In the US, it’s easy to think of where to find the best term life insurance for senior citizens. However, many people are confused when thinking whether or not it’s possible to get life insurance if you live overseas. This becomes a major concern as there are lots of immigrants living in the US today, and there are also lots of US expats working abroad.
It’s important to know if citizenship can affect your capability of getting a life insurance. Whether you are a citizen who temporarily lives overseas or a non-US resident who temporarily lives in the US, it’s recommended you are informed and guided about this matter, so won’t have to waste time.
Protecting Your Loved Ones While Living Overseas
Living overseas is not that easy depending on where you go. If you have a family and are gone for several months at a time, then this can take a toll on your relationships when you are working abroad.
It’s true that living overseas offers many opportunities; however, uncertainty will always be there. In case of death, your love ones who only depend on you, especially if you are the sole income earner will have to shoulder everything such as funeral expenses and medical bills not to mention the loss of income due to such an unexpected event.
In a case when such a disaster happens, your love ones will surely find it difficult to get by and move on in their lives both emotionally and practically, and this is where having life insurance will be a lifeline.
US citizens can easily obtain life insurance stateside even for when they travel abroad; it’s best to check with your insurance company on its policies when it comes to death abroad for your beneficiaries to collect on that money. However, if you are staying longer in any particular country, there should be insurance providers that will provide life insurance living in that particular countries.
There is also the option to get policies in the US and abroad depending upon the rules your insurance company puts in place. This way, you’re covered on all fronts.
How Do Non-US Resident Obtain Life Insurance?
At first, let’s define non-US residents as prescribed by the law. Non-US residents are those who don’t have full time full time residence in the US, or those who live outside the US for more than three months, which is measured on a yearly basis.
To get life insurance, here are the requirements non-US residents should complete:
- Life insurance application must be completed in the US.
- For those who are covered by insurance, they should take medical examinations in the US. If it’s impossible, their medical examination results from their countries must be brought to the US.
- The applicant for insurance must be in the US the moment the application gets approved.
- Applicants should either have a family or relatives in the US. If not, they should at least have a business or work in the US. Travelers who visit the US for vacation are not eligible.
Life insurance isn’t only exclusive for non-moving residents. It’s actually for anyone who wishes to insure their love ones in case of uncertainty. Although there are times, it seems complicated to deal with it, there are still legal remedies to resort to.
Meanwhile, every state may have different laws about life insurance. You can ask a lawyer about the laws in your locality that may affect your life insurance policy in terms of citizenship.