Top Life Insurance Company That Offers Term Life Insurance for an American Living Abroad in 2021
Affordable life insurance companies that offer term life insurance for an American living abroad determine rates and eligibility based on risk. Insurance companies say that living abroad is risky, so it can be more difficult to obtain coverage overseas than domestically. Learning about life insurance companies that offer term life insurance for an American living abroad will help you find the best protection.
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UPDATED: Oct 29, 2021
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- Life insurance companies consider living abroad to be risky
- Life insurance for Americans living abroad will cover you wherever you live
- Applicants should be in the U.S. when applying for coverage
Living abroad is considered riskier than living in the United States, but life insurance quotes are available if you’re overseas. However, options for coverage are limited, and you need to be in the U.S. when applying.
Knowing about life insurance companies that offer term life insurance for an American living abroad will help you find the right policy.
Before learning about life insurance companies that offer term life insurance for an American living abroad, enter your ZIP code to find free life insurance rates in your area.
How does coverage from life insurance companies that offer term life insurance for an American living abroad work?
Life insurance companies determine eligibility and rates based on risk. With a high-risk applicant, the company is more likely to be required to pay the death benefit before the policyholder has paid the full premium.
Insurance companies consider living in a foreign country to be a high-risk factor. For this reason, there are many life insurance companies that don’t offer term life insurance for an American living abroad.
While the risk of living abroad is considered, where you live is also impactful. Affordable life insurance companies that offer term life insurance for an American living abroad compare countries based on safety.
If a country is considered safe, customers can receive more coverage options and lower life insurance companies’ rates that offer term life insurance for an American living abroad.
Another factor is when you get your insurance coverage. In most cases, there won’t be an effect on your policy if you’ve purchased Aviva life insurance moving abroad. However, it can be more difficult to obtain coverage after leaving the country.
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What policies are available from life insurance companies that offer term life insurance for an American living abroad?
Life insurance companies offer permanent life and term life insurance quotes to customers living abroad. According to the Insurance Information Institute, there are various ways to determine the best coverage.
Term life insurance is often the best choice because it provides more options and lower rates. This type of coverage covers a fixed period and usually starts with a 10-year term.
Looking for life insurance companies’ quotes that offer term life insurance for an American living abroad is important because many policies only cover you in the United States.
Overseas policies will cover you regardless of where you are in the world, ensuring your family will receive a payout.
What should you consider when buying coverage from life insurance companies that offer term life insurance for an American living abroad?
There are certain things that you should consider when buying international life insurance. Knowing these considerations will ensure that there aren’t any complications when the time comes to receive a payout.
Some of the most important things to consider when purchasing overseas coverage, like Aviva expat life insurance, include:
- Naming a beneficiary
- Remaining in the U.S. for the application process
- Using a U.S. residential address and bank account
Here is some more information on these considerations.
Naming a Beneficiary
Naming a beneficiary is an essential part of buying life insurance. You can name anyone as your beneficiary, but a foreign national could create problems.
If your beneficiary isn’t American, the company might question why you’re looking into a company based in the U.S., if you have financial ties to the U.S., or if you’re planning on moving back to the country in the future. Naming an American as your beneficiary will help you avoid complications.
Applying in the United States
There are multiple steps involved with applying for life insurance. These steps include:
- Underwriting/medical exam
- Issuance/policy acceptance
Many life insurance companies require the entire application process to take place in the United States. The process can take anywhere from three to eight weeks, and the company might track your IP address if you’re applying online to make sure you’re in the country.
Maintaining a U.S. Address and Bank Account
It’s common for insurance companies to require that applicants maintain a U.S. residential address. The company will associate your policy with that address and follow the requirements of your residential state.
You might also be required to provide a U.S. bank account. This domestic account allows the life insurance company to set up monthly deductions, ensuring your premium payments are received.
Life Insurance Companies That Offer Term Life Insurance for an American Living Abroad: The Bottom Line
Buying life insurance abroad can be more difficult, as life insurance companies consider living in other countries riskier. However, policies are available for those living overseas, as long as you’re in the country when you purchase coverage.
Understanding life insurance companies that offer term life insurance for an American living abroad will help you find coverage.
Now that you know about life insurance companies that offer term life insurance for an American living abroad, enter your ZIP code to get free life insurance quotes in your area.