Some general life insurance questions...

[jjordand415]

state: Kansas

Hi, my name is Jordan, I’m 25 years old, and a recent college graduate. However, before joining the job force for a career, I am planning on spending a few years doing some mission work overseas. This opportunity will take me to some very remote and potentially dangerous places in the world. I am hesitant to accept, because I am worried about my parents’ health and financial situation. They are now older than I’d like to admit to myself, and have some minor to moderate health issues between them. I am worried that if something were to happen to me, they could be left without adequate assistance in case of a medical emergency. (they have health insurance, but I worry about other expenses that may not be covered, long term assisted care for example)

I’m thinking about buying a life insurance policy before I leave… just in case. After doing some online research I have some specific questions about this. From what I’ve found what I’m interested in is Term Life Insurance, possibly with a indemnity clause.) Am I on track with this? Is there something better? Will traveling internationally require a special policy, or will most still cover me? Are there any additional complications with international travel? Which companies can I trust? I’ve seen a lot of cases of fraud in my searching. When do I need to take out the policy? I won’t be leaving for about a year. How much should the policy be for, and how exactly would the claim process work if something were to happen? (I am hesitant to tell my family about the policy, because they would worry)

Wow, it seemed like I had a lot more questions than that, but I guess that’s good for now. Thanks.What is the name of your state?

 

[Betty]

The major ins. co. I worked for & all the companies we reinsured with would not issue coverage to someone going to remote & dangerous countries. (not even with an extra premium charge - we would decline) You can try contacting a broker (who sells ins. for more than one co.) & see if there is any possibility they might be able to help you. The broker will need the names of the countries - they can then see if any of the cos. they submit applications to might issue a limited amt. of coverage with an extra charge.

 

[joeliwilson]

Coverage Options

Not knowing your situation entirely it would be impossible to give you accurate advice on which insurance to purchase.

However, considering what you're just stated, it will be difficult for you to purchase a term insurance policy.

understandably it is the people who are at high risk of death that tend to want to purchase insurance. It is exactly those people however who insurance companies do not want to sell insurance to.

Even more so, people who are at high risk want to buy term insurance because it is relatibvely cheep. Even attempting to buy term insurance is a red flag, attempting to buy it because you're about to go on a trip makes you uninsurable for any reasonable rate.

I would recomend a policy that does no underwriting such as Colonial Penn. HOwever, because anyone can buy it, and usually only the people who are at risk buy it, it costs a lot.

- Joel Wilson