A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Car Insurance Agent

UPDATED: Dec 11, 2021

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Don't Miss These Facts

  • Life insurance companies say living abroad is riskier than living domestically
  • Applicants must be in the U.S. when applying for coverage
  • Life insurance for Americans living abroad provides coverage all around the world

Life insurance companies provide coverage for Americans living abroad. Providers consider living in other countries riskier than living in the U.S., resulting in higher rates. Understanding life insurance companies that offer term life insurance for an American living abroad will help you find the right policy.

Before learning about life insurance companies that offer term life insurance for an American living abroad, enter your ZIP code to get free life insurance quotes in your area.

How does coverage work from life insurance companies that offer term life insurance for an American living abroad?

Life insurance companies use a customer’s risk of death when determining eligibility and rates. High-risk applicants are more likely to die before their premiums are paid in full, so providers require higher monthly rates or deny eligibility.

Insurance companies consider living in some countries to be riskier than others. This increased risk can be due to multiple factors, including:

  • Public health
  • Crime
  • Terrorism
  • International or civil conflict

Companies often exclude coverage from countries that deal with these problems. You might also find life insurance companies that don’t offer term life insurance for an American living abroad if the provider can’t accurately determine the country’s risk.

In most cases, life insurance companies consider living in a foreign country riskier than living in the U.S. However, most providers consider the dangers of each nation and rate them accordingly. Therefore, eligibility and rates depend on the specific country in which you live.

A safe country will usually result in lower life insurance companies’ rates that offer term life insurance for an American living abroad, regardless of the provider. You’ll notice a rise in rates as the danger of living in the country increases.

Where you purchase your policy will also impact your coverage. If you buy your plan before leaving the country, you won’t notice a difference in Aviva life insurance moving abroad. However, you’ll have more trouble finding coverage and experience higher rates if you wait until after moving.

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What policies are offered by life insurance companies that offer term life insurance for an American living abroad?

Permanent and term life insurance types are available for customers planning to move abroad. The best option depends on your situation.

Term life policies last for a set period, usually ranging from 10 to 40 years. These plans are the cheapest from affordable life insurance companies that offer term life insurance for an American living abroad and are a good option if you have a shorter life expectancy.

Customers that outlive their term life policy can convert it into a permanent life plan. Permanent policies are more expensive but last for the remainder of your life. These coverages are usually the best option for younger and healthier policyholders.

Not all policies cover policyholders wherever they live. For this reason, you should consider international exclusions when looking at life insurance companies’ quotes that offer term life insurance for an American living abroad.

If the policy you choose does offer coverage overseas, it will cover you regardless of where you live. The Insurance Information Institute provides tips to determine the best type of coverage for your needs.

What are some tips for buying from life insurance companies that offer term life insurance for an American living abroad?

Buying international life insurance can be more complicated than purchasing coverage domestically. In addition to refusing to cover applicants in certain countries, most life insurance providers have specific requirements.

Some of the tips to follow when buying coverage before moving abroad, like Aviva ex-pat life insurance, include:

  • Name an American Beneficiary
  • Reside Domestically During the Application Process
  • Maintain a U.S. Residential Address and Bank Account

Let’s look deeper into some of these tips when obtaining life insurance for Americans living abroad.

Name an American Beneficiary

When applying for life insurance, you need to name a beneficiary that will receive the death benefit. While you can name anyone as your beneficiary, it can be more complicated to list a foreign national. A foreign citizen can be your beneficiary, but it will likely result in more questions.

Most life insurance companies will ask why you’re looking into a provider based in the U.S., if you have any financial ties to the U.S., and if you plan on living in the U.S. in the future if you list a foreign national as your beneficiary. You can avoid these questions by naming an American citizen.

Applying in the United States

Most life insurance companies require applicants to be in the United States throughout the application process. This process involves multiple steps, including:

  • Solicitation
  • Application
  • Underwriting/medical exam
  • Issuance/policy acceptance

This process usually takes between three and eight weeks to complete. If you plan on applying online, the company will track your IP address to ensure that you’re doing so from within the United States.

Maintaining a U.S. Address and Bank Account

Life insurance companies associate policies with a U.S. residential address, allowing them to follow state requirements. Even if you don’t live in the U.S. most providers will require a domestic address to avoid potential governmental problems.

Additionally, you might be required to have a U.S. bank account. Insurance companies prefer to have an account on record from which they can withdraw payments. U.S. bank accounts are easier to use for providers, so they usually make it a requirement.

Life Insurance Companies That Offer Term Life Insurance for an American Living Abroad: The Bottom Line

Life insurance companies use risk to determine eligibility and rates. Obtaining coverage while living in a foreign country can be challenging as providers consider living abroad riskier. But policies are available for Americans living overseas, as long as they’re in the U.S. throughout the application process.

Knowing more about life insurance companies that offer term life insurance for an American living abroad will help you get the best coverage.

Now that you know about life insurance companies that offer term life insurance for an American living abroad, enter your ZIP code to find free life insurance rates in your area.