Moving overseas can be a difficult and stressful activity under any circumstances. As you relocate abroad, remember to manage your financial planning, including life insurance. Don't let it fall through the cracks.
This article will introduce the underwriting factors for people who travel overseas. In particular, carriers are most concerned about longer-term travel of more than thirty days. When you think about all that's involved in moving overseas, the new risk factors become apparent.
Political and economic conditions are among the more obvious threats, in terms of the possibility of political instability and insurrection. These factors can also create a problem in terms of fraudulent death claims. In countries that experience local and national corruption, it is easy to obtain phony death certificates. Therefore, the cost of doing business to investigate death claims is a deterrent in underwriting expats in those locations.
Terrorism is on everybody's minds today. But underwriters pay attention to all the possible causes of violent death. For example, homicide and car fatalities are common in many countries. As a matter of fact, a number of choice vacation spots are located in nations with a higher per capita murder rate than the United States.
For the life insurance company, moving overseas means reevaluating your risk of death by all causes.