According to the U.S. State Department, about 9 million Americans are currently living abroad.
Many people moving abroad fail to consider their life insurance policy. A policy that covers international vacations may not include a move overseas. If you are preparing to live abroad, or already do, keep in the following in mind.
Check your current policy
Many life insurance policies require that you live a certain percentage of time in the U.S. or that you always have a U.S. address. If this is the case, you may need to find a new policy.
When possible, many expats prefer American life insurance policies because the regulations are more desirable than in most other countries.
Options abroad
It may be most affordable to work with an insurance company within your new country of residence. As complex legal jargon is universal, you may need to work with a professional translator if you are not 100 percent fluent in the language.
An option is to purchase a policy from a company specializing in international insurance. These policies are typically more expensive than those covering a single country but they can give you the option to purchase multiple forms of coverage, including health insurance valid in your country of residence and the U.S.
A US-based policy
Finally, you can opt to return to the U.S. to get a US-based policy. To do this, you will need to return long enough to apply, complete a medical exam, and receive the paperwork confirming the policy. You may also need to demonstrate ties to the U.S. through your family, property, or a business.
If you are looking to secure a U.S. life insurance policy that will cover you while living abroad, contact an experienced insurance broker to discuss your options.
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