It is my opinion that TERM insurance is the best life insurance for most occasions. While term life insurance rates in Panama are still on the high side, they are considerably lower than Whole Life or Universal Life products.
As part of the Mortgage/loan contract, banks and other lending institutions will require life insurance from a Panama licensed insurance company (will not accept your USA, Canada life policy as a guarantee).
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When a U.S. citizen dies abroad, the nearest U.S. Embassy or Consulate should be notified as soon as possible. Visit:
http://travel.state.gov/travel/tips/emergencies/death/death_3878.html
Upon notification, the consular officer, in accordance with local laws, may do the following....
Canadians travelling or residing abroad may die as a result of natural causes, accidents, murder or suicide. Canadian consular officials overseas and in Ottawa assist families in making all the necessary arrangements if such a situation arises. Visit:
The standard USA/Canada life insurance contract has only a few major exclusions. There are no geographical restrictions, but some companies may exclude death as a result of war, hazardous activity, failure to pay the premium or aviation. For the beneficiary to be paid, a valid certificate of death/proof of death and return of the original policy is all that is needed to receive the benefits.
In order to quote Panama Life Insurance, we will need your date of birth, do you smoke? If the coverage is for a mortgage, we will also need the term (# of years) of the loan.
Most lending institutions in Panama will require Life insurance to guarantee payment if you die before the loan is repaid. The policies must be issued by Panama licensed companies..
In order to obtain a TENTATIVE quote for Panama Life Insurance, we will need your date of birth, do you smoke? How much $$$$ coverage do you need?
If the coverage is for a mortgage, we will also need $$$ amount and the term (# of years) of the loan.
With this basic information, we will be able to send a quote by email or telephone.
Dying in Panama can be a complicated process and few Expats are prepared for the unique problems that will arise. This is not an easy article for me to write. I been called upon to help families and loved ones collect life insurance proceeds and attend to the final expenses after the death of an Expat in our country.
Here is an example of Life rates for term insurance in Panama. Yes, they may be higher than you can get online or in the USA, but the benefits will be payable in Panama with less hassle than going back to collect in the country where the policy was issued.