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praveenl
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Term Life insururance residency requirements


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I currently live in Atlanta,US. If I immigrate to another country, can I continue with the life insurance policy as long as I premium? Any issues with that? Will the niminees get the death benefits?

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Michael Kitces
FiLife Contributor

Praveenl,
Generally speaking, as long as the insurance policy was properly and legitimately acquired at the time, the fact that you later move or even leave the country should not alter the obligation of the insurance company to pay your death benefit to your beneficiaries.

However, the best way to clarify this is to ask the insurance company, and also to look directly at the policy itself, which should have a page of exclusions (situations in which the death benefit will not be paid). Typically, exclusions are rare for most policies, and may only include situations like death during a war, but you should check. If you haven't purchased the policy already, this is an entirely valid question to clarify before completing any purchase.

But the quick answer is "yes", this generally can be done, just check the details of any particular policy you're looking at to be sure it's not an "exception to the rule".

I hope that helps a little!

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