Business: Life on the move is exhilarating. One day you’re sitting at a Parisian café drinking coffee, the next day you’re hiking in the Rocky Mountains. But this freedom is combined with an unusual challenge — how can you secure your future when your base is everywhere and nowhere at once?
That’s where life insurance comes into play. But we don’t need just any old policy. You want one that fits your adventurous, location-independent lifestyle. So how do you choose the right one? Let’s break it down.
Understanding Your Needs
So before you swim in the ocean of life insurance policies, you have to ask yourself: What do I really need?
Who depends on you? If you have a spouse, children, or even aging parents who depend on your income, you need life insurance.
What debts do you have? Student loans, mortgages, business investments — these don’t vanish with you.
Where do you imagine yourself in 5, 10, 20 years? Your insurance needs could change if you’re planning to settle down eventually.
Now that you have an idea of your financial footprint, let’s look at the types of policies that may work for your globetrotting way of life.
But did you know that life insurance comes in all shapes and sizes?
Term Life Insurance
Usually the easiest and potential lowest cost solution. You are insured for a fixed amount of time (10, 20 or 30 years). If something happens to you in that time frame, your beneficiaries will receive a payout.
✅ Pros:
Affordable
Fixed premiums
Simple and easy to understand
❌ Cons:
No cash value
Coverage ends after the term
Best for: Digital nomads needing coverage for a fixed period while working.
Whole Life Insurance
This one’s like a lifelong friend.” It can be maintained as long as you continue to pay premiums. And it accumulates cash value over time, which you can borrow against.
✅ Pros:
Lifetime coverage
Builds cash value
❌ Cons:
Expensive
More complicated terms
Best for: Expats and long-term travelers who want permanent coverage and a savings component.
Universal Life Insurance
Structured to give you the option of flexible premiums and adjusting your death benefit. It also includes a cash value feature.
✅ Pros:
Adjustable coverage
Ability to build cash value
❌ Cons:
Can be complex
Investment part may not do well
Best for: People with variable income seeking minimum flexibility.
Expat Life Insurance
Tailor-made for expatriates on long-term assignments. No restrictions based on country of residence.
✅ Pros:
Tailored for global living
Some policies cover the cost of repatriation.
❌ Cons:
Can be pricey
Not all providers offer it
Who it’s best for: Full-time travelers and expats who are living outside of their home country most of the year.
Key Features to Look For
After you’ve determined the type of insurance that’s right for you, the next step is to canvas the particulars.
Worldwide Coverage
Some require territorial limitations on your policy. Confirm your policy protects you wherever you are. Confirm if any high-risk countries are exempted.
Currency Flexibility
Because you could earn in several currencies, find insurers that allow you to pay in different currencies, or ones that won’t undergo wild fluctuations in value.
Portability
Is the policy portable if you change residency? And some policies may require you to update your country of residence often.
Digital Accessibility
As a person whose work can be done anywhere, you should aim for a policy that you can manage over the internet — without having to go into an office or send paperwork back and forth constantly.
Medical Exams & Requirements
Others will require a medical exam in person. If you find yourself on the go much of the time, choose a provider with digital applications or no-exam policies.
How to Choose the Right Provider
Not every insurance company is familiar with the digital nomad and expat lifestyle. Here’s how to get a good one:
Use foreign suppliers. Plans specifically for travelers and expats are offered by companies like Cigna, Allianz or William Russell.
So make sure to read some reviews by fellow nomads. Forums and expat groups online are goldmines for recommendations.
Compare multiple quotes. Don’t simply settle for the first provider you encounter. Research and compare online comparison tools.
Talk to an expert. Insurance brokers who specialize in international plans can help you navigate the maze.
Common Mistakes to Avoid
Ignoring exclusions. Others won’t cover extreme sports, war zones or pandemics. Read the fine print.
Underestimating costs. A cheap looking policy doesn’t necessarily cover what you need.
Choosing based only on price. The lowest-cost option is not always the right one — look for value.
Skipping the policy review. Your needs change. Re-evaluate your policy every few years to ensure it’s still working for you.
Final Thoughts
Living a life location independent is the dream, but it does not require a broken-down financial plan. Life insurance isn’t the most exciting topic in the world, but it’s also one of the smartest investments you can make for your future (and your loved ones’).
The key? A policy that moves as you do, and gets you out there.
So, take your time. Compare options. Ask questions. And select a policy that will let you roam — worry-free.