Ask questions via Twitter. Tweet any question to @AskFiLife and we will respond with an answer. More.

FiLife - In partnership with The Wall Street Journal

Your Financial LifelineTM

In partnership with The Wall Street Journal
 
 

Disclaimer

FiLife is a great place to get your finances in shape, and the expert advice in the community can help you address specific or general problems. But very often you’ll also need one-on-one advice from a professional, especially since rules and laws maybe specific to your state or country. Remember that investments and other financial transactions come with risk, and you should consult an independent, qualified professional before making financial commitments.

Stop Showing this Message

Question

praveenl
Newcomer

praveenl asked about a year ago in Life Insurance

Term Life insururance residency requirements

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?

Was this question interesting?

Yes

(0)

No

(0)

Permalink | Abuse

FiLife Recommends

Answer this Question
  • Share:
  •  

1 Answer

Sort by:
Michael Kitces
FiLife Contributor
Reply

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!

Is this helpful?

Yes

(0)

No

(0)

Permalink | Abuse

Answer this Question

Generic User Image

Ask a Question

140 characters

Tips

  • Be specific and clear.
  • Be courteous and thoughtful.
  • Share some details about your situation (age, relationship, etc)

Login or Join

or login with

Ask a Question

140 characters

Expert Partners

Stacker Poll of the Day

What age should you start your child's allowance?

Avg 8.5
 
Avg 8.5
 
248 responses