to get you qualified. What happens is that life insurance companies will pull up your health history.
They’ll determine your insurability based on what your medical records state. This is a simple solution because exams taken outside the US are usually not acceptable.
Pulling records that you currently have in the US is acceptable. This is an option for life insurance available to you if you live outside of the US. If you can travel to the US to get an exam, that’s acceptable too.
Case study examples
Married Couple with Health Problems
At Buy Life Insurance for Burial we work with a diverse range of people in different life circumstances. One such couple came to me recently after having just got married. They felt after the wedding like they were financially responsible for each other and wanted to secure life insurance to ensure if something happened to either of them the surviving partner wouldn’t have to worry about finances.
Though the two individuals were in their late 20’s, they were not without their share of health issues. The wife suffered from high blood pressure and the husband had a history of depression. They were both on medication to prevent further complications and worried that this would have an affect on their ability to qualify for insurance at an affordable rate.
Because we work with a number of providers I was able to shop for the best deal given their health circumstances. They were very pleased with the coverage option and happy that it fit within their budget restrictions.
Though we can’t promise coverage for every individual, we do our best to get coverage for every client that contacts us.
Retirement Coverage at an Affordable Price
An older gentleman named Mr. Rose got in touch with us because he was nearing retirement and feared if anything happen to him his wife, who did not have as nearly as much in retirement savings, would struggle to keep their financial commitments.
Mr. Rose was in generally good health, but he shared that he had been treated for cancer a number of years before. While he was doing well and in remission, he worried this would have an affect on his application.
Luckily we work with individuals with a history of cancer all the time. We were able to shop the specific providers that have experience with underwriting this kind of health concern and were able to provide Mr. Rose with first day, full coverage at an affordable rate.
What are your reasons for purchasing life insurance?
Most of our clients at Buy Life Insurance For Burial want their debts and obligations covered. They need to cover their mortgage or they have expenses that upon their passing need to be paid. Life insurance acts as a great vessel to take care of those payments.
Life insurance does a great job of doing that. We can get as little as $50,000 to $100,000 in coverage or as much as multi-millions. What your number is depends on the expanse of your need.
It’s hard to tell you right here in an article, without a conversation with me or one of my representatives, what that number could be. We promise to give you different options. To let you know what the amounts will be. Ultimately our goal is to satisfy. To get you enough coverage to feel confident and also to make sure that it’s affordable.
4th How will my premium payments be affected living abroad?
Depending on the country that you live in, living abroad may adversely affect your premium payments. Living in a first world country (such as most countries in Europe or in certain Southeast Asian countries) will not have an effect. Your eligibility and your rating (meaning your price point on your premium payments) will be the same.
Say you have resided in a higher risk country. Underwriters may make a determination that rating you with a higher premium is necessary to cover the risk. Ultimately, I and the team will have to discuss this matter with you directly.
We will determine where you live and the circumstances in which you live there. We will then discuss how the underwriters at the insurance companies would rate these particular details. The funny thing in the life insurance businesses is that all companies look at these circumstances differently. Whilst one may write you up, another may not.
If you like what you’ve read so far, give us a call for a free, customized quote. Speak to one of our expert representatives at (888) 626-0439 or send us a message with your contact details and we will be in touch soon with a no-obligation quote.
5th How much life insurance can I get whilst living abroad?
6th How would I go about getting a medical exam for life insurance whilst living abroad?
There’s a couple of ways that you can handle this if you’re applying for life insurance. Here are my recommendations. You can wait until you come back to the United States to get life insurance. Exams are required, in most circumstances, with most life insurance companies.
There may be some exception to this. We can certainly see what the options are. If you do a ‘non-medical’ life insurance application, where no medical exam is required, you don’t have to be in the US to do this.
The cons are that it’s going to cost you a little bit more. There’s no up to date information to be collected. However, this may be the only option to get a solution.
If you are dead set on getting an exam then you may want to schedule one for the next time that you come home. We can schedule it. Professionals can come to your home, on your schedule. They can do what they need to do at your home or at your office.
If you’re not going to be in the US for a long time, another solution is to start by getting a non-medical policy on the books. You can move to a fully underwritten plan as soon as you come Stateside. That way you can at least get some kind of life insurance on the books.
Say that you’re diagnosed with an ailment that prevents life insurance coverage. As soon as you get home we can rewrite a policy on a medical exam basis. That will allow you to get better coverage at a better price.
This is a good solution to solving this problem. The worst thing you can do is wait until it’s convenient to buy life insurance. We don’t know when we’re going to die, right? So that’s why it’s important to get it while we can still qualify.
7th Why get life insurance whilst living abroad?
Let me give you some reasons that I’ve come across as to why it would be a great idea to own life insurance if you live abroad. They are the same that you would have if you live within the US. It goes back to the fundamentals of why anybody would consider buying life insurance. You want to get life insurance because you love somebody. You love them and you don’t want to shackle them with debt that will ruin their lives for many years to come.
People like you buy life insurance because they want to give their spouse and kids a good life. You also want to be a responsible adult and buy life insurance to cover financial obligations. Obligations that you have made in life that you cannot pay in death, such as mortgages, credit card debts, or business loans.
A lot of people become interested in buying life insurance when they live abroad. They may fear that access to medical help abroad is harder to get. Also, with their absence, the family get to physically feel what it’s like to have them gone.
Your family, your children, are without you physically for extended periods of time. It makes you think about what would happen if that was a permanent situation, not just temporary. Thus the motivation to buy life insurance comes about.
8th How long will my life insurance last if I continue to work or live abroad?
It’s a great question. Life insurance can be customized to your circumstances.
How much do they owe on their home? How much do they make a year? Imagine that wiped away. How would that affect their family’s lifestyle?
From there we craft a basic needs analysis. We’ll see what’s necessary to fully protect the surviving spouse and family members if the person living abroad were to pass away. We also discuss the importance of the different options for life insurance that are available. We talk about term insurance and permanent life insurance like universal or whole life insurance.
Stories from the field
The story I want to share from my personal work in the field demonstrates how many people are overpaying for their life insurance and don’t even know it. This is just one example of how working with a broker can make a difference.
Many years ago I went to visit a client who lived just outside Chattanooga in a small town called North Ridge. What struck me as I pulled into the drive was a bright pink mailbox out front with a matching pink Cadillac parked in the drive.
I went to the door and an older woman answered and introduced herself as Anita. Miss Anita invited me into her house and we took a seat in her living room to discuss her life insurance.
Come to find out, Miss Anita was one of the lucky survivors to leave New Orleans during hurricane Katrina. SHe survived by swimming through the French Quarter while hanging on to the back-end of a casket.
Her harrowing tale got even more interesting when she told me she made it to the highway where FEMA had set up a transport and none other than Al Gore himself arrived in a plane to personally escort her to safety.
Apparently he’d been told about how she had managed to make it through the hurricane to the highway and wanted to do something to help out. She told me how surprised she was when she learned AL Gore would be her pilot.
After telling me all of this she said the whole experience had made her think about her life insurance policy. She was paying on a funeral arrangement plan that was costing her $250 a month for a $8,000 funeral and she wanted to know if she was paying too much.
I was shocked by the amount and asked her about her health and a few other details, only to discover she was indeed being overcharged.
I did some price checks for Miss Anita and was able to get her quality coverage for $1,800 less a year. She was enthralled and thankful that she had made the decision to get in touch with us.
I share this story to say that many people, especially seniors, are taken advantage of by agents who claim to have the best policies out there. When in truth they are over priced and not always as great as they claim.
Buy Life Insurance for Burial acts as a broker, which means we have access to a number of different providers that give us the ability to shop the best prices and coverage. This means you get the best deal and don’t have to worry about paying more than you should for coverage.
Term insurance is designed to be temporary insurance. Typically it lasts between 10 and 30 years. You can tailor it to anytime in between, usually in five-year increments.
The way my term insurance policies work, the coverage amount stays level for the entirety of the period of term. When a person dies, either by natural or accidental death, the policy pays out a lump sum to the prescribed beneficiary policy.
For example, a client that lives abroad, 50 years old, looking to retire at 65. By then, he wants to be making $100,000 a year. I would recommend approximately a million dollars in coverage.
A quick and fast rule of thumb is to have 10x what you make per year in life insurance coverage. This case would be protected for a million dollars. That gives his family ten years of life insurance coverage to protect them if he dies earlier than expected.
If something happened, abroad or in the US, that amount of money would be paid to survivors. Loved ones are protected with a lump sum for a million dollars. They can manage with that for a very long time without having to much change their lifestyle.
Top 7 reasons people buy term insurance
1.Meets your budget
Many people are on a tight budget and can only afford a set amount for payments on life insurance each month. The great thing about term insurance is that it is affordable and allows you to get the protection you want without breaking the bank.
If you are concerned about what would happen to you loved ones if you passed away unexpectedly and your income was taken away, term insurance can serve as income replacement.
Simply name a beneficiary who will receive money upon your passing and they can use those funds as financial support to continue to make payments and fund their cost of living.
Term insurance can continue to fund your retirement plan long after you have passed away. This gives you peace of mind in knowing your loved ones can benefit from your retirement fund when they need the financial stability most.
4.Out of love
Those who have kids or a spouse understand the desire to protect and take care of those you love. Term insurance is a great way to ensure the ones you love are taken care of financially should you die sooner than expected.
It helps relieve the financial burden of losing your income and allows your family to continue living at a standard they are comfortable with.
Term insurance can be customized to a length of time that suits your particular goals. For example, if you are looking to cover a 10 year bank loan, you can get term insurance for that 10 year period. Or if you have a 30 year mortgage, you can get term insurance for 30 years.
6.Pure insurance need
Term insurance is one of the more straightforward types of life insurance. It serves one purpose – to provide you with life insurance and payout funds to your beneficiary if you die within the term period.
There are no extras to drive up the costs and plenty of consistency when it comes to payment and coverage.
7.Exams are optional
Due to the competitive nature of life insurance, most companies recognize that some individuals want to get life insurance without taking an exam and now offer exam-free coverage. This is good news for those who don’t like doctor visits or simply want to skip the exam process.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Permanent life insurance is purchased for permanent problems. To cover cost or debts that we know we will experience when we die, whether it’s early or later in life. These include funeral and burial expenses, or plain old income replacement.
Sometimes one spouse makes significantly more money than the other. In retirement, the difference in earnings based pensions is large. The other spouse may not have worked.
That pension earning spouse then passes away and there are very little savings to accommodate the other. The lifestyle of the surviving spouse will change dramatically. This is where a permanent plan is very handy.
We can design a plan using whole life insurance, universal life insurance or index universal life insurance. This will provide a death benefit to the survivor. It replaces that lost retirement income and guarantees that some death benefit will take place. They will not be put in economic strife. For a monthly stipend, it makes it easier for longer for the surviving spouse to get affairs in order and to downsize if necessary.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
A conversation with either myself or my representatives will help you to determine what’s best for you. We can work out which kind of plan you need by asking you a series of questions. We don’t pressure. We simply investigate what matters to you. Through that process, we can give you quotes on the best-priced plans for your needs.
If you are ready to start the process of purchasing a life insurance policy while you’re working or living abroad, here’s what you need to do next:
I hope this article has proven useful to you! If you still have lingering questions or would like to find out what your monthly premium might look like, give us a call today at (888) 626-0439. You’ll speak to a friendly expert in the field who can provide you with a customized quote.
There’s no denying the importance of having quality life insurance in place. It can make an unimaginable difference in the lives of those you leave behind.
Even if you think you may not qualify or you can’t afford life insurance, we are able to shop a number of providers and often surprise our clients with the quality and low cost of a policy customized to their specific needs. If you would like to find out more, please get in touch today. Thanks for stopping by.