Life Insurance for Mexico Expats and Why It Is Important

by West Coast Global Insurance West Coast Global Insurance

Whether you plan to move to Mexico or already living there as an expat, it is in your best interests to buy global life insurance coverage. Please continue reading to learn more about international life insurance and why it is essential for expats in Mexico.

What Is Global Life Insurance?

A contract between you (the policyholder) and a Global insurance provider is the basis of a global life insurance policy. In exchange for the premiums you pay during the policy term, the insurance provider guarantees to pay a certain amount of money to your named beneficiaries when you pass away.

To say that some people are uncomfortable discussing life insurance is an understatement—nobody wants to think about death! However, the more you know about expat global life insurance or expat global health insurance and how it might serve your nearest and dearest, the more at ease you will be with this sensitive topic.

What Is “Term” Life Insurance?

Term life insurance covers you for a specific amount of time—or a “term.” Term insurance has many clear advantages.

For starters, you are not locked into a fixed amount of coverage for the rest of your life. There are times in life when you need substantial coverage, such as when you have young children and a sizable mortgage balance. If you were to pass away, you would want enough coverage to support your growing family and cover their living expenses as well as all debts. However, a few years down the line, once your mortgage is paid off and your family is well on their way, you may need less coverage.

Here are some other advantages of an international term life insurance policy, such as the one offered by West Coast Global Insurance:

Comprehensive life insurance for death caused by illness or accidents—even war or terrorism.
Policy Limits range from $50,000 to $10,000,000. (Easy Underwriting Available)
Options for terms ranging from 1 month to 30
Fixed low premiums throughout the policy term.
Medical underwriting is not required for policies up to USD 500,000.
Requalifying is not required during the policy term.
Benefits of up to ten times the annual income, or USD 10

How Are Premiums for Global Life Insurance Calculated?

The determining factors of your Global Life Insurance premiums are your age, the amount of coverage, current health, and other criteria such as whether or not you smoke.

How Much Coverage Is Right for You?

Traditional models of global life insurance usually throw around big, round numbers like USD 1 million as the “ideal” minimum amount of coverage. This one-size-fits-all approach is highly outdated!

Global life insurance is meant to cover the immediate expenses when a loved one passes away and to aid with the financial transition as the surviving family members adjust to a new life. There is no single monetary value that is ideal for every family.

The ideal coverage amount for you is the one that would cover end-of-life care and funeral expenses and allow surviving family members to take time off work to make necessary arrangements and adjustments.

The Last Word

Global life insurance for expats in Mexico is a critical component of any international financial security plan. After all, it is just as essential to protect your loved ones while you live abroad as it is when you live with them. While working and living in Mexico, West Coast Global Insurance offers many plan options for Global Life Insurance – Term Life coverage to shield your family from life’s uncertainties. Contact them for a quote on the best global life insurance policy for your needs.