When you think of applying for a life insurance policy, you are aware that there are several factors to take into consideration when deciding on your coverage amount. You need to calculate the costs of your funeral expenses, the amount of debt you need to pay off, and how much you would need to take care of your family or dependents adequately in your absence.
If you have a job that demands constant travel, did you ever stop to think that you might be increasing your risk? Do you travel to countries that are prone to disease or political unrest? Have you weighed the odds of an accident, illness or even death while traveling? If this is the case, then maybe you should think of increasing your life insurance coverage. There are also several term life and permanent life insurance policies that cease to be applicable if you are traveling to specific destinations. Check with your insurance company about the list of ‘high-risk’ destinations and make sure you understand the restrictions associated with foreign travel and life insurance. Insurance companies also define high-risk occupations that demand constant foreign travel and that by their very nature would increase your probability of illness, an accident or death. Therefore, you need to be brutally honest when filling in your application form as you do not want to be left with a policy that the company does not pay out as a result of fraud on your part.
It is also known that depending on your age, sex, weight, lifestyle and habits such as smoking and drinking, health conditions and occupation, you will qualify for a particular premium or rate. Such situations may call for purchasing a high-risk life insurance policy. Such policies are especially created for people whose lifestyle is classified as ‘risky.’ This implies the higher chance of an accident or even death due to dangerous hobbies or constant travel to unsafe destinations as part of your job. Insurance companies view such individuals as having a higher probability of dying earlier as compared to others in the same sex and age group. Therefore the premiums charged on such policies are significantly higher. On the positive side, there are now companies that specifically deal with such life insurance products.
As with other policies, you will still have to fill up a detailed application form and undergo a medical examination. If the underwriters deem your lifestyle choices, job or hobby as high-risk, you will qualify for a high-risk life insurance policy as compared to a regular one.
This might imply lower death benefits and a higher premium but you are still being insured so it remains a worthwhile investment. Try looking online for companies that deal with such types of insurance and shop around to ensure that you get the best deal.
Thus, foreign travel can affect both the amount you pay for insurance and the coverage you require.
AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.
About the author
Denise Mancini-Blonda is manager of public relations and marketing communications for AccuQuote. In addition to overseeing all corporate media relations, internal executive and employee communications, she plays a key role in the overall content development of the company’s online and offline marketing campaigns. This entails overseeing and implementing AccuQuote’s social media, blog and podcast strategies, as well as its word-of-mouth marketing campaign.