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Life Insurance - Deploying Overseas

Federal employees, elected officials, government contractors, individuals from the private sector, and members of the military are often faced with traveling outside of the continental United States (OCONUS) for sometimes short tours of duty up to a 3 to 5 year period. Relocation and temporary duty abroad can subject these individuals to an additional layer of risk beyond what an individual planned for when signing up for employer provided life insurance initially.

The employer provided group life insurance program for a federal employee and extended to elected officials, is the Federal Employee Group Life Insurance Program or FEGLI as discussed in a previous article called, What is FEGLI? FEGLI can provide a death benefit up to 5 times the individual’s salary when choosing FEGLI Option B. Government contractors and other private sector individuals might have access to a private employer sponsored group life insurance benefit provided as basic life insurance coverage. And finally the members of the military are provided with Serviceman’s Group Life Insurance or SGLI previously covered in the article What is SGLI?, that provides a $400,000 death benefit with an additional $100,000 death gratuity for deaths occurring on active duty service.

Life Insurance - Overseas

This article focuses on the layer of life insurance coverage an individual might need to cover the additional risk introduced by an overseas assignment. It will also highlight the ability to use this site to secure coverage even when it’s hard to find it elsewhere due to a health condition where you might have been turned down by another life insurance carrier outside of the employer group life insurance plan.

In terms of business partnerships, trade opportunities and merging companies, the world gets smaller every day. This means that people travel more frequently which makes International Term Life
Insurance protection increasingly important. Unexpected complications that are not covered by traditional
insurance carriers can occur while travelling or living abroad. We have developed the International & Special Use Term Life plan to make sure those in need are covered in case the unexpected happens.

Here are the unique features of the Life Insurance - Deploying Overseas coverage offered:

Short term

Available from a 1-month to a maximum 10-year policy term.
Requalifying is not required during the policy term.

Simplified issue within 48 hours

Here is the process I use in order to get you high risk coverage within a 48 hour turn around:

1. Qualify client’s health and try to go with traditional coverage.
If traditional coverage is a long shot, I let the client know I’m requesting an illustration from a special high risk life insurance program and will be in touch within 48 hours. I advise there's no exam involved and coverage can be in force within 48 hours of sending the completed application back.
2. I Call Peterson International. They'll send me an illustration usually within 24 hours via email.
4. I present the illustration to the client.
5. Submit the application.

Annually Renewable Term

Set a reminder to help with the renewal application every year as the policy is renewable 1 year term coverage. See if the client can qualify for traditional coverage. If not, renew again with Peterson International Underwriters.

Covers individuals with high risk health cases

For those with VERY high risks. Including those looking for life insurance with HIV or cancer with a negative outlook, there are guaranteed issue life insurance policies on the market. These are more expensive and typically have a 2-3 year waiting period before full benefits are paid. There are several of these high risk life insurance companies on the market and we can compare those rates for you.

Covers individuals on special assignments

Covers individuals with overseas travel risks

Covers U.S. Citizens Living Abroad

Covers Employees of Foreign National Firms

Covers Aviators and Pilots

Take the Case of...

A Foreign Service Officer who is assigned to serve for the next three years in Southeast Asia is
looking for $500,000 of coverage for estate planning and loss of future income purposes in order
to provide financial security for his family. We easily accommodated him with an International Term
Life policy that covered him for the 3 years he would be out of the United States.

We illustrate other examples of coverage in the article, Life Insurance – International and High Risk Term Life.
In many instances, traditional Life Insurance is not available to individuals or groups living or temporarily residing abroad. Whether it’s a Federal Employee, member of the Military or a Government contractor living in Asia for ten years or in Africa for several months, we can help you design a plan to protect an individual or a group while outside the country.

Americans travel the globe for many reasons. Some travel to Karachi to visit family. Many sail the Nile exploring ancient archeological sites. Some of us fly to Sao Paulo for business meetings. Others trek the Himalayas on eco-adventures or vacation in Kenya on safari. Some of us even work in Baghdad guarding the U.S. Embassy. We participate in these endeavors and freely visit or live in these places because we might feel a sense of adventure or nostalgia or even duty. Or we may visit these places simply because there is a welcomed paycheck involved. But those of us who travel to or work in these exotic locales may not be completely aware of how truly dangerous much of the world is.

Precautions can be taken, but not everyone can travel like a dignitary. Most of us can’t afford to visit foreign countries with an entourage of security personnel. But if we are adventurous enough and lucky enough to see the world, we can do so smartly.
It is strongly recommended to plan and research a location appropriately before embarkation. Be familiar with your destination before you arrive, and utilize resources wisely. Government websites, expat network blogs and American embassies are great sources of travel advice and overseas assistance. Most importantly, be conscious of yourself, your surroundings and those around you, and avoid playing the role of the simple-minded tourist, lost and looking for trouble.

In addition to being self-aware, it is imperative to secure financial protection during your travels. Medical, life, disability and kidnap/ransom insurances are all necessary safeguards for U.S. citizens traveling or living outside the United States. The purchase of these modestly-priced products can save your life and protect your family’s finances.

Petersen International offers a wide range of international-risk insurance plans and options designed to fit any budget and any insurance need for you and your clients anywhere in the world. A journalist friend of yours will be traveling to Kurdistan to do a piece on ISIS and wants kidnap and ransom insurance? No problem.

If you, your loved ones, your co-workers – if anyone you know are leaving the relative safety and familiarity of the United States, Petersen International is your first and only stop for affordable global financial protection solutions.

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