Myanmar: Setting Up Life Insurance

Myanmar is an enticing country that’s filled with adventure. A lot of people will visit the country as a tourist and decide that they would like to start a life in Myanmar. People are very kind and generous, and there’s a lot of honesty in the country. Taxis often return the lost wallets of expats completely untouched.

Customer service is impeccable, with establishments always greeting people with a friendly smile. The culture is relaxed, but there’s also a lot of trash. Driving is scary for non-natives, as people will zip in and out of roads with no lanes and often make an extra lane when convenient.

The country recently opened the life insurance market to foreign insurers. Expats that seek out term life insurance policies should remain cautious.

Seeking Insurance in Myanmar or Your Home Country

Since a lot of insurance providers from other countries are now entering the Myanmar insurance market, you might assume that you can obtain a policy with ease. While you’ll have no issues getting a policy, they’re often written for full-time residents that plan on residing in the country permanently.

Many people also seek out insurance in their own country, which sounds like a great idea because you know the language and can ask for referrals. However, you’ll find that most policies require you to reside in the country for at least half of the year.

A few concerns that every expat should have with life insurance policies, or even critical illness policies, are:

  • Insurance policies have a lot of stipulations and exemptions that you must read over and understand with 100% certainty.
  • Most policies will not pay out benefits to expats, especially if they were taken out in another country.

The major concern for a policyholder is that insurance companies don’t want to pay benefits out to beneficiaries. If there’s a way to deny a claim, the insurer will because it costs them money and insurance is a business like any other.

If you listed a different address or were untruthful in any way when applying for a policy, the insurer will gladly take your money but deny a claim if one is ever made. It’s your responsibility to make sure that as an expat, the insurance policy you obtain offers you the appropriate coverage for your circumstances.

Why Expats Should Have Life Insurance

Myanmar is relatively safe, with the only exceptions being Inle Lake, Mandalay, Bagan and Yangon. These are the four areas where safety may be an issue. Even with the highest safety level, there’s a risk that you won’t wake up tomorrow.

The truth is that we don’t know what tomorrow holds, so it’s vital to take measures today to protect your family or loved ones.

Life insurance is the one protection that you can put in place today that will alleviate a lot of financial burden for your beneficiary in the future. Term life insurance policies are a great option for an expat – or anyone really – because your monthly premium will allow for policies of $500,000 or more in many cases to cover:

  • Funeral costs
  • Food
  • Education
  • Mortgage
  • Rent
  • Debt
  • Utilities

You may no longer have to worry about your bills when you pass on, but the people you leave behind will. Expats should have a term life insurance policy that protects their families and a critical illness policy that protects them if they suffer a significant medical emergency.

Securing Global Term Life Insurance

If you want to obtain insurance, you should find a policy that offers global coverage. If you select the right life insurance you won’t have to worry about how long you stay in a certain country or any other technicalities stopping your family from being protected.

For example, with the six-month limit on most standard policies, you lack the freedom to try out new locations.

Since you’re in Myanmar, you may wake up tomorrow and decide that it’s time to try living in Vietnam or Thailand. Both countries are relatively close to Myanmar, and they have a lot of great expat communities between them.

Global term life insurance, secured online in most cases, provides you the freedom to live anywhere in the world that you please. If you decide to pick up and move to Thailand, your beneficiary shouldn’t have any issues filing a claim.

These policies are also written in a language you know best – not Burmese.

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