Monday, 29 April 2013

Life Insurance for People Living Abroad

Coverage is often a maximum of 5 times your yearly salary before deductions. Term life insurance is for a fixed number of years and payments don't go up. So if you have a 10 year term it's good for 10 years and then you have to apply again.

Whole life is more common because of the investment/retirement benefits if you actually survive to old age and coverage is forever even though premiums stop at 60 or 65. There are also tax advantages to whole life.

I suggest contacting the companies directly rather than going through an intermediary.

Companies
  • AIG is said it cost about $500 a year. 
  • All State will not insured you if you are already living abroad.
  • BUPA is used by the British Council
  • Clements: They quoted me $219 for 250K which is the max I could take out. It's five times your annual income. No medical required. 
  • Expat Financial is another company that specialises in people who live overseas. They seem to be a part of TFG Global. 
  • Expat Global Medical 
  • Huntley Wealth told me that Prudential is the way to go. The plan is with Pruco Life Insurance Company which is part of Prudential. You can call them on 877-443-9467. Problem is that you have to be IN the US when you apply and receive Life insurance and it takes about 6 weeks. 
  • Prudential 
  • Orion International Insurance Services: I contacted Expat Financial, who told me to contact TFG Global who told me to contact Orion. 
  • State Farm will not insured you if you are already living abroad. BUT if I had opened an account with them before I left the US it would still be good. 
  • TFG Global I was referred to them by Expat Financial. Since my home address is in the US, they referred me to Orion International Insurance Services. 
  • William Russell For a 20 year term of $300,000 it would be around $400 a year. I contacted them, for $500K it would be $690. They require a certified copy of your passport, a recent utility bill, and tons of paperwork. 


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