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Costa Rica: Setting Up Life Insurance

Costa Rica is an expat’s paradise. Named the best place for expats in 2017, Costa Rica has a favorable climate, friendly locals and an affordable cost of living. It’s home to 4% of the world’s biodiversity, so natural beauty is everywhere.

While Costa Rica is known for its laid-back lifestyle, the country is also a playground for outdoor enthusiasts. There are plenty of opportunities for surfing, hiking, horseback riding and more.

Whether you plan to take full advantage of these adventurous activities or just want to immerse yourself in the local culture living overseas, one thing is for certain: you will need life insurance.

Life is unpredictable. Life insurance ensures that your loved ones are financially secure after your demise. But for expats, securing a life insurance policy or even critical illness coverage can be challenging.

The Problem with Regular Insurance Policies

Expats take the road less traveled. While exciting, there are some challenges that you may not expect. Securing life insurance is one of them.

If you purchased life insurance in your home country, you may assume that your policy will be valid anywhere, but that’s not always the case. The terms of your existing policy may require you to live in your home country for at least part of the year.

There may be other stipulations or terms that would either make your policy void or deny your payout if you were to die while overseas.

No one wants to pay into a life insurance policy and constantly be wondering: Will my family really get their money if I die?

Expats also face other concerns when buying life insurance policies.

  • What if you decide to move to another country?
  • What if your policy won’t cover your death overseas?
  • How much coverage do you need?

What about critical illness? If you have a stroke or heart attack while you’re living in Costa Rica, your home health insurance policy probably won’t cover your medical care. Will you have the money to pay for your care out of your own pocket?

Unless you are a legal resident of Costa Rica, you won’t be able to use the country’s government-run healthcare system. Government-run hospitals and clinics, called Caja Costarricense de Seguro Social, can only be used by visitors and tourists for emergencies. Otherwise, you’ll need to visit a private hospital, which comes at a higher cost.

When it comes to critical illness, the last thing you want to worry about is how you’re going to pay for your treatment.

If you’re an expect living in Costa Rica, you may assume that the solution is to buy a policy from a local insurance provider.

One of the biggest concerns with buying a local policy is the language barrier. Costa Rica’s official language is Spanish. Maybe you’re familiar with the Spanish language, but are you fluent? Will you be able to clearly understand the legal terms in the policy?

If you can’t understand the terms and conditions of the policy, how can you sign on the dotted line?

The Solution: Expat Term Life Insurance

If you’re going to invest in a life insurance policy, you want to be certain that your beneficiary will be taken care of if you die unexpectedly.

There are so many “what ifs” if you choose a policy from your home country or with a Costa Rica provider.

The solution? Expat life insurance. These are policies designed with expats and their unique lifestyles in mind.

Your coverage isn’t tied to your location. Once you’ve paid for your policy, you’re covered – even if you decide to pack up and move to another country.

Critical health insurance for expats will cover medical emergencies, like heart attack or stroke, no matter where you are in the world. Term life insurance will provide a payout to your beneficiary if you perish while abroad.

If you don’t need millions of dollars in cover, you can buy expat no-medical exam insurance, which makes the process even easier. No medical are exams required. The entire process is done online.

With expat term life insurance, you get peace of mind knowing that if you perish while overseas, your family will be taken care of – no matter where your career or thirst for wanderlust takes you.

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