Moving Abroad? Here’s What You Need to Know About Your Life Insurance

In this article, we will tell you most of the essential things you should know about life insurance when moving to another country


For most of us, life insurance isn’t a pleasurable topic. However, it’s a necessary topic when you’re about to do something that will change your life, for example, transferring abroad. Also, we get life insurance to keep our loved ones financially safe when we leave this world. It’s like a contingency plan when things go south, which is why we should never do anything to jeopardize it.

This makes us think about what will happen to our life insurance if we suddenly make a big move by transferring abroad. So, if you’re here for that very question, then you’re in luck because, in this article, we will tell you most of the essential things you should know about life insurance when moving to another country.

Slight Complications

For the most part, when you’re moving abroad for an extended period or permanently, some things will change with your insurance policy. So on that note, if you’re going abroad for a trip or a short vacation, possibly six months or less, then generally, there’s nothing that you should worry about.

However, it entirely depends on your policyholder. This is why you should always check with your provider the maximum time you can spend abroad before it invalidates your policy. Also, another thing that you should check is the country.

This is because there are times that the country you chose might also have some implications on your policy. In short, before you go anywhere outside the country, always consult your provider about it. That’s the general gist. Now let’s get to the nitty-gritty part.

Is my current life insurance still valid if I move abroad?

In most cases, yes. Usually, your life insurance is underwritten based on the information you gave at the time of your application. Therefore, so long as that information is valid (except for the address), you should still be covered even when you move abroad. However, some companies will investigate whether you applied for specific types of coverage to move abroad.

If that’s the case, then there’s a huge chance your insurance will be invalidated. Otherwise, you’re good. Also, note that some companies would require you to still have a local address for legalization purposes, but that’s another topic that deserves its article.

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Do I need to tell my insurance providers about moving overseas?

It’s not that necessary, but it’s still a good idea to do so. Other than the reason to update your address, they may have some rules for this situation, like added benefits, limitations, etc.

However, you should check with them if you’re moving to a high-risk country. In this situation, they might alter some of your coverage or invalidate your policy altogether. Also, you should know that some insurance companies will require you to still pay for the premiums in the same bank accounts you have paid them with to avoid confusion.

Can I still get insurance from my country if I’m already living abroad?

For the most part, yes, whether it’s universal life or whole life insurance, but there might be some alteration for these policies, depending on the provider. However, take note that you will usually have to apply for a local bank account in your country, residence, and insurable interest to apply for insurance.

The first two are self-explanatory, but what is insurable interest?

Insurable interest is a reason why you want to get insurance. Some examples would be a mortgage, business, dependents, tax liabilities, etc. Your application would still be subject to the usual underwriting process, but they may ask you your reason for living abroad or whether you’re there just for work or pleasure.

What if I stay out of the country for half a year? Will I still be able to get insurance?

Yes, but your provider might take a keen interest in your reasons for living abroad. You’ll be asked your reason for going there and how much time you will spend there. Generally speaking, you should still be able to get insurance if you live abroad for half a year if the following parameters are met:

  • The country you’re transferring to is not considered high-risk. Reasons for being high-risk are being at risk for war, health-related risk, or political unrest.
  • You haven’t spent more than 90 consecutive days in Africa, Russia, the Caribbean, Ukraine, and Thailand.

So long as these parameters are met, your insurance application should be a breeze. Otherwise, there might be some difficulties. Based on how much you strayed from these rules, your coverage might have some significant changes, or worse, they will invalidate your insurance application.

Final Words

If this is your first time going abroad or if you’re planning to get insurance once you get there, these are the questions that must have been plaguing your mind. However, note that these answers are not entirely accurate because they depend on your insurance provider. But for the most part, these are just generalizations, so there’s a considerable chance that these are true for most providers.

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Travel Begins at 40

Travel Begins at 40 Editor

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