Life Insurance for

It is important to review each company's position and policy on COVID-19 and pandemic coverage. Most companies are requiring an additional supplement form to review your exposure and risk for COVID-19. Some companies have a waiting period of 6 months after purchasing the policy before a death will be covered from COVID-19. It is important to review the latest terms and conditions from the insurance company you are considering and how it relates to your specific situation.

Each company has a schedule for underwriting requirements that is based on where you are seeking coverage, your age, and the amount of death benefit and type of insurance you requested. Some companies offer smaller death benefit amounts and younger clients simply require an application to be completed. For larger death benefit amounts and for older clients, various medical exams or tests will be required. If you have had a prior health event, the company may request to see the medical records to evaluate the risk.

Each company has a hazardous sports questionnaire and has policies depending on how you answer this form. The company will evaluate the risk and will let you know if you will be covered for death resulting in participating in the activity or if the policy will be issued with restrictions. It is important to complete the questionnaire accurately to let the company underwriter assess the risk from your activity.

In general yes, as long as it is not a restricted country (like North Korea). Each company has a list of the restricted countries. Most life insurance carriers that specialize in expat life insurance have the flexibility to be covered in other countries and keep the policy in force or return to your home country. It is important to update your current address if you move.

Yes. There are numerous ways a policy can be owned and beneficiary options.

Most of the companies have a grace period after the premium is due to pay. This varies by company. In general, this is 30 to 90 days after the premiums are due.

Policies can be written to be paid in US dollars, Euros, or Pounds.

The companies will cover death from most common illnesses and accidents. Upon notice of a death claim, the company will review the original application, investigate the details and circumstances, and as long as the death occurred within the covered terms and conditions outlined in the policy, pay the death claim to the beneficiary. Problems can arise if the applicant did not complete the applications accurately, misrepresented facts, or if fraud was involved. It is important to complete the application accurately.

The companies will pay the gross death benefit and in general, will not subtract taxes. Each individual's country's tax authority treats death benefits differently and also depends on the beneficiary, ownership, and location of death. It is important to review this with your tax advisor and/or your financial planner to discuss your specific situation and the rules and laws in the location you are residing as an expat.

Yes, a beneficiary can be changed in the future simply by completing the company's change of beneficiary form.