Life or death is not a question of choice in fact how sooner or later it happens is the question of destiny. No one can predict when death will strike, that is why securing your future even at the time of death is of prime importance for the sake of your family members and your loved ones. Purchasing a life insurance doesn’t mean just a good thought on investment or doing a favor to the financial market but it is one of the best ways of assuring your freedom even during unforeseen times. If you are an expat or planning on becoming one the necessity for procuring an expat insurance equals to the quest for the Holy Grail.
Availing a life insurance policy protects your future and frees you from financial liability you’re your outstanding debts- mortgage, credit cards balances and other loans. Some plans also cover the part or whole of medication expenses incurred during your treatment from serious ailments or before the death. With a life insurance plan in hand, your family and children will not bear the brunt of unpaid taxes for your estates or properties and other settlement costs. All these sounds good! How about being away from your country and you meet the most unthinkable–death, untimely? A thought that run chills down your spine. Are you prepared for that? If not, then it is the right time to know where you fit.
In general, there are three types of personal life insurance namely- the Term Insurance, the Whole Life and the Universal Life depending upon the term of payment, benefits or features and the duration of policy. Taking an expat insurance is the best option for an expatriate before moving on to another country. The terms and conditions of your ordinary life insurance policy may invalidate the cover once you become an expat. Life insurance for international travel are formulated on the basis of the country you live in and the secondly the nationality you belong.
Insurance companies take into account various criteria like mortality and morbidity of the country in question. Then accordingly, they calculate your liability based on – place where you live, the work you do, your age and medical history. These factors allow them to come up with possible time of death and chances of contracting disease or other critical illnesses specific to the region of your migration. The morbidity and mortality while you are within your country is apprehensible however, the predictability for the same reduces when you are in a different country. And, this is the reason why most insurance companies refuse to take the risk when the insurer moves out the country unless you have an expat health insurance or an expat life insurance.