Global Life Coverage for International Citizens
International life insurance covers individuals who live or work in multiple countries or have an international lifestyle. Insurers tailor these plans to the needs of expatriates, frequent travelers, and individuals with global connections. It is no different than a life plan you would purchase in your home country, wherein the policy is a contract between you and the insurer. On your end, you pay regular premiums, and in exchange, the insurance company will pay the sum insured to your beneficiary when you pass away.
The unique aspect of an international life insurance policy is that it provides coverage wherever you are in the world. Expatriate policyholders of a global life plan have peace of mind knowing that if they die overseas, their beneficiary (or beneficiaries) will still receive a death benefit.
If you are planning a move abroad and already have a life insurance policy, reviewing the policy wording before you move is essential. An exclusion on death overseas could revoke the insurer's obligation to pay your death benefit. Suppose your current policy does have a death exclusion. In that case, we highly recommend purchasing an international plan to ensure the protection of your family in the event of your death.
International life insurance covers individuals who live or work in multiple countries or have an international lifestyle. Insurers tailor these plans to the needs of expatriates, frequent travelers, and individuals with global connections. It is no different than a life plan you would purchase in your home country, wherein the policy is a contract between you and the insurer. On your end, you pay regular premiums, and in exchange, the insurance company will pay the sum insured to your beneficiary when you pass away.
The unique aspect of an international life insurance policy is that it provides coverage wherever you are in the world. Expatriate policyholders of a global life plan have peace of mind knowing that if they die overseas, their beneficiary (or beneficiaries) will still receive a death benefit.
If you are planning a move abroad and already have a life insurance policy, reviewing the policy wording before you move is essential. An exclusion on death overseas could revoke the insurer's obligation to pay your death benefit. Suppose your current policy does have a death exclusion. In that case, we highly recommend purchasing an international plan to ensure the protection of your family in the event of your death.
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Key Benefits of Global Life Insurance
The Different Types of Global Life Insurance
Expatriates typically have two options to choose from when considering purchasing an international policy. Of the two, term life plans are most popular among expats and global travelers because of the economical premiums and flexible coverage terms.
Whole life insurance plans are also available. These plans provide lifetime coverage and a guaranteed death benefit. Expatriates who are more concerned about their health changing and fear they will not be eligible for a policy in the future tend to purchase a whole life plan over a term life plan.
Already have life insurance? Read our article, The Importance of a Life Insurance Review for Expats, to learn why you might need an international life insurance plan.
Term Life
Term life insurance is a straightforward and relatively simple type of policy with level premiums and a consistent death benefit. Coverage durations typically range from 5 to 30 years, and when the term concludes, the policy expires. Most term life plans are not renewable, so if you require further coverage after your term ends, you will need to purchase a new policy. Our providers, Unisure and William Russell, both offer an annually renewable plan. So, continue reading to learn more!
The sum insured, or death benefit, is only paid to the beneficiary if the life insured dies while covered under a term life plan. If the life insured is still living after their coverage term ends, no death benefit or premiums paid are returned.
Whole Life
Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the policyholder. As long as the policyholder continues to pay the premiums, the coverage remains in force until the policyholder's death. While whole life insurance plans tend to be more expensive than term life insurance plans, they offer the peace of mind that the death benefit is guaranteed to be paid out to the beneficiaries when the policyholder passes away.
This permanence and financial security are some of the key advantages of whole life insurance, making it a popular choice for individuals who want lifelong coverage and value the certainty of a death benefit payout.
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How Much Life Insurance Do You Need?
Determining how much life insurance you need depends on your individual financial circumstances, responsibilities, and goals. Estimate, if you were to die today, what your family would need to meet immediate, ongoing, and future financial obligations. There's no one-size-fits-all answer, but here are some factors to consider when calculating your life insurance needs.
Immediate Cash Needs
- Funeral Costs
- Loans
- Medical Bills
- Mortgage
- Legal Fees
- Debt
- Estate Duties
Ongoing Cash Needs
- Food
- Housing
- Healthcare
- Utilities
- Transport
- Insurance
- Schooling
Future Cash Needs
- Tertiary Education
- Spouse Retirement
Helpful Calculation Tip
While calculating how much life insurance you should purchase, consider what resources you already have in place. For example, your spouse's income, savings, investments, and any life insurance plans you already have. The difference between these is your life insurance gap.
Immediate Cash Needs
Funeral Costs
Loans
Medical Bills
Mortgage
Legal Fees
Debt
Estate Duties
Ongoing Cash Needs
Groceries
Housing
Healthcare
Utilities
Transport
Insurance
Schooling
Future Cash Needs
Tertiary Education
Spouse Retirement
Helpful Calculation Tip
While calculating how much life insurance you should purchase, consider what resources you already have in place. For example, your spouse's income, savings, investments, and any life insurance plans you already have. The difference between these is your life insurance gap.
Secure your family's future today!
Get a free quote and protect what matters most.
How are International Life Insurance Premiums Calculated?
Premiums are calculated based on several factors, similar to how domestic life plan premiums are determined. These factors help providers assess the risk associated with insuring an individual living abroad and provide a fair premium amount. Some of the key factors that influence the calculation of premiums are age, nationality and residence country, coverage amount and term length, lifestyle habits, such as smoking, and whether you include additional riders or not.
We created some helpful examples based on expatriates who have purchased an international policy. See below!
Ben E. Ficiary, a 28-year-old U.S. citizen, is moving to France for a job opportunity and plans to travel around Europe.
He purchased a 30-year term life plan with a $250,000 death benefit and AD rider. Each month, Ben will pay $39.78.
Ann Uity is 35 years old and married with two young kids. Her family is moving from Spain to Thailand for 5 years to experience a new lifestyle.
Ann purchased a 5-year term life plan with a $1M death benefit. Each month, Ann will pay $74.66.
Bill and Sara N. Surance are 65-year-old Irish citizens retiring overseas in Panama. They purchased a yearly renewable joint life plan.
For a $100,000 death benefit policy, Bill and Sara will pay $49.71 per month for the first year.
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Our Life Insurance Providers
Our partners, William Russell and Unisure are two distinguished life insurers known for their commitment to offering comprehensive and reliable solutions to individuals and families worldwide. With a rich history and a strong reputation for excellence in the insurance industry, both companies have a common goal: to provide peace of mind and financial security to their clients.
Unisure Global
Unisure is a leading provider in the international life insurance industry. All Unisure life policies are primarily reinsured by Scor, the world's 4th largest reinsurance company and the largest in the United States. Scor is rated A+ by Standard and Poor's and A1 by Moody's, meaning they have a strong capacity to meet its financial commitments.
Unisure's most popular plan among expatriates is its Term Life plan. Unisure also offers Decreasing Term, Life or Critical Illness, Whole Life, and an annually renewable life insurance plan called Global Protector.
Additional rider benefits can be included in individual life plans. Unisure offers an Accidental Death benefit rider and a Waiver of Premium benefit rider.
If you are interested in an international life policy from Unisure, click the Get a Quote button below, and our life insurance representative will generate an accurate quote for you.
Interested in Unisure's Term Life Insurance plan?
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William Russell
William Russell is also a leading provider in the international life insurance industry, as well as the international health insurance industry. They are an excellent choice for expatriates looking to purchase both life and health, as the plans can be included in one policy.
William Russell's Personal Protection plan is an annually renewable term life plan. Applicants have the option to include an Accidental Death benefit rider and an Income Protection benefit rider. The Income Protection rider can also be purchased as a separate policy by those looking to protect themselves in case of short or long-term disability while abroad.
If you are interested in William Russell's Personal Protection plan, click the Get a Quote button below, and our life insurance representative will generate an accurate quote for you.
Interested in William Russell's Personal Protection plan?
Be proactive about your family's well-being and get a free life insurance quote from William Russell today!
International Life Insurance for Groups and Employers
An international group life insurance policy serves as an enticing incentive to attract and retain your top employees, a particularly valuable offering for a global workforce that might not have access to the full array of benefits provided to local staff. Your team will undoubtedly value the supplementary advantages, encompassing:
Primary Advantages of the International Group Life Insurance Program
- A choice of Whole and Term Life options
- Tailored to meet the unique needs of international employees, remote teams, and expatriates
- Comprehensive coverage for both illness and accident-related fatalities
- Flexible terms ranging from one to 25 years or more
- Global protection that transcends borders and boundaries
Global Benefits for Organizations
- Offering group plans for international health, life and travel
- Request a quote from the leading insurers around the globe
- A licensed agent will provide quotes and expert advice
FAQs about International Life Insurance
International life insurance provides coverage and financial protection to individuals who live or work in a foreign country or have ties to multiple countries. This insurance is designed to offer policyholders and their beneficiaries financial security in the event of the insured individual's death, regardless of where that event may occur globally.
International life insurance can be tailored to meet the unique needs of expatriates, global travelers, and individuals with international connections. It can help cover expenses such as repatriation, estate planning, and maintaining a consistent standard of living for beneficiaries.
Expatriates and global travelers might need international life insurance if their domestic life insurance plan does not provide coverage for death abroad. International life insurance ensures that loved ones are financially protected, regardless of the life insured's location.
It's important to work with an experienced insurance advisor or financial planner when considering international life insurance, as the specific needs and circumstances can vary greatly from person to person. If you are interested in procuring a plan, click here to get a free quote!
Insurers offer various types of policies designed to meet the diverse needs of individuals with international lifestyles. These policies are tailored to provide financial protection and peace of mind for people who live, work, or have financial interests in multiple countries.
Common options include global term life, whole life, and renewable term life insurance.
Policyholders have the option to pay for their international life insurance policy monthly, quarterly, semi-annually, or annually. They also have the option to pay in USD, EUR, or GBP. The selected premium currency is typically the same currency as the policy's death benefit.
It's essential to read and understand the terms and conditions of your international life insurance policy regarding premium payments. Consistently paying premiums on time is crucial to maintaining coverage and ensuring that your loved ones receive the intended benefits in the event of your passing.
Your international life insurance policy should generally remain in force as long as you continue to pay your premiums, regardless of where you live.
It's crucial to inform your insurer about changes in your country of residence. They need to be aware of your change in residence to ensure your policy remains in compliance with local regulations and to make any necessary adjustments to your coverage.
Yes, you can name beneficiaries in different countries. The life insurance company will pay the death benefit to your beneficiary or beneficiaries in the country that they are currently living in.
Insurers do not tax the death benefit upon payout to a beneficiary. It is important to be aware that different countries have specific legal and tax implications regarding the payment of the death benefit.
Tax treatment of international life insurance death benefits can vary depending on the country that your beneficiary or beneficiaries are living in at the time of your death. The life insurance company will not tax the sum insured at the time of payout.
Consult with legal and tax advisors located in your country of residence to understand any relevant laws and tax obligations that may apply.
Secure your family's future today!
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