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Youre ultimatelysetting your financesup so that your loved ones are cared for in the event something happens to you.
Find expatriate-focused companies, compare carefully, and be transparent.
The right policy and provider offer peace of mind, even far from home.
Below are the top three things to know about buying life insuranceif you live abroad.
Buy It Before Moving
I always recommend purchasing a policy before moving overseas, said Harris.
As once abroad, insurers see applicants as higher risk and often limit coverage or raise premiums.
I have helped many Americans living abroad find life insurance solutions, he said.
While it can be challenging, with some research you’re able to find viable options.
By finding a provider focused on expats, we secured a 20-year term life policy before his move.
In either case, disclose your circumstances to avoid claim issues later, he said.
Macoviak equally advised comparing companies carefully.
One may view your location as higher risk while another specializes in expatriate clients.
He said every situation is different, so check all options.
Withtime and effort, you’re able to find life insurance abroad.
The key is starting your search as early as possible and being transparent with providers about your circumstances.
While challenging, Americans abroad havelife insurance options.
Find expatriate-focused companies, compare carefully, and be transparent.
My firm has helped many clients in this position gain the coverage they need.
Other experts agreed, noting that for Americans living abroad, term life insurance is typically the best option.
Permanent policies usually require medical exams which can be challenging to complete internationally.
Term life only needs a health questionnaire and offers flexibility incoverage and terms, said Harris.
Macoviak observed the same.
Term life insurance is typically the most feasible choice.
The coverage amounts and term lengths can be custom to your needs without strict medical requirements.
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