Expatriate Life Insurance

Expatriate life insurance is a policy that provides international cover for people who live abroad, but other than that, it is generally the same as any local life plan. As with all types of insurance policies, premiums of expatriate life insurance must be paid regularly, otherwise, the company could cancel the policy after a grace period of about a month. It is, however, possible to reinstate a policy that has lapsed as long as certain provisions are met. For example, a plan that has not be exchanged for its cash value can qualify for reinstatement within a certain period. In all cases, a move to reinstate expatriate life insurance must be accompanied by proof of insurability, as well as payments for all overdue premiums with interest. The person with the lapsed policy can also opt to buy a new plan instead of reinstate his old plan, but there are more benefits to the second option, including lower premiums (because the policy was bought early on) and higher cash values and dividends when applicable. Still, cases may vary for each individual with a different set of circumstances, and a meeting with an insurance broker can prove to be helpful.