Compare Life Insurance Companies That Offer Insurance to People Leaving the Country (2022)

Life insurance companies may provide coverage for people leaving the country. Eligibility and rates depend on the risk of the country to which you’re departing. Understanding life insurance companies that offer insurance to people leaving the country will help you determine the best coverage.

Before learning about life insurance companies that offer insurance to people leaving the country, enter your ZIP code to get free life insurance quotes in your area.

How does coverage from life insurance companies that offer insurance to people leaving the country work?

Eligibility and rates for life insurance for expats depend on risk. Companies are concerned about risk because someone with a shorter life expectancy is less likely to pay enough in premiums before death. As a result, a higher-risk applicant will receive higher rates and find it more difficult to find coverage.

Life insurance companies don’t know as much about foreign countries, so they consider them riskier. Due to this increased risk, you’ll find some life insurance companies that don’t offer insurance to people leaving the country.

Providers place customers into one of four classifications. These classifications include:

• Preferred plus
• Preferred
• Standard plus
• Standard

Companies use several factors to determine risk, including health and where you live. Customers with the least risk will receive preferred plus rates, and the riskiest applicants will receive standard rates.

Some customers won’t fall into any of these classifications. Instead, these customers fall into broader categories, called substandard or table ratings. The rates for these customers will be the highest of any applicants.

Most customers living or regularly traveling abroad will fall into the standard category. However, those that spend a significant amount of time in a dangerous country might fall into the substandard category.

It’s also worth noting that most life insurance companies require customers to apply from within the country. To ensure online applicants are in the country, companies use IP addresses for online applications.

While applying from abroad can affect your acceptance, your policy won’t change once you move abroad. For this reason, it’s best to obtain life insurance for ex-pats before leaving the country.

How much is life insurance for people leaving the country?

You can find affordable life insurance companies that offer insurance to people leaving the country regardless of their destination. The following chart shows the average monthly 20-year term life insurance rates for men of various ages.

The following chart shows the same information for women.

As you can see, rates from life insurance companies that offer insurance to people leaving the country increase as customers age, and women pay lower rates than men.

What life insurance policies are available for people leaving the country?

Permanent and term life insurance policies are available to customers leaving for other countries. While term life plans cover customers for a specified number of years, permanent life policies cover customers for the remainder of their lives.

Term life policies are usually best because more options are available, and the rates are lower. These plans are typically available between 10 and 40-year terms but can often be converted into a permanent plan after the policy expires.

Many companies only offer term life policies for international travelers. However, you might find permanent life insurance that includes whole life and universal life coverages. Whole life insurance features fixed premiums, and universal coverage offers flexible rates that can change as your life does.

The Insurance Information Institute provides some tips on determining which type of policy is right for you.

Many companies include international exclusions when providing coverage. Searching for life insurance quotes for people leaving the country will help you find overseas policies that cover you regardless of your location at death.

How do you determine the right amount of coverage?

Once you determine the best policy, you’ll need to decide how much coverage is necessary. Too little coverage could result in your family being left unprotected after your death.

Some things to consider when determining the right amount of coverage include:

• Lost income
• Debt
• Expected bills

Most experts advise that a reasonable amount of life insurance is six to 10 times the amount of your annual salary. Another option is to multiply your yearly salary by the number of years remaining until your retirement.

In addition to life insurance coverage, you might want to explore international travel insurance. Health insurance doesn’t always cover visits overseas, and this coverage can ensure you get treatment should you suffer an illness.

What can you expect from life insurance when you’re leaving the country?

When applying for international travel life insurance, your coverage will largely depend on how long you’ll be gone. You don’t need any coverage changes for short trips, but long trips might require a different plan.

Life insurance companies will ask about the length of your travels when you apply for coverage. If you’re gone for less than three months, policies are available from any carrier without impacting your rates or eligibility.

However, if you’ll be gone for more than three months, the provider will inquire about the location of your visit. Safe countries won’t impact your coverage much, but providers judge dangerous countries on an individual basis.

Insurance companies differ on the safety of a country. For this reason, you should ask about the countries you’ll be visiting before purchasing a policy.

Life Insurance Companies That Offer Insurance to People Leaving the Country: The Bottom Line

Life insurance rates for people leaving the country depend on how long they’ll be gone and where they’re visiting. While you can obtain coverage when visiting safe countries, dangerous areas can impact your rates and eligibility.

Understanding how life insurance works if you’re leaving the country will help you find the best coverage.

Now that you know about life insurance companies that offer insurance to people leaving the country, enter your ZIP code to find free life insurance rates in your area.