Global Life Insurance: Applying For Coverage Simplified

International life insurance is a type of insurance that covers individuals who live or work in multiple countries, or have an international lifestyle. This type of insurance is tailored to meet the needs of expatriates, frequent travellers, and individuals with global connections. It is similar to a life plan purchased in one's home country, in that it involves a contract between the insurer and the insured, where the latter pays regular premiums, and the former pays the sum insured to the beneficiary upon the death of the insured. The unique aspect of international life insurance is that it provides coverage worldwide.

International life insurance for US citizens living abroad

International life insurance is a form of financial protection for US citizens who live or work in multiple countries or have an international lifestyle. These insurance policies are tailored to meet the unique needs of expatriates, frequent travellers, and individuals with global connections.

Why US Citizens Abroad Need International Life Insurance

People who relocate to a new country hope for the best but should also prepare for the worst. An accident, health crisis, or death can happen anywhere, and international life insurance provides protection for you and your loved ones in the event of your passing.

How International Life Insurance Works

International life insurance works the same way as a regular life insurance policy. The policyholder pays regular premiums to the insurance company, and the company pays a death benefit to the named beneficiaries if the policyholder passes away.

The unique aspect of international life insurance is that it provides coverage wherever you are in the world. This means that if you, as the policyholder, pass away overseas, your beneficiary will still receive a death benefit.

Key Benefits of International Life Insurance

• Worldwide coverage: The death benefit is paid to beneficiaries even if the insured person passes away abroad.
• Coverage options: Expatriates can choose from various coverage options, including term life, whole life, and annually renewable life plans.
• Premium payment options: Policyholders can pay premiums in various currencies, such as USD, EUR, or GBP, and can often increase or decrease their coverage level.
• Portability: International life policies are portable, allowing policyholders to maintain coverage if they change countries or move frequently.

Types of International Life Insurance

There are two main types of international life insurance policies:

• Term life insurance: This is the most popular option among expatriates and global travellers due to its economical premiums and flexible coverage terms. Term life insurance provides coverage for a limited period, typically ranging from 5 to 30 years, after which the policy expires.
• Whole life insurance: Whole life insurance provides lifetime coverage with a guaranteed death benefit. These policies tend to be more expensive than term life insurance but offer the peace of mind that the death benefit will be paid out.

Applying for International Life Insurance

When applying for international life insurance as a US expat, you will need to provide a thorough application, including a photocopy of your passport, medical exams, and proof of residence in your new country. Some insurers may also require an interview for security and clarity.

It is recommended that you apply for international life insurance 90 days before departing from your home country, and coverage can begin as soon as you leave. However, you can also apply for coverage while settling into your new life overseas.

Limitations of International Life Insurance

It's important to note that international life insurance policies may have age restrictions, with applicants typically required to be between 18 and 69 years old. Additionally, some countries may be deemed too unstable for coverage, so it's essential to check with your insurance broker about the countries you plan to live in or visit.

Providers of International Life Insurance

Several providers offer international life insurance for US citizens living abroad, including Unisure, William Russell, and Atlas Life. These companies provide comprehensive coverage across multiple countries and offer flexible options to meet your needs.

How to get a quote

Getting a quote for Global Life Insurance is a straightforward process. The company offers a free quote that can be obtained by calling their toll-free number, 1-800-742-6787. You can also apply for a quote online through their website, which promises a simple application process with no medical exam required. The online application only takes a few minutes to complete, and you can choose your desired coverage amount, ranging from $5,000 to $100,000.

The monthly rates for Global Life Insurance are as low as $3.49 for adults and $2.17 for children or grandchildren. The rates are based on your current age and are guaranteed to stay the same for the life of the policy as long as premiums are paid on time. There is also no waiting period, so full coverage begins on the first day, and the approval process is fast.

It is important to note that Global Life Insurance is a term life insurance policy that expires when you reach your 80th or 90th birthday, depending on the state you live in. The policy does not build cash value, which can be beneficial for Medicaid eligibility. Additionally, there are no health questions or medical exams required to qualify for the insurance.

International citizens or expats looking for global life insurance can also obtain a quote by filling out a lead form to receive a personalized quote that fits their needs. This option offers flexibility in choosing from multiple currencies, including US dollars, pounds sterling, or euros.

The types of global life insurance

There are several types of global life insurance policies available, which can be categorized into two groups: term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance is a type of policy that provides coverage for a specific period, typically ranging from 1 to 30 years. This type of insurance is generally more affordable, especially if purchased before moving abroad, and can provide a substantial death benefit. However, term life insurance does not build cash value, and the cost of renewing the policy increases over time. Additionally, term life insurance policies usually have travel restrictions, and the coverage may be limited or cancelled if the policyholder moves to another country.

Permanent Life Insurance

Permanent life insurance, which includes whole life insurance, is designed to cover an individual for their entire life as long as they continue to pay the premiums. This type of insurance is more suitable for wealth-building and asset preservation, as it builds cash value over time at a steady, guaranteed rate. Whole life insurance can also aid in portfolio diversification and can be used for estate planning to transfer wealth to family members. Permanent life insurance policies are generally more expensive than term life insurance and may require a health questionnaire or medical exam for eligibility.

Final Expense Insurance

Final expense insurance is a type of whole life insurance that is designed to cover end-of-life expenses, such as burial or cremation costs, funeral services, and other arrangements. This type of insurance is commonly purchased by seniors who no longer have dependents and is typically more expensive with lower coverage limits.

Mortgage Protection Insurance

Mortgage protection insurance is a type of accidental death and dismemberment insurance offered by some companies, including Globe Life. This insurance policy pays out in the event of the policyholder's accidental death or dismemberment, but it does not cover natural causes or illness.

Children's Life Insurance

Children's life insurance is a policy purchased for minors, often by their parents or guardians. Age is a significant factor in determining the premium for life insurance, so purchasing coverage for children at a young age can help secure a lower premium as they grow older.

Applying for Global Life Insurance

When applying for global life insurance, it is important to consider the type of policy that best suits your needs and circumstances. If you are a US citizen or permanent resident, you will have a wider range of options available to you. However, if you are an expatriate or foreign national, your options may be more limited, and you may need to consider international life insurance policies specifically designed for individuals with multinational interests.

Additionally, it is essential to review the terms and conditions of the policy carefully, including any travel restrictions, payout limitations, and eligibility requirements. Some policies may require a medical exam or health questionnaire, while others may be purchased online or through an agent. Comparing different insurers and their offerings is also recommended to find the best fit for your needs.

How to pay premiums

Paying your premiums with Global Life Insurance is a straightforward process, with several convenient options available. Here is a step-by-step guide on how to pay your premiums:

• Pay by Bank Draft: This option allows you to set up automatic payments directly from your bank account. You can arrange this by providing your bank account details to Global Life Insurance, and the payments will be deducted automatically on the due date. This is a convenient way to ensure your premiums are always paid on time.
• Pay Online: Global Life Insurance offers an easy and secure way to pay your premiums through their eService Center. Simply log in to your account on their website, register your policy, and make the payment. This option gives you the flexibility to pay from anywhere, at any time.
• Pay by Phone: If you prefer, you can make a payment over the phone with the help of their customer service representatives. Call their dedicated phone line at 1-877-577-3860, and a representative will guide you through the payment process. This method is especially useful if you have any questions or concerns about your payment.
• Pay by Mail: For those who wish to pay by cheque or money order, you can send your payment to the following address: Globe Life And Accident Insurance Company, PO Box 653032, Dallas, TX 75265-3032. Remember to include your policy number or any other necessary information with your payment to ensure it is correctly applied to your account.
• Changing Payment Methods: If you need to change your payment method or update your bank draft details, you can do so through the Global Life Insurance eService Center. Their online platform provides a convenient way to manage your policy and payment preferences.

Remember, it is important to pay your premiums on time to ensure your life insurance coverage remains active and your benefits are not interrupted. With these payment options, Global Life Insurance makes it simple and convenient for you to manage your policy and maintain your peace of mind.

How to file a claim

To file a claim with Globe Life Insurance, you must be a spouse, child, family representative, or funeral home representative. You will need the following information:

• Name, telephone number, and address of the beneficiary
• Certified death certificate
• Coroner's report (if the death was the result of an accident, homicide, or suicide)
• Police report (if the death was the result of an accident, homicide, or suicide)

Claims can be sent to:

Globe Life Inc.

PO Box 8076

Attn: Life Claims Department

McKinney, TX 75070

It can take 10-15 business days for Globe Life to receive, log, and process the information. You will be notified if additional information is required. Once a claim has been processed, you will typically receive your check within 10-15 business days.

If the policy has been in force for longer than two years, it is considered "Incontestable" and will be paid as soon as all required documents are received and examined. If the policy has been in force for less than two years, it is considered "Contestable" and will be subject to further review, which may increase the processing time.

If you are filing a claim for accidental death benefits, you can expedite the process by providing copies of the following documents:

• Completed claimant form
• Certified death certificate (including cause and manner of death)—if your benefit amount is $50,000 or less, a copy of the death certificate is allowed
• Obituary (if available)
• Autopsy, toxicology, and police reports
• A copy of the coroner's report

If the manner of death was homicide, you can expedite the process by providing copies of the autopsy, toxicology, and police reports, along with your completed claim forms, the certified death certificate (including cause and manner of death), and a copy of the obituary (if available).

Frequently asked questions