Traveling abroad or living abroad is a new normal for many people, but what happens if the traveler dies while off U.S. soil? Will the life insurance be valid and payout to beneficiaries? Not all life insurance companies view travel outside of the U.S. the same and may not pay out benefits.
Contact your life insurance policy carrier with questions regarding life insurance coverage. Here’s where you should start:
Consider purchasing international life insurance which provides insurance coverage while traveling if you’re not covered. Like domestic term life insurance, international life insurance provides a lump sum if you die outside of the U.S. People that travel outside of the United States commonly use international life insurance. Whether it be for work or leisure and is a term policy from covering one week to ten years. Lastly, if you plan to live outside of the U.S. seasonally. Or for extended months in the same country. You may want to consider buying a term life plan from an insurance carrier in that country. The policy should pay benefits like a domestic life insurance policy but cover you while you are on that country’s soil.
Disclosure: The newsletter and links are being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.
Retire West Texas has helped individuals and couples, at all economic levels. We specialize in helping our clients achieve their financial and long-term goals and enjoy retirement. We work hard, smart, and we are ready for you. In conclusion, contact us today to schedule an introductory meeting and let Asset Care and Protection help you enjoy retirement.!