Share:
How Can Life Insurance Coverage Be Affected by Foreign Travel?
You love to travel, seeing the world, and experiencing all the different cultures out there is something you want to do more of. However, you may know that what you pay for life insurance may be impacted by the amount and type of foreign travel you do. It is important to be open and honest with your life insurance company about the amount of foreign travel you do as it can impact your coverage and the rates you pay for protection.
Can You Get Life Insurance If You Travel Overseas?
When you apply for life insurance, the company you are applying with needs to have as much information as possible about you and about the lifestyle you live. They need to understand the risk. A person who is at a higher risk for serious injury or early death may be denied life insurance coverage. Others will find that life insurance quotes are much higher for them. One of the factors that can influence costs has to do with the foreign travel you do. Most life insurance companies see foreign travel as a type of high risk type of experience that can make it hard for you to secure a low cost policy.
What Factors Determine Life Insurance Rates for Those Who Travel?
You can generally still get life insurance if you plan to travel. Most people will find that things like their age and health play a bigger role in whether they can obtain the coverage they desire. However, if you travel for business or recreation for a week or two, there is generally no complication. However, some companies may not limit long term travel at all.
Companies look at many factors to determine risk, including the countries you plan to visit and those you have visited. They look at things like how often you visit as well as where you live. They take into account the type of work you do or the activities you do while you travel. And, they assess risk based on the purpose of your travel, too. In short, companies need to know just how at risk you are when you are overseas.
Life Insurance for People Who Live Abroad for Months
Some companies may not provide life insurance to those men and women who live overseas long term. This may include stays of longer than six months. In some cases, companies will provide limited coverage, if any at all, if you do not have plans to return to the United States either. In short, there is no way for the company to know about your health and the lifestyle you live. More so, those who travel overseas are more at risk of being exposed to things like violence and unrest.
Can Life Insurance Companies Turn You Down for Foreign Travel?
It is possible for a life insurance company to deny a person coverage for many reasons. This can happen for being too ill or being significantly older than others. If you plan to travel overseas often, especially if you are engaging in dangerous activities – whether there is mountain climbing or working on an oil rig – that can lead to a denial of protection. Most insurance companies plan to offer a wide range of options to you, and they take into account many factors before making this decision.
How Can You Get Life Insurance if You Plan to Travel Soon?
If you plan to travel out of the United States, be open with your life insurance company about your goals. This is important because errors or omissions here can lead to a denied claim later. You will need to talk to your agent about the type and reason for your travel as well as how long you plan to be gone. This information helps the company to know if term life insurance, whole life insurance, or any life insurance is beneficial to you. Most people will still qualify for life insurance coverage, but they may pay a bit more to get it if they travel to at-risk countries, or they travel for other high risk reasons.
<zipcode></zipcode>
