What is global life insurance and why would you need this particular policy?
Well… it’s a somewhat generic phrase. It could mean anything from the global life insurance industry as we know it, or it could refer to an individual company of the same name.
When it comes to the global scene, the insurance industry is continuing to increase its premiums; in 2008 they rose to 3.4% and reached $4.3 trillion dollars. Advanced economies make up the bulk of this insurance industry.
Now let’s consider another meaning behind the phrase “global life insurance.” What if there was a way to insure yourself regardless of the country you were located in? As you can imagine (or perhaps you personally know), being a worldwide traveler can complicate life and health insurance policies.
No US only company is going to want to pay for your healthcare or your life insurance if you are overseas most of the year.
Global life insurance is an idea where you can insure yourself regardless of where you travel.
Admittedly, every insurance company—even the multinational companies—may have certain restrictions on what country you can inhabit and claim insurance coverage. After all, getting an insurance policy in Iraq or Afghanistan might be next to impossible! Limitations aside though the idea behind global life insurance is an exciting one.
Such a policy would not only offer advantages like portability, but also in convenience and flexibility. You could have a universal insurance policy that encompasses all sorts of currencies from around the world. You could also have very flexible terms, from a short period of time (if your traveling is temporary) or for years on end—even the rest of your life!
These policies are also similar to traditional insurance policies both in healthcare and in life insurance. You can get adequate medical care in most countries or you can provide for your family back home even if a fatal accident should occur while you’re in another country.
Some global life insurance policies may also offer extra provisions such as helicopter rescue in the event of a medical or political emergency. Remember, hospitals in other countries might not be so generous if you have no proof of insurance that is accepted in their country. An American insurance policy in China might be obsolete.
It’s no question that being in another country can be an intimidating experience. When you are in your home country or home state you are more relaxed and confident because you are accustomed to the environment.
You know, for the most part, how to converse with people in the community and how to get business settled. When you are in another country however, you quickly lose that comfort because you are adopting a new set of rules and standards.
You and your family deserve full protection, especially in situations that involve multi-national residences.
Every world traveler has some sort of policy in place because, unfortunately, we don’t know what the future holds. Life is a gamble, but with global life insurance, your family’s survival doesn’t have to be.