Importance Of Global Life Insurance For Expatriates

Protect your family/loved ones while living or working overseas with a Global Life Insurance policy.

The majority of expatriates report an increased standard of living since moving overseas, however as an expatriate you do not qualify for many benefits available in your home country. In order to protect your loved ones and your lifestyle it is essential to take your own precautions in the form of international life insurance policies.

Gilt Edge International understands the importance of securing clients financial future and wellbeing against unexpected events and accidents.

We provide a comprehensive range of personal and family insurance plans from strategically selected providers, offering you the chance to obtain the tailored cover specific to your personal needs.

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Price Of Global Life Insurance

Each individual has a different set of responsibilities to consider when choosing the level of Life Insurance cover they need. These are just some of the considerations you should take into account when beginning an International Life Insurance Policy.
  • Age
  • State of your current health.
  • Number of and age of children mutually with anticipated educational costs.
  • Mortgage(s) and any other financial commitments.
  • Type of job and hobbies in respect to the type of risk you expose yourself to.
The price will differ based on the above factors and a tailored level of cover can be achieved.

How To Go About Starting Life Insurance

An initial price quote can be provided with the following information;
  • DoB
  • Nationality
  • Country of Residence
  • Status of Smoker / Non-Smoker
From there two approaches can be taken to obtain a quote for suitable cover. Either by stating amount of cover required and the term for which, or to state a suitable monthly premium amount and required term for which we’ll inform you of the amount of cover that premium will provide.

If a joint plan is required we would need the same information stated above for each life assured.

Ideally a brief discussion about your reasons for insurance allows our experienced consultants to offer guidance about beneficiary nomination or the set-up of a trust; ensuring you achieve the right cover and protection for your dearest. General health history or lifestyle of a client in some cases can impact the underwriting of an insurance policy; our dedicated account managers are here to ensure all clients select the most appropriate, affordable global life insurance solution.

It may be necessary for us to obtain updated quotes taking into account any further relevant information discussed with our consultant following the initial quote provided.

Dependant on individual circumstances the international product provider may request a medical exam to be conducted by the client. However, you can decide which (English-speaking) doctor you prefer, and arrange the appointment time to suit your own diary. Insurance companies will typically refund the medical exam costs, or even pay directly in some cases.

From this point the international life company with then do one of the following;
  • Accept on standard terms,
  • Accept at personal rate,
  • Refuse cover.
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Frequently Asked Questions About Overseas Life Insurance

If you haven’t found the information you are looking for so far on this page, perhaps your Life Insurance query has been answered below. If that isn’t the case please submit your personal query here.

1. Who is eligible for Overseas Life Insurance?
Typically, onshore insurance policies are available to residents of that country. As an expatriate, it is essential that your insurance policies are valid whilst you are away from your home country. Therefore, expatriates need to consider international life insurance plans.

2. How long does it take to start an Global Life Insurance policy?
The time taken to start a global life insurance policy will depend on many factors, but with full underwriting and a medical if necessary, typically we can have an offshore life insurance policy in place for a client within one month.

3. Do I have to have a medical in order to start an Overseas Life Insurance Plan?
Underwriting is key to obtaining the best insurance cover for the premium, so a medical is usually requested, based on your answers to the medical questions on the life insurance application. However, you can decide which (English-speaking) doctor you prefer, and arrange the appointment time to suit your own diary. International Insurance companies will typically refund the medical exam costs, or even pay directly in some cases.

4. How much does Expatriate Life Insurance cost?
The premium for an expat life insurance policy is based on many factors; including age, gender, and lifestyle, so costs are considered on an individual basis. We are able to provide you with an illustration at outset, and underwriters will then confirm this on receipt of your application form, and the results of any medical tests they request.

5. What is the payment structure for Offshore Life Insurance?
Premiums for an offshore life insurance policy can be paid monthly by Bank Standing Order, or credit card mandate, or annually by cheque or TT.

6. Can I change the level of Life Insurance coverage mid-term?
It may be possible with some life insurance plans to chance the level of coverage. However, often a term plan is fixed at outset. This way the exact cost and the cover provided is known, regardless of your changing health or circumstances.

7. Will my life insurance premium increase due to changes in my health?
You are required to inform the insurer of any health changes occurring between application and the start of your global life insurance plan. Any health problems whilst the life insurance policy is in force will not increase premium prices or reduce cover.

8. What can I do to reduce the cost of my Overseas Life Insurance premium?
We can research a number of international life insurance providers for the best available prices. Full underwriting allows the insurer to fully understand their risk, and offer the best possible price.

9. Is there any difference between ‘Life Insurance’ and ‘Life Assurance’?
The two phrases ‘life insurance’ and ‘life assurance’ mean the same thing.

10. Can I still get Life Insurance Cover if I suffer a critical illness?
Critical illness cover is also available from some of the international insurers, which will pay an agreed amount on diagnosis of specified critical illnesses, or if you are permanently disabled. This can be selected separately or as an additional benefit within your life insurance policy.

11. How can I be sure my dependants receive the death benefit?
This is key to setting up any life insurance and we’ll discuss your specific requirements with you, ensuring that beneficiaries will receive any death benefit in the most tax-efficient and speedy way.

12. Do I need life insurance to protect my business?
This will depend on your circumstances, but we are able to provide insurance suitable for share-holders or partnership protection. Key-man insurance may also be advisable to protect your business from the expenses incurred on the death of a key member of your organisation.

13. Can I protect a mortgage or loan with international insurance?
Yes. There are a number of ways to do this, including assignment to the lender, where this is required.

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