Argentina: Setting Up Life Insurance

Argentina has a thriving expat community, with an estimated 60,000 non-natives living in the country. Most of these expats choose to live near Rio de la Plata. While the country was once among the top locations for expats, it’s slowly becoming one of the least expat-friendly destinations.

Safety is a major concern. The country’s natives are some of the friendliest in the world, yet 33% of non-natives fear for their safety and about the country’s political climate. Critical illness insurance and term life insurance are two necessities for anyone concerned with the country’s safety.

Why Term Life Insurance Matters for an Expat

If you decide to live outside of your native country, one of the first things you should do is obtain term life insurance. There are a lot of expenses that go overlooked that your family will need to pay for when something happens to you, such as:

  • Final expenses
  • Mortgage/rent
  • Other debts

Your family will also need to have some of their expenses covered, including:

  • Education costs
  • Rent/mortgage
  • Food
  • Inheritance taxes
  • Estate taxes

If you have children or other dependants, you’re living with a financial burden that will continue after your demise. Life insurance is a way to ensure that your loved ones can live a little easier after your death.

When you take out insurance, this isn’t the “worst case scenario” insurance that only covers you if you die of unnatural causes. Your life insurance policy will provide a payout to your family or beneficiary no matter the cause of your death. Policies are designed to provide financial protection to loved ones, and it’s one of the smartest financial decisions you can make.

One of the key most important things to remember is that if any major life changes occur, such as you want to change beneficiaries or you’re moving, it’s important to update your policy. Updating any insurance policy when major life changes occur will provide lasting protection to your loved ones. Online policies often have portals that you can use to update your information and even change your coverage from your smartphone or laptop.

Of course, if you have no one left behind or a family that may need financial assistance, life insurance may not be a necessity for you. But you’ll always need critical illness insurance.

Why Argentina’s Expats Need Critical Illness Insurance

Death is a major concern for your family, but if you have a major medical emergency, you’ll be the one struggling to pay your bills. Critical illness insurance offers you peace of mind in knowing that if you suffer a major medical emergency, all of your bills will be covered.

You’ll be able to focus on your recovery rather than clamouring to find ways to pay off your medical debt.

A few of the times when critical illness insurance will be beneficial are:

  • Motor vehicle accidents where you may be suffering catastrophic injuries
  • Heart attacks and all of the major surgery or medical costs that follow one
  • Stroke or brain injury where you may need extensive medical care and therapy

Health insurance isn’t enough to cover many major medical emergencies, but critical illness insurance will fill the void and cover these unexpected bills.

Obtaining Expat Life Insurance

Argentina’s 45-million-person population primarily speaks Spanish. If you don’t speak Spanish fluently, you’ll have difficulty signing contracts, or insurance policies, because you might not know every clause or exemption in the policy.

Many expats try and obtain insurance in their home countries, but when you read through the terms and conditions, you’ll often find a clause stating that you must live in the country for the majority of the year. Relocating for your new life overseas goes against the terms and conditions of your cover.

Expats should never lie about their address and state that they’re still residing in their country or origin because insurers will do their due diligence and find out if you’re lying. If there are any discrepancies, they will deny your beneficiary’s claim and your family pay the price at the worst possible time.

Instead, you need a well-rounded insurance policy that’s been written for the expat lifestyle.

An expat insurance policy will cover you whether you’re in Argentina, Panama or even if you try out Brazil for a few months to see if you like it. When you obtain an online policy, you’ll have comfort in knowing that the policy is written in a language that you understand. You’ll be able to read and understand the terms and conditions along with any exemptions that you may have.

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