Traveling abroad or living abroad is a new normal for many people, but what happens if the traveler dies while off U.S. soil? Will the life insurance be valid and payout to beneficiaries? Not all life insurance companies view travel outside of the U.S. the same and may not pay out benefits.
Contact your life insurance policy carrier with questions regarding life insurance coverage. Here’s where you should start:
If you’re not covered, consider purchasing international life insurance which provides insurance coverage while traveling. Like domestic term life insurance, international life insurance provides a lump sum if you die outside of the U.S. People that travel outside of the United States commonly use international life insurance. Whether it be for work or leisure and is a term policy from covering one week to ten years. Lastly, if you plan to live outside of the U.S. seasonally. Or for extended months in the same country. You may want to consider buying a term life plan from an insurance carrier in that country. The policy should pay benefits like a domestic life insurance policy but cover you while you are on that country’s soil.
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In conclusion for those who are looking for financial advice, we realize there are many available options. And deciding who to work with is a challenging problem. At Strategic Path Financial Group, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!