Frequently Asked Questions
Expat Life Insurance Questions
What is expat life insurance?
Expat life insurance is a type of life insurance designed specifically for individuals living and /or working abroad. It provides financial protection to expatriates and their families by offering coverage for life, and critical illness.
Why do expats need life insurance?
Expats may face unique challenges, trying to purchase U.S. and Canadian life insurance companies usually require applicants to have a U.S. or Canadian residential address. Expatriates may not meet this criterion if they have permanently relocated to another country. Also by law, are required to complete the life insurance application, be examined and have the policy issued and delivered while in Canada or the US. Underwriting life insurance for expatriates involves additional complexities, including variations in healthcare systems, legal frameworks, and potential difficulties in obtaining medical records from foreign healthcare providers. U.S. and Canadian insurers may find it challenging to navigate these complexities and limit coverage to only those residing domestically.
What does expat life insurance cover?
Expat life insurance typically covers death benefits, providing a lump sum to beneficiaries in the event of the insured's death. Additional coverage may include disability benefits, critical illness coverage, return of premium and other riders depending on the policy.
How does expat life insurance differ from domestic life insurance?
Expat life insurance considers the unique risks associated with living abroad, such as exposure to different healthcare systems and potential challenges.
What if I have pre-existing medical conditions or health problems?
Coverage for people with pre-existing conditions or health problems will require an extra questionnaire and potentially a review of medical records We will let you know what will be required, once you apply.
Ole Life Insurance Questions
for those living in latin america
Who is Olé Life Insurance?
Olé Insurance evolved from Amedex, an international underwriter created in 1986, which pioneered international health and life insurance products in Latin America and the Caribbean. On December 1st, 2021, Amedex was rebranded and transformed into Olé Insurance while continuing to offer the best coverage with a unique service experience. Olé Insurance is registered and authorized in Puerto Rico and complies with all the requirements established by the Office of the Insurance Commissioner, exceeding the solvency and liquidity margins that are required. The Office of the Insurance Commissioner of Puerto Rico is a member of the US National Association of Insurance Commissioners (NAIC), which is an organization comprised of all Insurance Department Regulators, including the 50 states of the United States of America, the District of Columbia and 5 U.S. territories, including Puerto Rico. NAIC provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and offer consumer protection.
Who is Olé Life Insurance reinsured by?
Olé Life Insurance is reinsured by Munich Re, Partner Re and RGA. Here are the partners and ratings.
What is a reinsurer and why is that important?
A life insurance reinsurer is a specialized type of large insurance company that provides coverage to other insurance companies, known as primary insurers, in exchange for a portion of the risk and premiums associated with life insurance policies. Reinsurance is a risk management strategy used by primary insurers to mitigate their exposure to large losses and ensure their financial strength and stability.
What is the AM Best Rating of Olé Insurance?
AM Best has assigned a Preliminary Credit Assessment (PCA)* to Olé Insurance Group Corp. I.I. (San Juan, Puerto Rico) with a Financial Strength Assessment of B++. pca (Good) and a Long-Term Issuer Credit Assessment of BBB. pca (Good). The outlook assigned to this PCA is stable. ” Source: AM Best. A.M. Best is a credit rating agency that specializes in assessing the financial strength of insurance companies. The rating provides an independent evaluation of the insurer's ability to meet its financial obligations, including the payment of claims. A.M. Best considers various factors, including the insurer's capitalization, operating performance, and business profile, to assess its overall risk profile.
How can Olé Life Insurance issue insurance without a medical exam and approve someone in one day?
Applying for life insurance usually can mean a medical exam, paperwork and lots of questions to determine the type of coverage and amount needed and sometimes weeks if not months to apply and be covered. Olé Life Insurance utilizes artificial intelligence, to analyze decades’ worth of customer data and numerous verification databases in minutes to determine policy approval.
What is the contact information for Olé Life Insurance?
Email: [email protected]
Telephone: +1 939-322-9543
Address: 954 Ponce de Leon Avenue, Suite 802, San Juan, PR 00907
Website:Olelife.comWhat is the definition of being a expatriate for Olé Life Insurance?
You must declare that you reside full time abroad. You will be asked to provide proof of residency during the application process. This can depend on your individual circumstances and country you reside in. Usually a Visa, a utility bill, a Lease or proof of ownership of property.
Can Expats purchase life insurance from Ole Life Insurance from any country?
Currently Ole Life Insurance limits issuing policies to expatriates living in the following Latin American and Caribbean Countries. If you require coverage in other countries, contact us, we can assist you.
How does the claims process work for Ole Life Insurance?
In the event of the insured's death, beneficiaries or the policyholder's estate will need to file a claim with Ole Life Insurance The process typically involves submitting required documentation, such as a death certificate, and completing a claims form.
Who is the management team behind Ole Life Insurance?
Michael Carricarte CEO and Co-Founder, with over +30 years of experience Michael created three successful ventures and led companies such as Amedex, USA Medical Services, BUPA, Pan-American Life Insurance Group. He is a pioneer in the insurance industry in Latin America since 1986. Andrew Carricarte Chief Technology Officer, President and Co-Founder, +20 years of experience Andrew is also CEO of Tritan Software Corporation (cruise ship software) and has been noted for his work on data replication and synchronization patents in the US and the European Union, as well as his work in healthcare software. Brian Carricarte Integration Director and Co-Founder, +10 years of experience Brian has an extensive profile that includes everything from investments to start-ups, chairmanship of Mathon Investments, and chief operating officer of a healthcare software company. Wim Schaffers Chief Financial Officer, +30 years of experience Wim is an expert in financial services in the insurance industry. He has assisted clients with mergers and acquisitions, debt offerings, public offerings, and other transactions at EY (25 years) and KPMG (6 years). Dr. Eduardo Mora Director of Risk Underwriting, +30 years of experience Eduardo is a professional with extensive experience in the insurance industry, specializing in claims and risk assessment in companies such as Amedex, Bupa, Pan-American Life, MetLife, Manhattan Life and National Western Life. Ana Lilia Garduño Director of Growth, +10 years of experience Ana Lilia is a seasoned professional in the insurance industry, possessing significant expertise in the development of market growth strategies, with a keen focus on agent-driven sales. She specializes in marketing, product development, and digital strategies. Yani Contreras Chief Legal Officer, +15 years of experience Yani is an expert in offshore insurance companies, specializing in Latin America. She received her LLM from Northwestern University and worked for law firms such as Barrera Siqueiros y Torres Landa, Jones Walker, Holland & Knight, Kaufman Dolowich & Voluck and Carlton Fields.
Can there be a situation that the death benefit will not paid to my beneficiaries?
If you declare all the information accurately and in a truthful manner, there will be no reason for it to be invalidated, however the policy does exclude payment in the event of suicide in the first two (2) years, participation in war activities and any fraud in the information provided.
What installments can I pay?
You can make your payment annually, semi-annually, quarterly or monthly.
What terms does Ole Offer?
Ole Life Insurance offers 10, 15, 20 or 30 years.
Can I cancel my policy?
Yes, you can cancel your policy at any time. Only in the event that the cancellation occurs within a period of 10 business days after having contracted it, can a full refund of your payment be made. After this period, it will not be possible to make a refund.
How can I pay?
American Express, Visa, Master Card, Diners Club, Bank Transfer and PayPal.
Can I review a sample policy?
Please contact us, we will send you a sample terms and conditions, depending on your location.
What is the most coverage I can obtain?
Ole Life Insurance can offer you up to 1 million of term. If you require more, please contact us.
Does Ole Life Insurance offer whole life or Universal or Index Life Insurance?
Ole Life Insurance currently only offers term policies, if you are interested in other insurance, please contact us.
What happens if I move back to my home country or another resident country?
Can I use Ole Insurance to provide coverage for a loan guarantee?
Can I appoint a trust or a third party as an owner of the policy?
Will my beneficiary need to pay taxes on the death benefit?
The company will pay the gross death benefit and in general, will not subtract taxes. Each individual's resident country's tax authority treats death benefits differently and also depends on the beneficiary, ownership and location of death. It is important to review this with your tax advisor and/or your financial planner to discuss your specific situation and the rules and laws in the location you are residing as an expat.
Global Life Insurance Questions
Will I have to take a medical exam?
Each insurance company has underwriting requirements based on factors such as your location, sex, age, and the requested death benefit amount. Some companies offer non-medical underwriting for smaller death benefit amounts, requiring only a completed application. If you have a prior health event or a preexisting condition, the insurance provider may request records to assess the risk.
Can I have a policy in a different currency?
Generally, policies are written to be paid in US dollars. However, some companies offer policies in Euros or Pounds. Please inquire with us for more information.
How long will an application take to apply and be approved?
Policies can be approved and issued in days for some companies. However, if a policy requires medical examinations or a request for medical records, the process can take up to 30 days in some instances.
Where will I need to have my medical exam, if I require one?
The insurance company will notify you of the process and location for the exam. Generally, it will be conducted in the country of your residence.
Why are you asking about my education, marital status, and/or income?
Insurance companies use various factors, including education, location, marital status, and income, to assess risk.
Will my beneficiaries be required to pay taxes on my death benefit?
In most situations, companies pay the gross death benefit without subtracting taxes. However, individual countries' tax authorities treat death benefits differently. Consult with your local tax advisor or financial planner to discuss your specific situation and the rules in your location as an expat.
I forgot to pay my premiums, now what?
Contact us or the provider as soon as possible. Most companies have a grace period, typically 30 to 90 days after the premium due date. Review the specific terms and conditions for the applicable grace period.
How do I file a death claim?
Contact us or the insurance provider as soon as reasonably possible. The process varies based on the circumstances of the death and the insurance provider. In all situations, an official original death certificate, along with relevant medical and government records, will be required.
How do I update my life insurance policy if my circumstances change?
Contact us to discuss any changes in your life, such as marriage, the birth of a child, or changes in income. We can help you adjust your policy to ensure it continues to meet your evolving needs. This can include beneficiaries or policy ownership.