I have a mentor/friend/business partner in life insurance of sorts in Denver who is a few years older than me (we have the 60’s covered) and we have kicked around retiring in Panama for a few years. The idea of Caribbean or Central American retirement certainly has some draw for me and if you do much reading on the idea of remaining a US citizen and retiring elsewhere there are advantages and even some perks if you pick the right country and there is no lack of Americans taking their money and taking advantage of it.
So, you’re comfortably retired or semi retired as an ex pat and for mortgage or business reasons you decide you need life insurance, or more life insurance and you call your previous life insurance agent from, say, South Africa and they tell you that they can’t help you. So you call Selectquote and they also tell you there’s nothing they can do. Ex pat life insurance is a lot like impaired risk life insurance in that very few agents even know it can be done, and even fewer know how to do it. We’ve been helping US residents abroad, from missionaries, to business people in our global economy, to retirees all around the world for years, and have the kinks worked out of the process.
Missionaries are shunned by traditional life insurance companies because, well let’s face it, we Christians are hated around the world more each day. Especially in Muslim dominated countries, being a missionary, at least to traditional life insurance companies, is a bit like fly fishing in Iraq. But we have worked closely with a couple of companies that will underwrite life insurance virtually anywhere in the world for missionaries. The can apply and do physicals before leaving the US, or in most cases if they have access to an English speaking doctor we can send the requirements and they can have a life insurance exam done where they are. In those cases they are reimbursed up to $200 for the exam, usually more than adequate.
For foreign nationals with US ties, such as a US business partner, and US citizens with business interests abroad we can offer several life insurance products depending on their needs and exposure. We can do traditional key man or buy/sell funding or provide loan collateral life insurance when a lender requires it. Within the US we can generally have the business life insurance policies in place within 5 working days for those of you who were declined and the loan closure is looming. For international business life insurance it takes a bit longer, but having things wrapped up and ready to give to a lender or investor within two to three weeks.
Retirees have choices if they are US citizens abroad. We have international term life insurance, if you are out of the country six months or longer each year, with term lengths up to 10 years and, again, depending on ongoing ties to the US we may be able to get longer terms and permanent life insurance depending on your needs.
Bottom line. Being a US citizen living temporarily or permanently outside of the country can be a show stopper for most life insurance agents. If you need it done and don’t want a bad experience or a reinventing of the wheel, call or email me directly. My name is Ed Hinerman. Let’s talk.