Applying for International Life Insurance: How to Prepare and Expedite the Process

cheap international life insurance

Planning for the future is essential, but it can get more complicated when you travel frequently or live in a foreign country. By obtaining international life insurance, you’re creating a safety net that will help your loved ones navigate unforeseen circumstances. Before you embark on the search for a suitable policy, however, it’s vital to understand and properly prepare for the application process.

What Is International Life Insurance And Why Do I Need It?

What Is International Life Insurance And Why Do I Need It? International Life Insurance for Expats and People in Japan - international life insurance requirements

Life insurance is a financial product that serves as a safety net for your loved ones after you pass away. When the policyholder passes, the insurance company pays a sum of money to the chosen beneficiary or beneficiaries. International life insurance policies differ from domestic policies in that they offer coverage even when the policyholder is traveling or living abroad. They also cater to a diverse range of nationalities and countries.

International life insurance policies can offer a number of benefits. They may offer things like a cash payout for the beneficiaries, protection against terminal illnesses, or covering the costs of repatriating remains. However, because people living internationally have complicated lives, international life insurance policies are more complex. They require additional details to be taken into account when evaluating applicants.

What Are The Requirements for Applying for International Life Insurance?

 What Are The Requirements for Applying for International Life Insurance? What you need to apply for international life insurance

There are different types of international life insurance policies, each offering unique benefits. Depending on the type of policy you choose, the application requirements can differ. However, there are certain requirements that you can expect regardless of the policy for which you apply. These include documents providing:

  • -Proof of identity
  • -Proof of residency

Depending on your medical history, some policies may also require a medical exam before you can be approved. Usually, this is only the case if you are applying for more than US $500,000 in coverage. Many policies, called “no exam” policies, do not have this requirement for healthy people.

international life insurance in english for japan residents

Related to these requirements are factors that can influence the success of your application or the cost of your insurance premiums. These factors impact the statistical likelihood that an insurance company will have to pay out the benefits of the policy. They include aspects such as:

Factors that influence your life insurance application results and life insurance premiums
  • -Age
  • -Existing medical conditions
  • -Term of coverage sought
  • -Occupation
  • -Hobbies (if hazardous) 
  • -Country of residence

How Can I Expedite The Process of Applying for International Life Insurance?

While you don’t want to rush the procedure of choosing life insurance, you also don’t want to get bogged down in the application process. Fortunately, there are a few steps you can take to speed things up and secure coverage as quickly as possible. 

 How Can I Expedite The Process of Applying for International Life Insurance? Requirements of International Life Insurance

  1.  1. Gather all required documents beforehand. Having your documents prepared and organized will allow you to provide them promptly when requested, reducing any potential delays in the application process.
  2. 2. Seek assistance from an experienced financial advisor. The right advisor can guide you through the application process and ensure that you provide all the necessary information. Additionally, they can help you navigate any language or cultural barriers that may arise during the application process.
  1. 3. Provide accurate and complete information during the application process. Errors and discrepancies in your application could cause delays or even cause your application to be rejected. Be sure to disclose all of the required information promptly and honestly with your adviser to secure the appropriate coverage.

By following these steps, you can expedite the international life insurance application process, reduce any potential delays, and secure the coverage you need to protect yourself and your loved ones.

Final Notes on the Application Process

You want your family to be safe and provided for, no matter what happens. That means you want to secure your life insurance policy as quickly as possible. Unfortunately, rushing the process is only likely to cause you problems, so don’t skip steps when vetting insurance companies and their policies. The best thing you can do to get the right coverage in an expedient fashion is to work with a professional. Talk to a trusted advisor – they’ll help you secure the protection that you need.

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Sources and Further Reading

- “An International Analysis of Life Insurance Demand.” Brown, Mark J and Kim, Kihong. The Journal of Risk and Insurance, Volume 60 No. 4

- “Joint Life Insurance Policies” Cox-Steib, Joshua. BankRate (2021)

- “Guide to Critical Illness Insurance Policies: Are They Right for You?” Healthcare Solutions Team®

- “What Happens to Your Life Insurance When You Leave a Job?” Nealon, Lizzie. BankRate (2021)