Life Insurance

[Tinto]

I recently applied for some additional like insurance with an American company and went through the normal hoops that they required, a rather detailed physical as well as answering a written questionnaire as well as a telephone one. During the conversation with one of the underwriters (underlings?) I was asked if I had traveled to any foreign country, how long I was there and if I anticipated future overseas visits. I replied honestly and told them that I live part of the year in Colombia. To my surprise, they denied coverage (even though the agent collected two month's worth of premiums) because of my foreign travels. I'm in very good health (knock on computer screen) so it wasn't based on that but rather the "high risk factor" of traveling and/or living abroad. In hindsight I maybe should have not been so forthcoming about my many "passport stamps" but I find it frustrating that this same company doesn't have a problem receiving premiums for my auto and home insurance. Has any one else experienced this particular problem obtaining life insurance?

[LastLion]

Originally Posted by Tinto

In hindsight I maybe should have not been so forthcoming about my many "passport stamps" but I find it frustrating that this same company doesn't have a problem receiving premiums for my auto and home insurance. Has any one else experienced this particular problem obtaining life insurance?

NO, but I would change your insurance company!!!

[Miraflores Apt]

It is SOP for insurance companies. Make sure you apply several years before moving abroad for new policies and make sure you read the fine print on your exisitng policies. If it is in their make sure you pull out the cash value before you move to paradise.

[STM]

If you mislead on the application , they could reduce/deny benefits claim, if your "ultimate problem" occured in Colombia.
And after about 2-3 years, they would win in court.

Maybe find one , that doesn't ask the question, so many to choose from, all with their own unique accurial profit/loss calculations, some may not have it built in to the calc.

[Tinto]

STM,

Yup, that's why I didn't fudge on any of my answers. With the telephone conversation being recorded they could easily go back and review my answers. I will look for another company without the concerns this particular company (Farmers) did about traveling and spending time overseas. Doing a Google search reveals many and I might look into insurance here in Colombia.

[frijolero]

Thanks for the insight about Farmer`s.. I have been looking into changing my policy,& I use them for Car/homeowner`s... & my agent has been bugging me to sign for life insurance with them.. Might as well keep looking..

[Ricardo]

I was looking into life insurance a few months ago and trying to get a preferred rate (the lowest premiums possible.) Three factors would automatically eliminate you from the preferred rate: 1) Tobacco User 2) High Blood Pressure/Cholesterol, other heart disease factors 3) Regular travel to foreign Countries. I am a scuba diver and that is another one that will eliminate you from a preferred rate. I would not advise lying on your application. I remember an ex-girl friend who was a lawyer who represented insurance companies telling me that if you lie on your life insurance application (let’s say about smoking) and then you are killed by something totally unrelated (let’s say hit by a truck), the insurance company can legally get out of paying your heirs (assuming they can prove you lied on your application.) I do not think regular foreign travel, or even living abroad will make it impossible for you to get life insurance, however you are not going to get a preferred rate.

[frijolero]

Wow... scuba diving... didn`t even think about that.. They`ll do anything to get outta paying a claim these days....

Let's say you have life insurance from your employer and the insurance company didn't ask any questions. Does your lifesyle or previous health have anything to do with payment after death?

Wait a minute, I briefly met a guy selling ex-pat health insurance when I was in the Philippines. Anyway here is his website:

http://nibinsurance.com/v2.0/family_medical.php

[Charlie640]

Yep .... SCUBA Diving can be quite the dangerous pastime...
I had a close call myself. But then again.... being a womanizer can be dangerous as well.... but they don't ask those kinda questions.