For many seniors, retirement is a prime time to travel the world. You have the time, the money and a bucket list of places to see. However, if you’re looking to get a new life insurance policy in the near future, you may want to think twice about leaving the country.
Does Life Insurance Cover International Travel?
Just as potential risks like medical conditions and family history of illness can play a role in your ability to get insurance coverage, traveling to risky locations can also cause insurance companies to take a second look at your application. Here’s what you should know about how life insurance coverage can be affected by foreign travel and how to determine if you need additional overseas travel insurance.
Where You’re Traveling Matters
All retirement travel is not created equal. Visiting your daughter in Iowa will not affect your life insurance plans, but a mission trip to Sudan might. In fact, if you’re applying for life insurance, domestic travel likely won’t influence the process. International travel can be a little more tricky. Depending on the risk level of the country you’re visiting, an insurer may limit the amount of coverage you receive. Risk level depends on factors such as political instability, availability of healthcare, mortality rate and economic conditions in the destination country.
It Could Depend on Trip Length
How long you’ll be out of the country may also make a difference in the underwriting process. Long-term travel, especially living overseas for a period of months, can be seen as suspicious. Being abroad for a long time also means a higher potential of exposure to risks. In addition, non-U.S. residents and foreign nationals are subjected to different underwriting rules. If you’re living abroad for more than three months, an insurance company may not consider you a U.S. resident.
Does Life Insurance Cover Travel for a Job?
If your job involves traveling to high-risk countries, finding life insurance coverage may be more expensive, or you could be denied altogether. Jobs as a pilot, missionary or diplomat fall under this risky category. However, every insurer follows different rules for travel, so what one company considers risky may not be an issue for another.
International Coverage Life Insurance
Getting trip life insurance can help ease your worries on your next big vacation. There are many different types of travel insurance available. Here are some of the types of coverage you can get:
- Travel medical plans cover your healthcare if you have a medical emergency while traveling abroad.
- Trip cancellation coverage will reimburse you if your trip must be canceled due to issues such as illness, terrorism or jury duty.
- Baggage loss coverage will reimburse you if your belongings are stolen or damaged during your trip.
- Accidental death offers a payout to your beneficiaries in the event of a fatal accident during your travels.
How Can Life Insurance Coverage Be Affected by International Travel?
The good news is that if you already have life insurance coverage, you won’t lose it by vacationing abroad. If you don’t already have coverage, Americo Senior Life can help get you lifelong protection. Your rates will never increase with our whole life insurance policy, and your coverage will never expire as long as your premiums are paid on time. Contact us today, or go online now for your free quote.