If you get nervous about traveling abroad and it would make you feel better to own life insurance for traveling abroad their are some things you should know before booking your trip. Taking some simple steps before your trip can help make sure you get the best deal on your life insurance, and give you peace of mind on your trip.
We speak with many people who are planning big trips and it triggers them to start thinking about their current life insurance for traveling abroad they have in place.
Many people want to make sure they have enough coverage in place if something were to ever happen. We understand that although statistically it is very unlikely for you to die while traveling, many people feel better when they have enough life insurance.
If you feel you don’t have enough life insurance, this is probably not a short term need while you are traveling. If you feel insecure about your life insurance while you are traveling, you probably will still need this additional life insurance when you get back in the country. Life insurance for traveling abroad can also be used for protection when you return home.
You may not think your upcoming travel plans would have any impact on your ability to purchase life insurance. However, upcoming travel is normally asked about on a traditionally underwritten life insurance application.
The reason for this is because the whole concept around a life insurance application is to assess risk. Most travel plans will not raise any flags for an insurance carrier, but some will and this can make life insurance for traveling abroad tough to find.
Most questions regarding travel on a life insurance application will ask if you intend to travel, or live, outside the U.S. or Canada in a certain time period. This normally means, have you booked your trip.
Life insurance carriers stay up-to-date on the places in the world where it would be unsafe for people to travel. If you are traveling to one of these locations it adds risk to your profile and can make it more challenging for you to obtain coverage.
The practice of withholding life insurance coverage for traveling abroad has become a hot topic of debate recently as people have been declined for coverage just for traveling to what life insurance carriers deem to be “unsafe” regions of the world.
The majority of life insurance rulings come at the state level, and the issue of travel and underwriting has become more debated. In 2006, five states (WA, MD, FL, CO, and CA) do not allow life insurance underwriters to take into account impending travel plans.
It has become such an issue as many politicians on the national level have been declined for life insurance due to travel plans associated with their line of work.
Normally, life insurance underwriters will base their decisions regarding travel from the U.S. Department of State website where they regularly update places in the world which may be unsafe to travel to. Consulting this list will give you a good idea of where insurance carriers may be hesitant to issue a policy if you are traveling to.
Most travel plans will not have any impact on your ability to purchase life insurance. In this case, you should purchase a life insurance plan which will work not only now, but will achieve your life insurance goals in the future as well.
If you have been declined for life insurance due to your travel plans, or think you could be declined, you do have options which do not take into account your travel plans.
We will be happy to work with you to make sure you are covered before your plane leaves the ground.