• zTermLifeInsurance Blog

  • Saturday, September 04, 2010



If you live abroad, and are able to purchase international term life insurance from home, consider yourself lucky! Up until a few years ago, you would not have been able to purchase life insurance in a country that you did not live in. You had to at least travel to the country often enough so that you could satisfy underwriting requirements.

Why not just purchase local term life insurance? In the United States and Canada, term life insurance rates have fallen dramatically in price. So a U.S. citizen wishing to purchase term life insurance for their stints abroad can now do so at a lower price than most local insurance plans.

One other factor to consider is the stability of the insurance company. While the U.S. has stringent requirements for insurance companies, many foreign countries do not. As a result, the safety that comes with the knowledge that your dependents will be taken care of after you are gone, is missing in a foreign term life insurance plan.

International term life insurance policies offer the stability and price that make them a great deal. These policies are usually available for periods up to 10 years, and the maximum benefit limit varies by plan.


Term life insurance is not just an optional insurance plan used to buttress coverage during certain periods in life. When you live and work abroad, U.S. insurance companies may automatically reject your life insurance application. Thankfully, there are special international term life insurance plans to help you be insured through just those periods in life when you are an expatriate.

One such plan, the MultiNational Underwriters (MNU) IC+ Term Life Insurance plan is especially tailored toward those expatriates who require term life insurance covering their stay abroad. The plan not just offers life insurance coverage, but as an extra benefit for international living, offers many travel benefits.

The “Pre-trip health and safety advisory” service provides up-to-date information on passport, visa, vaccination, and other requirements. Through IC+ Term Life Insurance, you can also avail baggage tracking services for your travel around the world.

Some emergency travel-related services are also offered by the plan. Among them is “Emergency message relay,” which helps you send messages to your friends, family, and colleagues, helping maintain vital contact during an emergency on your side or theirs. With the IC+ insurance plan, you can get the additional benefits offered by a travel insurance plan, with the coverage of term life insurance!


When do you really need term life insurance, and when do you need whole life insurance? The answer really depends on the financial status of your family and your financial principles. Remember that there is also an option of having whole life insurance with a term rider, which combines the benefits of both.

Life insurance, in general, is meant to safeguard against the financial burden of a person’s death on his family. Yes, it was originally designed only for men, whose death would leave a woman without any sustainable means of income. Similar principles apply even now, although whole life insurance has also become a way to invest money.

If you are relatively young with a working spouse, and do not have kids, term life insurance is likely the best option. This is especially suited for those who have bought a new home, as term life insurance will be very handy in paying off the mortgage in case of an untimely death.

As you grow older, the mix should probably move from 100% term life insurance to a mix of whole life and term life insurance, to 100% whole life insurance. Once debts and mortgages are taken care of, it is best to utilize whole life insurance more. However, this is merely a guideline, and each person’s needs may be different. Make an informed choice to get the best coverage possible for your peace of mind and your family’s.


That overseas assignment suddenly seems near, but the shocker is that you are simply unable to secure term life insurance locally, if you’re going to be living abroad. International term life insurance is probably the most appropriate solution for your situation.

Plans such as IC+ Term Life Insurance offer term life coverage for those who live and work outside their home country. It is the perfect choice if you are looking to get life coverage for just the period that you plan to live abroad.

The IC+ Term Life Insurance plan offers many policy options that include benefits even in case you are diagnosed with a terminal illness. While the policy term can be anywhere from one to ten years, the maximum coverage offered by the plan is $2 million.

Some of the policy options include 100% paid at death, and half the policy limit paid when the plan holder is diagnosed with a terminal illness with less than 12 months to live. The terminal illness can be very important, since it gives the plan holder the time and the funds to take care of all finances before passing on.


Did you know that living a healthy life can have a positive impact on your term life insurance as well? The latest trend in term life insurance is rewarding a plan holder for healthy habits, especially in the area of smoking tobacco.

Traditionally, life insurance premiums have always been higher for smokers, and the latest trend seeks to reward people who have kicked the habit. According to the idea, anyone whose new year resolution is to stop smoking should register for a prompting service, which sends a reminder that the applicant may be eligible for non-smoker rates at the end of the year.

Clearly, if kicking the smoking habit is on your agenda, save the date that you stopped smoking, so that you can remember to review your policy rates at the appropriate time. Some term life plans might not allow you to change your status midway—check with your plan for details.

Term life insurance is a great way to receive extra cover during those periods in time when the need is greatest. While it doesn’t work as an investment, it helps you plan your finances and ensure that your family is still well settled if the unthinkable happens.


Usually, people purchase term life insurance in addition to their whole life insurance. However, there are certain times in your life when you might want to consider purchasing extra term life insurance.

Term life insurance differs from whole life insurance in that it is usually taken for a fixed period of time, and after the period, coverage stops. If there is no claim during the plan period, there is no payout to the plan holder at the end of the plan. It is a very inexpensive, convenient and handy plan for some periods in life.

Term life insurance works as great coverage throughout the period of your home mortgage. For most people, that is their greatest financial worry, and that extra coverage when the mortgage is on will ease the stress on the plan holder and his/her family. It is also great coverage when saving for a child’s college education.

Another period that term life insurance is extremely useful is when you are an expatriate. Your regular life insurance might not cover you for the full amount when you are living and working abroad. Such a period just cries out for international term life insurance, which can be purchased in the U.S., but is valid internationally. So, what’s your excuse?

Page 15 of 16 pages « First  <  13 14 15 16 >



Categories

Recent entries

Archives

Features Listings
<< September 2010 >>
S
M
T
W
T
F
S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30

McAfee Secure sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Page copy protected against web site content infringement by Copyscape