Azerbaijan: Setting Up Life Insurance

Azerbaijan is the gateway between Europe and Asia. With its rich culture and beautiful landscape, the country is favoured by many expats. Azerbaijan has rich oil and gas reserves, and it’s also a part of the Silk Road network. Employment options are wide-ranging, giving many expats opportunities to live and work in the country.

The expat community in Azerbaijan isn’t as large as other countries, but that doesn’t mean that expats don’t have the same concerns as others.

Like any other country, Azerbaijan has its pros and cons. Language barriers, culture shock, safety concerns and lack of consistent healthcare options means that expats need to have a plan and the right insurance coverage to support themselves during their stay.

Why Expats Need Term Life Insurance

No one can predict the future. If something were to happen to you tomorrow, would your family be able to pay the rent or mortgage? Would they be able to buy groceries and pay for healthcare?

Without life insurance, you may be leaving your family with a huge financial burden if you die unexpectedly. While Azerbaijan is affordable in some respects, the cost of living is high. Your loved ones may have a hard time maintaining their standard of living in the absence of a regular income.

Term life insurance gives you peace of mind that if you were to die unexpectedly, your family would be taken care of financially. Your policy ensures that your family has the money they need for:

  • Rent or mortgage payments
  • Education fees
  • Groceries
  • Healthcare costs
  • Clothes
  • Discretionary spending

Life insurance should be a no-brainer for expats, but 84% of expat families don’t have enough life insurance cover.

Many expats make the mistake of assuming their life insurance policy from back home will cover them while they’re in Azerbaijan. But that may not be the case.

Local life insurance companies are designed for their domestic markets.

In fact, many policies have stipulations that you have to live in the country for most of the year for the policy to be valid. If you spend most or all of your time in Azerbaijan, your policy may not be valid if you were to die overseas. That means that your family won’t get a dime of your death benefit.

If you’re investing in a life insurance policy, you want peace of mind. You don’t want to be left wondering whether your policy will pay out a benefit if you die unexpectedly.

The Problem with Local Insurance

If a policy from your home country won’t cover you in Azerbaijan, why not just buy a policy from a local company?

While it may be possible to purchase a life insurance policy from a local company, this is a risky decision.

The official language in Azerbaijan is Azerbaijani, and it is spoken by most of its 10-million citizens. Foreigners are quite rare, even in cities, and most of the locals do not speak English.

Unless you’re fluent in Azerbaijani (Azeri), you’ll have a hard time understanding your policy’s terms and conditions.

No one wants to commit to a life insurance policy they don’t even understand.

What if you don’t have enough coverage? What if, buried in the fine print, there are stipulations and terms that will make it really hard for your family’s claim to be approved?

The Answer? Expat Life Insurance

If you want peace of mind that your life insurance policy will cover you – no matter where in the world you are – then expat life insurance is the solution.

An expat policy will cover you even if life takes you away from Azerbaijan to another country. And if you don’t need millions of dollars in coverage, you may be able to get coverage without a medical exam.

There’s no need to worry about whether your policy will cover you if you die unexpectedly. An expat life insurance policy isn’t tied to your location or your job. It follows you wherever you may go.

If you pass away during the term, a death benefit will be paid to your family. And if you decide at any time that you no longer need your life insurance coverage, you can cancel your policy with no charge or penalty.

Expat term life insurance is designed with expats in mind and their unique needs.

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