Frequently Asked Questions
Firstly, living in another country doesn’t make it more likely that you will unexpectedly die young, it just makes it more difficult and expensive for your family to deal with if you do. By having a Life Insurance policy designed specifically for global nomads and expats – even one with a relatively low amount of insurance cover ($25,000 for example, although the minimum is $10,000) – you can make sure that if the worst happens, your family receives practical help and support from an international and multilingual team of specialists to help them deal with the legal and administrative issues required to bring your body back home, as well as making sure that the costs of doing so are covered so you’re not putting the financial burden on them.
Secondly, Life Insurance policies are one of the most effective methods of planning for a safe financial future for your loved ones after you have gone. This is particularly important if you have children, and is also important if you have a spouse, partner, parents, or other people who are financially dependent on you. In the event of your death, the money received from the Life Insurance will allow your chosen beneficiaries to maintain the standard of living that they are accustomed to if you and your income are gone (or at least keeps them out of abject poverty), as well as pay for future needs such as education, healthcare, and retirement. In addition, the other benefits included with this life insurance policy, such as 24/7 assistance, repatriation, bereavement counselling, and child chaperone services, relieve your beneficiaries of the stresses and daunting administrative procedures and practicalities that come with a death overseas.
In addition to the ‘Death Benefit’, this insurance policy also includes a Child Chaperone Service, which pays for and assists a next of kin or other family member you have appointed to immediately come and collect and unaccompanied children and take them back to their home. This is hugely important for nomadic families, because without this assistance, the default position in most countries worldwide is that unaccompanied orphaned children become “Wards of Court”, i.e. the local government becomes their legal guardian, and they go into whatever orphanage system that country has in place. Having experts from a multinational insurance company who know how to deal with this precise situation, including liaising with embassies and local police, prevents this from happening and makes sure your children are safely looked after by whomever you have appointed to be their guardians if you unexpectedly die young in a foreign country.
Yes, dear nomads, you can. Just put your current address in and feel free to keep on movin’.
Anywhere in the world.
Yes. This policy is fully globally portable; you are covered everywhere.
Yes, you are covered everywhere in the world.
This is the amount of money which will be paid to your chosen beneficiaries in the amount of your death. Under this policy, you can choose any amount up to US$350,000. The minimum amount is US$10,000.
There’s no exact science for this as it will vary depending on your personal circumstances – for example, if you have children of a pre-school age you will need much more life insurance than if you have children who are about to finish university, because young children will be financially dependent on you for a much longer period of time (whether you’re alive or not). To help you consider how much cover you need, ask yourself the following questions:
- How much income do I currently provide for my family, which would stop if I died?
- How would my survivors get by in the event of my death?
- How will my family pay for school, college, and university fees if I have died?
- How will my family manage the logistics of being a nomad family if I die?
- How will my family afford to pay estate/inheritance taxes if I am leaving other assets, i.e. property?
- What lifestyle do I want my family to have in the event of my death?
In addition to the ‘Death Benefit’ (the cash payment made to your chosen beneficiaries), this policy also includes the quick-release of funds to cover any costs associated with bringing your body home. The insurer will provide access to, and pay for, an experienced team of international funeral directors who will take care of the paperwork, legal, religious and cultural requirements associated with repatriating a body.
Once the basic details have been verified by phone and email, the insurer will release a payment equal to 10% of the ‘Death Benefit’ (sum insured) to help your beneficiaries cover incidental expenses and make sure that they are financially secure in such a challenging time. The remaining 90% is released as soon as all legal formalities have been completed. In most cases, this takes less than 90 days.
The first step is for them to contact the 24/7 Assistance Hotline by phone or email. The experienced insurance company staff will then guide them through the process, which can vary depending on the circumstances or location. The claims process is specifically designed to be as smooth, compassionate, and quick as possible. For more details, please click here.
No, you can choose who you want your beneficiaries to be, including family, friends, charities, or any other person or entity.
Probably a lot less than you expect! To get an instant online quotation, just click here. Please note that our prices are 10% cheaper than purchasing life insurance directly from the underwriting insurance company 🙂
Yes, that would be great. Data shows that the vast majority of nomads do not have life insurance, and even among those that do, the amount of cover is not high enough, particularly for those with children. A few clicks or posts can earn you really good referral fees (which you could use to pay for your own life insurance). Please click on the ‘Affiliate’ link in our footer to learn how you can get paid for helping us to spread the word about LifeInsuranceForNomads.com
Yes of course – we have a lot more answers to common questions on our support pages, which you can access here.
You can also email us at hola@LifeInsuranceForNomads.com or contact us through the live chat function on this website and we’ll be happy to assist you, including setting up a time for a phone or skype call if you prefer.