While we’ve been able to offer life insurance for missionaries world wide for some time, with just one company we’ve been restricted to their products and pricing. While the pricing and products are fair, for some, especially younger missionaries, being restricted to a 10 year term isn’t optimal. Recently we contracted with another life insurance company that, while not world wide, does cover missionaries in Mexico, Central America, South America and the Caribbean and they have good pricing and more products to include universal life insurance and up to 20 year terms, and a dependent child rider.
That is a huge upside for many with the only down side being that the exams and applications have to be done in Texas or Florida. With Lloyds of London missionaries can apply for life insurance electronically and if they are already serving outside the US they have a choice of being examined where they are by an English fluent doctor. The applicants have to pay for that exam, but are reimbursed up to $200, almost always adequate. If they are in the US, they can take their exam wherever they are with a regular life insurance exam company.
The new company will help a lot of missionaries, but will also make attaining US life insurance easier for ex patriots living in the countries described above (all of you retirees living in Panama and Belize), as well as making US life insurance more readily available to foreign residents of those countries. While there is still the requirement to come to Florida or Texas to apply and be examined, unlike most US companies there isn’t a requirement to provide translated medical records or, and this is huge, return to the US to accept the policy and put it in force. The two trip requirement has been a real pain and a show stopper for many foreign nationals seeking US life insurance.
So while most of the world gets more complicated, at least some small part of it has become a little easier. If you have questions about life insurance for missionaries, ex-patriots or foreign nationals, call or email us directly. We can help.
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