We just bought a term life policy with Mutual of Omaha. After went through all procedures and about to sign policy acceptance, we found out that the insurer would not accept my brother and my wife’s sister who live overseas as the beneficiaries. Our children are not yet 18 years old so they are not qualify as beneficiaries either. We don’t have other relative in the US so we had to assign a friend. I don’t feel comfortable doing that but had no better choice. Then we also found out that the insurer would not pay if we would die overseas. We are going to travel to overseas sometime to see our family. Can any one refer other insurers that have more suitable plan for us?
lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
It is not true that you cannot designate a minor child as beneficiary. However, you would need a trustee to administer the money.
Truthfully, this sounds like you had a bad insurance agent. A good independent insurance broker would be able to clarify these problems with you long before you had to accept the policy. Most top rated insurance companies cover overseas travel and beneficiaries. They usually require an extra form called a foreign travel questionnaire. The biggest thing they are looking for with this form is the quality of the country that you travel to as well as how often and your reasons for the travel. I actually just tried to call Mutual Of Omaha to get clarification but they said they are currently closed due to inclement weather(it’s only 8:30 am here).
Please let me know if you have any questions.