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Brazil: Setting Up Life Insurance

Brazil’s vibrant culture and affordable cost of living make it a popular choice for expats. It’s the largest country in South America, with a population of more than 200 million people.

Although the country’s economy is doing well, crime is a problem in some areas of the country. When traveling or moving to any country, there is always a risk of accident or death. That’s why it’s so important for expats to make sure that they are properly insured.

Why Expats Have Trouble Getting Insurance in Brazil

If you’re an expat living in Brazil, you may assume that the life insurance policy you purchased in your home country will cover you if you die unexpectedly. But this may not necessarily be true.

If you dig deep into the terms and conditions of your policy, you may find it will only cover your death if you are living in your home country for at least half of the year. If you’re living in Brazil full-time, this may invalidate your policy.

If you were to die unexpectedly, your family would not receive a payout. The money you paid in premiums may be returned, but nothing more.

Life insurance is just one concern for expats. What if you were to suffer a heart attack or stroke? You may assume that your home health insurance will cover the cost, but it won’t. Without proper critical illness insurance, you may have to pay for treatment out of your own pocket.

While Brazil offers affordable private healthcare, the costs may still be more than you can pay out of pocket. ,,

You may assume that the solution is to simply buy coverage through a Brazilian insurance provider. But here’s the problem with that approach: the language barrier.

Brazil is a Portuguese-speaking country. This means that any life insurance or critical illness insurance policies that you purchase will be written in Portuguese.

Do you really want to sign a contract that you can’t read or understand?

Unless you are fluent in Portuguese and confident enough in your ability to understand the legal terms and conditions of the policy, there’s a good chance that you will have no idea what your coverage includes or doesn’t include.

You may not know how much coverage you need, and the policy may not include certain types of coverage that you want.

You wouldn’t sign a business contract that you didn’t understand. Your life insurance policy should be no different.

You need peace of mind that your family will be taken care of if you die unexpectedly.

The Solution? Expat Term Life Insurance

An expat term life insurance policy is designed for the expat lifestyle. It’s written in a language that you understand, and it follows you wherever you go. If you decide to pack up tomorrow and move to Mexico, you’re still covered.

By choosing a valid policy in your native language, you can be sure that you understand what’s covered, what’s not covered and other terms and conditions that will affect your payout.

If you were to die during the set time period, your life insurance policy’s payout can be used to cover:

  • Education costs
  • Rent or mortgage costs
  • Groceries, utilities and other life essentials
  • Medical care, and more

If you have financial dependents, life insurance can ensure that your loved ones don’t have to struggle financially to pay off a mortgage or everyday essentials.

An estimated 84% of expat families do not have adequate life insurance cover. This means that the majority of expats are leaving their families vulnerable to financial insecurity. Expat term life insurance can help ensure that your family is financially secure if something were to happen to you.

If you only need $500,000 or less in coverage, you may be able to secure coverage with no medical testing required. In this case, the entire process can be handled online, which saves you time.

Without expat insurance, you take a risk that your family will not be financially secure if something were to happen to you.

Life is unpredictable. You may stay in Brazil for decades, or your career may take you to another country next week. With expat term life insurance, you have peace of mind that your coverage will follow you if you relocate.

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