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International life insurance is there to protect your family if you pass away while living abroad. Here’s how your policy works, including where the money goes after you die.
Lee Doran
Underwriting Manager
As an expat, international life insurance is important if you want to protect your family’s financial wellbeing and quality of life should you die unexpectedly.
The process of taking out international life insurance is simple and straightforward, so let us walk you through it.
When it comes to choosing the right life insurance policy, it’s important to know what you want. Before you begin the process of searching for a life insurance policy, you should ask yourself questions such as:
The most important question is whether life insurance will be a good investment for you and your family. Find out more in our handy guide below.
Do you want to leave behind enough to help pay for essentials, like your mortgage and funeral costs? Or do you want to leave a little extra, to ensure your family’s future is protected? With William Russell, you can insure your life for up to US$2 million.
You can work out how much life insurance you might need by using our handy life benefit calculator.
An accident benefit pays out an additional sum if your death is the result of an accident. With William Russell, you can add an additional US$500,000 worth of coverage in the form of an accident benefit.
Make sure you can afford the cost of your premiums. There’s no point paying more than you can afford for life insurance. If you’re struggling to pay your life insurance costs, check out our guide on how to lower your premiums.
As an expat, it’s likely you’ll regularly travel to other countries. Make sure your insurance provider offers global coverage, so that your life is protected at home as well as abroad. You may not be covered globally if you choose a local insurer in your country of residence or country of nationality.
If you have pre-existing conditions, you may need to turn to a specialist international life insurance provider for cover.
Different insurers offer different terms with their life insurance policies. For instance, at William Russell, we’ll allow you to take your life benefit early if you are diagnosed with a terminal illness with less than 12 months to live.
Be sure to check out online reviews to hear what other people have to say. You’ll want to be sure your life insurer has a policy of transparency, a commitment to customer service and that they will treat you and your family fairly.
Leaving something behind after you die is one thing to consider, but make sure you’re also protecting your health and wellbeing while you’re alive. As an expat, you may also benefit from international health insurance and international income protection insurance.
Now that you know how much life insurance you need, what you need included in your policy and what kinds of insurers you’d like to hold a policy with, it’s time to start searching.
At this stage, it’s a good idea to reach out to several insurers to get quotes. A quote shows you the indicative premium for your insurance cover for one year.
This is the amount you pay to take out an insurance policy. A standard annually-renewable policy lasts one year, so your premium is the price you’ll pay for that year. You can pay your premium monthly, quarterly, half-yearly or annually.
Be sure to read the policy wording provided with each quote, so you can be sure you’re getting exactly what you need with each policy. Don’t simply be lured by the best price – you may end up with less than you were hoping for.
Remember, your initial quote is subject to change during the course of your application. This is because your insurer will ask you to fill out a health and lifestyle questionnaire during your application. If your responses put you in a higher risk category (for instance, if you have ongoing health complications, or take part in risky hobbies), your premium may end up being more expensive.
Once you have a quote for a policy that you like, you can proceed to the next stage.
An essential part of taking out a new life insurance policy is to fill in the insurer’s application form. This can involve several stages:
You’ll be asked a number of questions about your general health and lifestyle. There are some simple questions, such as your height and weight, whether you smoke and how much alcohol you drink, and some more complicated questions concerning your medical history. It’s at this stage that you must declare any ongoing health complications or pre-existing conditions you have. A pre-existing condition is any major injury, illness or condition you are known to have, or have had in the past, whether diagnosed or suspected. It’s important to be honest about these pre-existing conditions because, if you die as a result of one of these conditions, you may not be covered.
You will also be asked about the type of occupation you perform. In particular, you will be asked whether you regularly engage in hazardous activities as part of your job. Hazardous activities in this context means working at heights or depths, working off-shore, working in the air or regularly driving a two-wheeled motorised vehicle. Remember, it’s important to tell your insurer if your occupation changes, as if you die while performing a job you weren’t insured for, you may not be covered.
Your insurer will also ask you about previous life insurance policies you held, and whether you have any other ongoing insurance policies, such as health insurance. They will ask whether any of your previous policies had special terms applied, or whether you’ve previously been denied for life insurance. Your new insurer may contact your previous or other current insurers to ask questions about your policies.
During your application, you will also be asked to name your beneficiaries and state what percentage of your life benefit they will receive in the event of your death. You are free to name whomever you like, but it’s important to give those people’s full names and current addresses. You must name at least one beneficiary, and all 100% of your life benefit must be accounted for. If all of your named beneficiaries are unable to accept your life benefit – for instance, if they also die before your claim is settled – your life benefit will form part of your estate.
Once you’ve filled in your application form, your life insurer will decide whether or not they can accept your policy.
There are a number of reasons your application may be rejected. For instance, if you have a pre-existing condition that can’t be covered, or if you have had a previous life insurance policy denied or cancelled. Don’t be disheartened if an insurer turns you down – another insurer may still be willing to take you on.
If you are happy with your insurer’s offer of insurance, you can accept the policy and pay your first premium to activate the policy. Your policy should include a start date, after which you will be covered by international life insurance according to the terms agreed.
After your policy has been activated, it’s important to update your insurer if your circumstances change. Things you should let your international life insurance provider know about include:
Some insurers may increase your premiums when it comes to renewing your policy if you have been diagnosed with a new illness. At William Russell, we won’t do this. So long as you remain a member with us for consecutive terms, your premiums won’t be impacted by any diagnoses you have received while being a member with us.
When you pass away, it will be up to your family, friends or someone you trust (such as a solicitor) to begin the claims process.
In order to do this, they should reach out to your insurance provider directly. They will need to supply your death certificate, and perhaps also other documentation. Your insurance provider will then handle the claims process and, if everything is in order, will pay your beneficiaries the percentage of your life benefit as set out in your policy documents.
Your insurance provider will attempt to contact your beneficiaries directly to verify their identities and ask for their bank account details. You may therefore wish to let your beneficiaries know about your policy, so that they can make this process as straight-forward as possible.
At William Russell, we’re proud to say that we paid out 100% of genuine life insurance claims. To help make sure your claim delivers the best value to your family and loved ones, please bear in mind these top tips:
Life insurance is there to support your family in the event of your sudden, unexpected and premature death. Our policy is an annually-renewable life insurance, meaning you renew the policy every year. We offer international life insurance to anyone up to the age of 70 years old, and you can take out a new policy up to the age of 69. With William Russell, your death will be covered in most circumstances, but it’s also important to understand when you may not be covered:
If you receive a diagnosis for a terminal illness and are given fewer than 12 months to live, you can make an early claim. In this circumstance, your full benefit will be paid directly to you instead of your beneficiaries. You can then use the money as you wish during the time you have left, whether it’s for taking a once-in-a-lifetime holiday, investing in your children’s futures or sorting out your finances for the benefit of your family. Do bear in mind that the transfer of money between you and your family may incur tax restrictions depending on the country you live.
When you take out international life insurance with William Russell, you’ll have the option to add an additional US$500,000 of accident cover (not exceeding the sum of your life insurance benefit). This means, if your death is the result of an accident, your family will benefit from an additional lump sum. Of course, your family will still receive your ordinary life insurance if you die in an accident, but with additional accident cover, they’ll be provided with an additional payment to compensate for your sudden and unexpected passing.
Our award-winning customer service team is on-hand to help. Don’t hesitate to reach out and contact us.
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A local life insurance policy may only cover your life so long as you stay in your country of residence. If you intend to move and live in another country, you may not be able to carry that policy with you. You may also encounter restrictions in your policy when it comes to travelling to another country, meaning if you die abroad you may not be covered.
An international life insurance policy is tailor-made for expats and digital nomads who travel to other countries to live and work. It provides global coverage, so if you move to another country you won’t need to change insurers. And, if you die in a foreign country, your life will be covered (although some exceptions may apply, for instance if you die in a country not included in your plan).
This will depend on taxation laws in the country you live, the countries your beneficiaries live, and also possibly where you died. However, in most countries, your beneficiaries won’t need to pay tax on the benefits they receive.
Absolutely. While it’s important to say that international life insurance is not the same as mortgage protection insurance, if you are taking out a mortgage on a property abroad, international life insurance can help you to protect your mortgage. If you die while paying back your mortgage, your life benefit can go towards paying it off.
At William Russell, we have over 30 years’ experience of providing international life insurance exclusively for expats like you. Become a member today to enjoy worldwide coverage, giving you total peace of mind wherever you move to live and work.
Joe Holden Global Relationship Manager
If you’re ready to see prices for life insurance, click on ‘Get a Quote’ below to head on over to our online quote tool.
We’ll ask you a few details (your age, your location), and then we’ll show you prices—it only takes a few minutes!
A couple of days after you’ve received you quote, Joe will email or call you to find out how we can help you further. Joe won’t bug you, and you can opt out at any time.
It’s filled with handy information and tips for expats.
We were one of the first insurance providers to cover people living abroad, and we’ve earned a reputation for our wonderful customer service.
The insurer behind our policies is part of the Allianz group
We’re proud of our award-winning service and our members rate it highly
You will get your own dedicated adviser when you join
If you’re not happy with your life insurance policy or the service we provide, and you haven’t yet made a claim, then we’ll refund the premium you’ve paid—no questions asked.
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