Traveling often? Traveling around the world, sampling new culture, waking up in a different city every other week? Sounds like a dream. But have you taken a moment to consider how this nomadic lifestyle impacts your life insurance coverage? Probably not. And that’s okay. Because today we are unpacking the unknown impacts of frequent travel on your life insurance coverage. Buckle up.
The Big Question: Does Travel Impact Life Insurance?
Yes, it does. Your life insurance company considers plenty of factors when you apply for a policy. Your health, lifestyle habits and — yes — how frequently you travel. Insurers like stability. They want to know that you’re not putting yourself at unnecessary risk,” she said. Plus, let’s be real, travel can be dangerous.
That can be a red flag for insurers: travel. But it isn’t always a deal breaker. There are some key considerations: where you’re going, how often and what you’re doing when you’re there.
High-Risk Destinations? You Might Pay More
Some travel destinations are better than others. If you’re flying back and forth from London to Paris for work, chances are that won’t be a problem for your insurer. But what if your travels lead you into war zones, high-crime areas or places with poor health-care infrastructure? That’s a different story.
Countries are divided into risk levels by life insurance companies. Some insurers even maintain lists of “restricted” or “high-risk” countries — meaning if you go to one, you could face higher premiums or even a policy exclusion. Countries experiencing political instability, active wars or epidemic outbreaks are typically included on this list.
If you’re not positive whether your destination is in a high-risk category, be sure to check with your insurer before that flight is even booked.
You Are The Frequency: Is Your Life On The Move All The Time?
An occasional trip? No problem. But if you’re on the move all the time — living the digital nomad lifestyle, working remotely from far-flung corners of the globe — insurers may consider you a higher risk.
Why? Because the more you travel, the more susceptible you are to:
Accidents (air, road, water, you name it)
Varied healthcare systems/some much better than others?
More stress and exhaustion (that impacts your health)
That doesn’t mean you won’t get life insurance, but it may come with higher premiums or additional requirements, like medical exams or travel disclosures.
Travel Adventure Seekers, Be Mindful of Your Activities
Are you visiting the sights and sampling different cuisines? You’re probably fine. But if you plan to go skydiving, scuba diving, mountain climbing or engage in other extreme sports? This means insurers will scrutinize even closely.
The exclusions will vary from policy to policy, but many include high-risk activities. Some insurers might offer coverage, but at a substantially higher price. Others might refuse coverage altogether if they deem your hobbies too dangerous.
If you do a lot of adventure sports while traveling, it may be worth your while to look for specialized insurance policies made for thrill seekers.
Long-Term Travel? You May Require an Expat Policy
If you are going to be abroad for a long period of time — for instance, over six months — you may need an expat life insurance policy. Standard life insurance policies typically assume you’re a resident of the country where the policy was issued. If you no longer reside there, your coverage could be in jeopardy.
This insurance is intended for long-term travelers or those who relocate abroad for work. It makes sure, wherever you are, you’re covered.
Travel before applying for Life Insurance
Already in the process of buying life insurance and travel often? Be as transparent as possible. Whether it’s lying or omitting details about your travel habits, this could lead to denied claims down the line.
When you apply, you might be asked:
How often you travel?
Which countries you visit?
What do you do?
How long do you stay in each location?
Being upfront gives insurers the opportunity to create a policy that really fits you. It may be a little more expensive, but at least you know you’re really covered.
What If You Already Have Insurance?
Check the fine print on any life insurance policy you already have, especially if you have started traveling more recently. Some policies include wording that limits coverage based on where you spend too much time, or if you visit a designated restricted area.
Got doubts? Call your insurer. The worst thing you want is your family to find out about a claim denial because you unknowingly contravened a clause.
Travel Tips For People Searching For Life Insurance
Get an insurance broker. They can also assist you in finding the best policy to fit your travel lifestyle.
Take out a life insurance policy for the whole world. Some insurers focus specifically on insuring frequent travelers.
Be honest. If you’ve been shielding your travel patterns, it can cause claims to be denied.
Review your policy annually. Your travel patterns may also shift, as should your coverage.
Check exclusions. Ensure you are covered to your destinations and activities.
CONCLUSION: Travelling And Getting Covered?
Absolutely. Just because you travel frequently doesn’t mean you can’t get life insurance, it just means that you may need to be a little more strategic about it.
If regular traveling is your habitat, your better alternative is to get an insurer that gets your lifestyle and offers customized coverage. Whether that means higher premiums, extra disclosures or specialized policies, there’s always a way for you to be protected.
So get out there and book that next adventure. Just be sure your insurance is as prepared as your passport.