Hi,
I have been looking into life insurance for myself and my partner. I have found several companies that specialize/offer expat life insurance and I am trying to decide what seems reasonable. Does anyone have specific experience with an expat life insurance provider? Thanks!
Expat Life Insurance
Response
You dont need a specialist, most of that "specialization" is nothing more than marketing. You can use any local regional or national insurance provider, and just ensure that the exclusionary activities dont include overseas travel or living. Unless your relocating to a high risk area or uniquely hazardous location you dont need anything specialized.
Re: Expat Life Insurance
PsyGuy wrote:
> You dont need a specialist, most of that "specialization" is nothing more than marketing.
> You can use any local regional or national insurance provider, and just ensure that
> the exclusionary activities dont include overseas travel or living. Unless your
> relocating to a high risk area or uniquely hazardous location you dont need anything
> specialized.
Not quite true. You are automatically a "higher risk" applicant if you don't live in the country where the insurance is taken out, and if you move around a lot - some companies will simply exclude for this, others will raise the premium.
The important thing to think about is "what do you need it for?" I'd always argue that if you don't have a family, then realistically you probably don't need it.
> You dont need a specialist, most of that "specialization" is nothing more than marketing.
> You can use any local regional or national insurance provider, and just ensure that
> the exclusionary activities dont include overseas travel or living. Unless your
> relocating to a high risk area or uniquely hazardous location you dont need anything
> specialized.
Not quite true. You are automatically a "higher risk" applicant if you don't live in the country where the insurance is taken out, and if you move around a lot - some companies will simply exclude for this, others will raise the premium.
The important thing to think about is "what do you need it for?" I'd always argue that if you don't have a family, then realistically you probably don't need it.
Re: Expat Life Insurance
Hi,
Thanks for your thoughts. I do have a family. That's why I'm looking into it. There are several companies offering "expat" life insurance and many others state very clearly that they do not. So I do think it is a specialty area. The expat life insurance companies I've gotten quotes from are William Russell and Now Compare. In searching, I haven't found any others that do expat life insurance. However, they do exclude "pre-existing conditions," which could mean anything. I have a friend who had a paralyzing accident while teaching abroad and his life insurance payout is keeping his family afloat.
Thanks for your thoughts. I do have a family. That's why I'm looking into it. There are several companies offering "expat" life insurance and many others state very clearly that they do not. So I do think it is a specialty area. The expat life insurance companies I've gotten quotes from are William Russell and Now Compare. In searching, I haven't found any others that do expat life insurance. However, they do exclude "pre-existing conditions," which could mean anything. I have a friend who had a paralyzing accident while teaching abroad and his life insurance payout is keeping his family afloat.
Re: Expat Life Insurance
Firstly, check their regulator - from my previous life experience in the industry, if you get a policy from a UK (or at least EU) insurer your level of protection is likely to be greater than for US providers, if only because it's easier for them to set up one system than try to have different ones for the UK and the rest of the world.
Other than that, it's much of a muchness TBH. "Pre-existing conditions" usually means a condition about which you are aware at the time of application, whether or not you are receiving treatment for it. Say, for example, you're in the UK and on the waiting list for an operation - you would be expected to disclose this. Likewise, if you have previously had a heart attack, then you won't be covered in the event of another one (if you can find someone to cover you at all.) This also appears in health insurance - so, for example, if you are currently taking medication for high blood pressure this might not be covered by the policy.
You might want to have a chat with one or two of the advisors who do the rounds periodically in Beijing, if only to get a general lay of the land with regards to life insurance.
Other than that, it's much of a muchness TBH. "Pre-existing conditions" usually means a condition about which you are aware at the time of application, whether or not you are receiving treatment for it. Say, for example, you're in the UK and on the waiting list for an operation - you would be expected to disclose this. Likewise, if you have previously had a heart attack, then you won't be covered in the event of another one (if you can find someone to cover you at all.) This also appears in health insurance - so, for example, if you are currently taking medication for high blood pressure this might not be covered by the policy.
You might want to have a chat with one or two of the advisors who do the rounds periodically in Beijing, if only to get a general lay of the land with regards to life insurance.
Discussion
Yes, its very true. Its insurance, the LW figures out where theyre going, they get there and they buy some life insurance. There is zero reason to pay for the marketing and hype of some underwriter labeling a policy "Expat".
I agree with @expatscot definition of "Pre-existing condition", the LW will have to likely pay more to find a policy without that condition, or get a waiver and acknowledgment of the specific condition.
I agree with @expatscot definition of "Pre-existing condition", the LW will have to likely pay more to find a policy without that condition, or get a waiver and acknowledgment of the specific condition.