Term Life Travel Insurance
24 September 2011
This is a highly focused type of travel insurance plan with international term life benefits for travelers who are relocating abroad and need family, corporate or financial protection.
What makes term life travel insurance unique?
This plan is unique term life insurance for travelers who will live abroad for a period of time and want life insurance benefits for their family or as corporate and financial protections.
Term life benefits
Term life insurance is life insurance for a specified period of time – the term of the coverage. Benefits are paid to the designated beneficiaries if the insured dies during the period of coverage. This type of coverage is useful for those who want to leave their families with funds if they die. It’s sometimes required by banks and other financial institutions in situations where the insured is a business owner taking on a loan.
Terminal illness and double indemnity options
The terminal illness option means a portion (usually half) of the policy limit will be paid if the insured is diagnosed with a terminal illness and expected to live 12 months or less. A double indemnity option means double the policy limit will be paid if the insured dies in a covered accident during the period of coverage.
Why would you need term life travel insurance?
- You are relocating to another country and want to leave an amount to your beneficiaries if you are killed or die while traveling.
- You are required to obtain international term life insurance for business or financial reasons.
What coverage is included in this type of travel insurance?
The following coverage is typically found in a Term Life travel insurance plan.
- Term life benefits for your beneficiaries or as collateral for an overseas business transaction.
Who should buy this travel insurance?
Travelers like these should purchase international term life travel insurance:
- International business travelers or business owners who will be relocating for a period of time. This type of coverage is sometimes required as collateral for overseas financial transactions.
How much does this travel insurance cost?
The factors affecting the term life travel insurance premium include:
- Policy limit amount and length of coverage
- Age and health of the insured
- Optional coverages
As an example, the premium for a basic (no optional coverages) plan with a $50,000 policy limit covering a healthy 45-year-old female who is a U.S. citizen relocating to Germany would be $250 per year.
Where should you buy your travel insurance?
You have two options for buying travel insurance – the best option is to compare plans from all companies, get quotes, and purchase your travel insurance plan online:
- Compare plans from all companies: Compare travel insurance plans from all companies, get quotes, and buy online.
- Quote and buy direct: Review the travel insurance companies and plans and purchase directly from the company.
All travel insurance companies include a free look period with a refund that lets you review the plan documentation. If you decide you need something a little different, you can make changes to your policy or cancel it for a refund (minus a small fee).
Summary
- Term life travel insurance is essential life insurance for a period of time
- These plans may include optional coverages for an additional fee
- Plans of this type may be required by those who are relocating for a period of time or need to secure a financial transaction
- Use our travel insurance comparison tool to find term life insurance plans and to compare prices
DamianTysdal
Damian Tysdal is the founder of CoverTrip, and is a licensed agent for travel insurance (MA 1883287). He believes travel insurance should be easier to understand, and started the first travel insurance blog in 2006.
Damian Tysdal is the founder of CoverTrip, and is a licensed agent for travel insurance (MA 1883287). He believes travel insurance should be easier to understand, and started the first travel insurance blog in 2006.