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.
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What makes term life travel insurance unique?
Why would you need term life travel insurance?
What coverage is included in this type of travel insurance?
Who should buy this travel insurance?
How much does this travel insurance cost?
Where should you buy your travel insurance?
Which companies offer term life travel insurance plans?
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 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.
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.
The following coverage is typically found in a Term Life travel insurance plan.
Travelers like these should purchase international term life travel insurance:
The factors affecting the term life travel insurance premium include:
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.
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:
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).
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.