Whole life insurance and leaving the country?
Whole life insurance and leaving the country?
When i reach retirement i plan on leaving the country USA (My relatives live overseas). If i have a whole life insurance policy does it still cover me even though i am out of the states? Does it pay my beneficiaries upon my death?
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4 Responses
2.1.2010
Best Answer – Chosen by Voters lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
2.1.2010
It is not clear if you have already had this policy for a while or if you plan on getting the policy upon retirement.If you are applying for a new policy there will be a question about leaving the country. Most of the time they are only concerned if you plan on traveling to or residing in a hostile area. If you plan on living in Switzerland there probably is not an issue. On the other hand if you plan on retiring in Afghanistan you are going to be declined.If you have had the policy for a couple of years or more the contestability has expired and the company has no say in what you choose to do.This would be an excellent question to pose to your agent. That is why they receive a commission…
2.1.2010
You'll have to read the policy and find out. Most of the time, it will.HOWEVER. If you have plans to retire outside the USA, and you lied about it on the application (the question usually reads something like, will you be living outside the usa), it can void the coverage.
2.1.2010
You will need to give the life insurance company your new address so they know how to get ahold of you. And, you need to tell your beneficiaries about the policy and how to contact the company.