If you’re planning on travelling or living abroad, you will likely want to know whether your life insurance policy will cover you while you are outside your country of residence. Most life insurance policies will not cover you once you leave your country of residence due to the fact that the country you live in when you purchase life insurance is a factor in what your premium will be. Some countries are considered lower risk while others are considered higher risk countries to life insurance companies. Policyholders who are travelling or moving abroad may run into complications if a life insurance claim is made due to the risk the country is considered. The life insurance policy information at Suncorps official site has further information that can help you if you’re travelling.
Understand Your Policy
If you are unsure what your life insurance policy’s terms are in regard to travelling or living outside of your country of residence, you want to make sure you read through all the terms and conditions of your policy before going abroad. You may also find it very useful to talk with a life insurance agent to make sure you clearly understand what your policy covers. You can also explain to the life insurance agent about your situation to see what knowledge they can offer you, as it’s always best to take action instead of simply doing nothing if there is something you are concerned about.
International Life Insurance
Since most life insurance policies do not cover you when you are abroad, you may want to consider international life insurance. The policies of international life insurance are still term policies, but these vary greatly from standard life insurance policies, as the policy is much more customized based on what country you are going to. In addition, each life insurance company that offers international life insurance policies has their own stipulations for coverage.
No matter what life insurance company you go to for coverage, you will be able to customize your policy for the period of time you need it for based on the conditions you are expecting to be living in. Since international life insurance policies are specific to both where you’re going and what you’re doing, it’s important to keep in mind that you likely will not be covered if your policy states you will be in one location and something happens to you in a different location.
It’s important to keep close in mind what the exact requirements of the international life insurance policy you have are. Some requirements may include that you must either be living or working outside of the country where you are a citizen, that the coverage limit will go to a certain amount, that the coverage is for a certain length and that the policyholder must be between certain ages. So, do your research to find out the best international life insurance policy for you if your life insurance policy doesn’t cover you while you are abroad.