Importance of International Life Insurance

The Importance of International Life Insurance

You may have purchased life insurance in the country you are domicile with a local provider, but in most cases, it won’t pay out if you pass away while living abroad. That’s why you should consider international life insurance.

An international life insurance policy is a contract between you, the policyholder, and an insurance company. You pay regular premiums to the insurance company for a specifc period, and the insurance company pays a financial benefit to the beneficiaries you’ve selected, if and when you pass away during that term.

Therefore International life insurance provides coverage for individuals residing overseas. Like domestic life insurance policies, international life insurance provides a lump sum amount in the event of the insured’s death. The difference between the two types of plans is location. With an international life policy moving to another country does not necessarilly affect this policy however the underwriter should be informed of your new location. The policy will continue as long as its premiums are paid, however there may be an additional loading imposed if you move to a country with a far greater mortality rate.

International Life insurance cover is available to both nationals resident in their own country as well as ex-patriates. You may pay your premium from a UK based bank or an international bank account.