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Life insurance and wills for those teaching overseas

 
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naturegirl321



Joined: 04 May 2003
Posts: 8814
Location: home sweet home

PostPosted: Fri Oct 05, 2012 3:54 am    Post subject: Life insurance and wills for those teaching overseas Reply with quote

My mom sent me an email today that shook me to the core. It's something that will affect parents. It shows that you never knows what happens. Many people back home have life insurance, but few TEFL teachers seem to have it. An ex neighbor of ours was killed in a head-on collision with a drunk driver. Our neighbor was 53 and had 5 kids, he was was driving to see his first grandchild be born.

I know that some people have life insurance. I was turned down this summer due to living abroad, but now I know I'll have to get it. You never know what's going to happen, so if you don't have life insurance you should get it, people say you should get about 10 times your annual salary. Depends on a lot of factors such as debts, age of kids, savings, etc. Also get a will drawn up. Again, never know what will happen and it's better safe than sorry. If you can get life insurance where you are, do so. I know Americans have a hard time getting it if they don't live there, I've done a bit of research and found out about some companies.

COMPANIES
I called All State on July 16th 2012 and arranged for life insurance ($250,000 for me and $20,000 for my daughter) at the total cost of $23 a month. The next day they took the money out of my account and a week later I had a medical. On July 27th 2012 I received a check for $23 with no explanation other than "closeout refund". I had asked them if they cover Americans overseas and they said it was no problem. I called and no one could tell me why my policy was cancelled. After being transferred for the third time I was told it was because I lived overseas. I told them I had said that when I applied and they said they had no more information.

On July 30th 2012 I called State Farm and they said no. BUT if I had opened an account with them before I left the US it would still be good, however, since I already live overseas it wouldn't.

On August 1st I called Huntley Wealth, http://www.insuranceblogbychris.com , and was told that Prudential is the way to go. The plan is with Pruco Life Insurance Company which is part of Prudential. Huntley Wealth specialises in people who live overseas. http://www.insuranceblogbychris.com/life-insurance-for-non-us-residents/ has info. You can call them on 877-443-9467. Very helpful and nice and they turned up their noses at All State, as they should!
Problem is that you have to be IN the US when you apply and receive Life insurance and it takes about 6 weeks.

Expat Financial is another company that specialises in people who live overseas, http://www.expatfinancial.com/expatlife.htm . On August 1st 2012 I filled out their online quote form since they only do quotes online or by email. I haven't heard back from them yet.

William Russell, http://www.william-russell.com might be able to help people out.

BASIC INFO
Coverage is supposedly 10 times your yearly salary before deductions. All State offered me a $250,000 one, but Huntley Wealth said a $500,000 would be much better since only I'd have life insurance and I have a young daughter. If you have two incomes, yours and your partner's, that's something else to take into consideration.

Term life insurance is for a fixed number of years and payments don't go up. So if you have a 10 year term it's good for 10 years and then you have to apply again.

I was going to wait and get Pruco, but don't think it's worth waiting any longer. William Russell and Expat Financial look like they can be done while overseas. They're about 700 usd a year ish for a half a million term policy. It's worth it though.


Last edited by naturegirl321 on Fri Oct 05, 2012 4:57 am; edited 4 times in total
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spiral78



Joined: 05 Apr 2004
Posts: 9130
Location: On a Short Leash

PostPosted: Fri Oct 05, 2012 4:01 am    Post subject: Reply with quote

Not really teaching-related, maybe post in Current Events?
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naturegirl321



Joined: 04 May 2003
Posts: 8814
Location: home sweet home

PostPosted: Fri Oct 05, 2012 4:51 am    Post subject: Reply with quote

I think having life insurance is directly related to teaching. A couple young teachers died while on vacation in SE Asia. Another friend of a friend had a heart attack.

LIfe insurance is similar to health insurance which people enquire about.

There are a number of teachers here on Dave's with kids as well . .

If they're like me they might have had a hard time getting life isurance or don't have it at all.
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Sashadroogie



Joined: 17 Apr 2007
Posts: 8607
Location: Moskva, The Workers' Paradise

PostPosted: Fri Oct 05, 2012 5:06 am    Post subject: Reply with quote

Hard to know where is best for this topic. All the harder for me, as I've never believed in any of it. Just another Piggie pyramid scheme plot to extract honest toilers' resources for the use of Piggie bankers.

Far better to have a National Health scheme to cover medical issues, and state indemnification for all else, hic!

http://www.youtube.com/watch?v=nAh5mfkuAXk&feature=related
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naturegirl321



Joined: 04 May 2003
Posts: 8814
Location: home sweet home

PostPosted: Fri Oct 05, 2012 5:51 am    Post subject: Reply with quote

As far as wills go, there are plenty of online places to get them done. I decided to go with a lawyer. I have a tricky situation, so decided to pay more and get it done by a lawyer. In mid July I went to one and I gave her all my details. I could only protect my investments in the US though.

I signed a couple of docs
Durable power
Living Will
Last Will and Testament
Health Care

My lawyer also advised me to go to banks and say who the next of kin is. My mom is on all my bank accounts, so that's not an issue. My investment portfolio was easy to sort out. My bank here doesn't have that option, the next of kin is supposed to go to the courts and fill out paperwork. As far as my investments in Peru, I'd probably just lose them. My main concern was having my investments and money go to my daughter and not my husband. I also put my mom down as the guardian, but the lawyer said that might be disputable since it's usually the parents that get custody if only one dies. Since the baby's father isn't American and doesn't have residency, not sure how that would work.

I'm just glad I got what I could get done.
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tttompatz



Joined: 06 Mar 2010
Posts: 1951
Location: Talibon, Bohol, Philippines

PostPosted: Fri Oct 05, 2012 6:02 am    Post subject: Reply with quote

I have never had an issue or problems getting term life coverage (as an expat) with double indemnity for accidental death with the international (country local) branch of the multinational insurance company of choice (in Korea, the Philippines or Thailand).

.
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naturegirl321



Joined: 04 May 2003
Posts: 8814
Location: home sweet home

PostPosted: Fri Oct 05, 2012 6:04 am    Post subject: Reply with quote

Sashadroogie wrote:
Hard to know where is best for this topic. All the harder for me, as I've never believed in any of it. Just another Piggie pyramid scheme plot to extract honest toilers' resources for the use of Piggie bankers.

Far better to have a National Health scheme to cover medical issues, and state indemnification for all else, hic!

I have national health care and I agree it's great. Unfortunately I don't have national life insurance. Do you get that in Russia? in the US you have to pay for it. Like most things :/

Life insurance is important to me since I'd need to provide for my daughter even after I'm dead. Espeically since I'm the breadwinner. If you have no dependents, it's probably not an issue.

tttompatz wrote:
I have never had an issue or problems getting term life coverage (as an expat) with double indemnity for accidental death with the international (country local) branch of the multinational insurance company of choice (in Korea, the Philippines or Thailand).


I looked into it here with Samsung, fees were a nightmare, something like more than $100 a month. The rep came, with a packet of stuff in Korean, said this is this, this is that, blah, blah, sign here. Um, no thanks! I'd like to know what I'm signing. Very pushy.

Do you happen to know of a good company you could recommend? I'll PM you.
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lucia79



Joined: 18 Jun 2011
Posts: 156

PostPosted: Mon Oct 22, 2012 8:12 pm    Post subject: Reply with quote

My 2 cents is that the general discussion board is a good spot for this topic. When a person has kids it's the responsible thing to do to make sure that in the event of death they'll be looked after and living/working abroad doesn't rule this out. I don't have children, but before I went abroad to teach I got a life insurance policy (State Farm Insurance), power of attorney, and last will and testament papers sorted out.
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