What Happens to my Insurance if I Retire Abroad?
Life insurance matters for all of us who want to ensure that our loved ones have a safe and secure future should the worst happen to us. Many seniors have likely considered or held life insurance plans earlier in life, when a loss of the income that they brought to a family would’ve meant disaster. Insurance is still important past retirement, though, in order to help family members live comfortably after the plan holder’s passing. More specialized plans can help alleviate the cost of a proper burial, allowing surviving friends and family to say goodbye with dignity and without the financial woes that accompany most special funerals.
Upon retirement, however, new questions about insurance come up. Can I still get a competitive life insurance plan at this age? And with many seniors choosing to retire abroad, will moving to another country change anything about my plan?
The answer to the first question is a resounding yes. Today’s seniors are healthier and have a longer life expectancy than ever before, so many reputable companies are now prepared to offer no exam life insurance to them. The answer to the second question is more complicated. Let’s dig into some of the issues that may arise when retiring abroad with a life or burial insurance plan.
Changing Security Risks
As many of us know, one important factor in determining your eligibility for a life insurance plan is the immediate risk to you person. A secret agent, for example, is going to have a much more expensive plan than a mild-mannered office manager who periodically vacations in the Appalachians.
For seniors retiring abroad, the same considerations apply. Insurance companies always keep up to date with security rankings for popular retirement destinations, choosing whether or not they should cover deaths that occur in those countries. So, for example, an insurance provider isn’t likely to bat an eyelash if you want to retire to Iceland (the safest country in the world, by the way), but retiring to the Levant could result in losing an insurance plan altogether.
The takeaway is this: moving abroad with life insurance is a complicated issue. The best thing that you can do to ensure that it goes on without any hiccups is to be open with your insurance provider and keep them up-to-date on all of your travel plans. Tell them where you plan to retire and be prepared to consider other destinations if the security risks of your first choice are becoming too great.
Transporting a Loved One
Although it comes up less on people’s minds, there are also unique issues to consider when choosing a burial insurance plan and planning to retire abroad. Did you know that there are special restrictions in place for transporting a loved one’s mortal remains?
The first and foremost among these is that any whole remains being transported must be accompanied by a death certificate in English. If the original is written in a non-English language, then an English translation must accompany it. This is critical and without it U.S. Customs will likely turn away the remains, preventing them from entering the United States.
A funeral without a body can be a difficult and oftentimes painful affair. It can be avoided by contacting your burial insurance provider and working with them to find and cover the cost of an interpreter.
Retiring abroad is becoming a popular trend and many seniors are choosing to spend their well-earned retirement in exotic destinations, pursuing the adventures that they’ve always wanted to or swapping a frigid city for a warm beach. Retiring abroad with life insurance can be complicated, but the issues that arise with such a retirement can be avoided completely with open and honest communication between an insurance plan holder and their insurance provider.