When you consult with an insurance specialist and read the fine print associated with your current insurance policy, more than likely you will discover that you are not covered once you leave your country of residence; this is especially the case if you carry insurance from the United States as most insurance providers here do not provide that level of coverage.
Even in the few rare cases where your insurance provides tells you the coverage will follow you abroad, there are usually stipulations attached. For example, you’ll find that the “accidental death” clause doesn’t cross over to death through terrorist attack; if you’re heading to a hostile country for temporary work, it’s important that you understand that coverage difference within your policy.
In most cases, in order to make sure you have the coverage that you need to travel abroad, you’ll need to pick up an international insurance policy.
HOW DOES AN INTERNATIONAL TERM LIFE INSURANCE POLICY WORK?
Unfortunately, they’re a bit complicated and should only be navigated with the help of an insurance specialist who is highly qualified in arena of global insurance. This kind of professional will be able to walk you through the very specific nature of these policies; while they are highly customizable, they are very rigid in what they will cover and are trip specific.
Basically, what that means is that you’ll outline the exact nature of your trip, where exactly you’ll be, and what the exact risks are. Once you have all of those variables in place, the policy will be adjusted to suit those specific variables and very little deviation from them will still be covered, if any.
For example, if the majority of your trip is set to be in one specific, peaceful, country, than your policy and the premium associated with it, will reflect that. However, if you were to take an unexpected two-day trip to another, more hostile, country and something were to happen to you, chances are your coverage will not come through.
Every aspect of your trip must be accounted for to ensure coverage.
WHAT ARE THE DETAILS & REQUIREMENTS OF AN INTERNATIONAL POLICY?
These details vary from insurance provider to insurance provider, so aligning yourself with a specialist is going to be beneficial when shopping around.
Generally speaking, the details will look something like this:
- To obtain international coverage, the holder of the policy must be living or working outside of the country where they hold citizenship;
- 1 to 10 year term policies are available;
- To be a policy holder, an individual must be 18 to 65 years old;
- Coverage can be obtain for up to $1,000,000 USD