Why You Need To Have a Term Life Insurance during Foreign Travel
Travelling has now become a worldwide phenomenon. Some of us are the regular jet setters travelling for business while there are others who have made the world their home. More and more people are travelling across the globe for newer and better job opportunities, while many just do not want to be tied down at one place. For many expats, living across nations is like an adventure that fills the soul. All international travelling has its own set of challenges. Apart from the regular travel insurance covering your travel plans, there is also term insurance for long-term financial planning when you are on the move.
What is term insurance and how does it help travellers?
Term insurance is a type of life insurance that provides cover for a specified period. These insurances are for some specified years and are usually less costly than permanent life insurances. Benefits are paid to the designated beneficiaries if the insured dies during the period of coverage.
These term plans are good for travellers and expats who live abroad for a period and want to enjoy the benefits of life insurance. These are not the regular travel insurances that you can take for vacations and holidays. These covers are meant for people who are always on the go.
You would need this term insurance if
You are relocating in any other country and do not want to leave your family in lurch is any unforeseen circumstances occur. Anything can happen while you are away and you should be fully prepared for any circumstances.
Life insurance companies generally assign codes to countries based on their safety of travel to that country. They consider multiple factors like war, conflict, ease of having medical care, political instability and economic issues. The duration of the trip is also taken into consideration while determining the premium of the insurance.
Life insurance companies have their own guidelines for foreign travels and they vary from one company to the other. Depending on your destination, you should choose the company. And also understand properly all the terms and conditions for the insurance. Also, do not leave for your trip until your policy has been approved and placed in force.
What coverage is included in this type of term insurance?
Term life insurance plans generally serve benefits for your beneficiaries or as a collateral for an overseas business transaction.
Again, the cost of the insurance depends on the policy limit and length of coverage, age and health of the insured. And before buying any insurance plans, please do read about all the terms and clause.
Having an expat life can be exciting as well as daunting. While you have to look for so many things likes jobs, visas, languages, you can keep your medical problems at bay with travel insurance and term plans. So before you take the leap, pay a little attention to your insurance plans as well.
About Aegon Life:
A joint venture between Aegon – world’s leading financial services and Bennett, Coleman & Company – India’s leading media house, Aegon Life Insurance launched its pan-India operations in July 2008. Armed with a vision to be the most recommended new age life insurance company, Aegon Life adopts the power of global expertise by leveraging digital platforms to bring transparent solutions, and to prioritize customer needs. Our financial planning and investment solutions include term life insurance plans, pension plans, unit-linked insurance plans (ULIPs), health insurance plans, child education plans, and more.