How Traveling Can Affect your Life Insurance Rates
Did you know your travel plans and travel history can effect your life insurance rates? With winter approaching, are you thinking of taking a vacation to Cancun’s warmer climate? Does your job require you to travel internationally? These are things to consider when applying for life insurance, as they can effect your rates.
The U. S. Department of State provides a website with information for current global travel warnings and travel alerts. Insurance carriers refer to this list when underwriting life insurance applications. If the U.S. State Department is declaring an area as “unsafe”, the life insurance carrier will also deem it as unsafe. Because of this, your application could be declined, or a higher premium could be added to the policy.
Would a vacation to Mexico be considered risky or unsafe? That would depend on what city you were staying in, as well as, what type of facility you are staying at. A week’s vacation on a resort in Cancun should not be considered unsafe. On the other side of the coin, I have a friend who is a high school social studies teacher. During the summer vacation, she travels to Central America. While in Central America, she travels with a backpack and stays with local residents. There is a possibility she would not be eligible for a life insurance policy, as she is not staying in a secure resort/facility or traveling in a group tour.
You may ask, am I eligible for life insurance if my job requires me to travel around the world? Well, that depends. The insurance carrier will need to know details of your travel history. What cities do you travel to? How long do you stay? What type of facility are you staying in? The longer you would stay in a country that is considered “at risk”, the higher risk you become to an insurance carrier.
About the author: Teri Costen has been in the life insurance business for over 20 years. She is a mother of three who enjoys working out, taking aerobic kickboxing classes, and making stained glass. Teri believes that finding the right life insurance policy helps protect your family and loved ones. You can contact Teri at 1-800-651-1953 or TCosten@Pivot.com.