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If you’re planning on living the life of an expat as a retiree, we’ll explain why it’s important to buy term life insurance before you move to the foreign country of your dreams.

Are you Ecuador bound?

More and more US retired people are choosing to live the life of an expat abroad. Affordable health care, housing, and food costs—not to mention beautiful mountains and beaches—lure many retirees away from the USA to enjoy a well-deserved, post-career permanent siesta.

If you’re wondering how to plan your future life as an expat living in Ecuador, for example, you can start researching now to learn lessons from retirees who are already living the life of your dreams.

Brush up on your Spanish

If it’s genuinely possible to live a comfortable life for less than $2000 a month in Ecuador, why not take up the challenge of learning Spanish at age 65 and try life abroad in a country known for its great climate for a few years?

Ecuador, for example, extends tercer edad benefits to anyone who is age 65 or older—not just to their own citizens. That country in particular seems especially attractive to many snowbirds who don’t want to migrate back home at the end of winter.

What is tercer edad?

These are discounts for senior citizens over age 65 living in Ecuador to help them have a better life. These discounts include:

  • sales tax rebates,
  • discounts on utility bills,
  • cheaper prices for sports and cultural events, and
  • half-price transportation options.

You can see why Ecuador has a growing US expat population (including non-retirees) as life is becoming more challenging in the USA with the cost of living outpacing salary increases for many.

Ready to go? The expats at International Living have put together quite the resources for planning your health insurance needs, but they don’t have information on life insurance.

So, here’s the scoop on buying term life insurance for expats planning to retire in Ecuador or in any other foreign country.

Buy term life insurance before you move abroad

Plan now to buy your term life insurance before you move to Ecuador or any other foreign country.


Life insurance companies don’t want to insure someone who is going to spend most of their time traveling (or working) outside of the USA due to the increased risk of death that serial nomads face.

Life insurance is priced based on risk classes. So, if you indicate on your policy application that you have a high-risk job, travel non-stop, or plan to retire in Ecuador, for example, you’ll either be declined outright or you’ll pay more when you buy your term life insurance policy.

Even the fine folks who serve in our military can face challenges buying term life insurance although their families may need the coverage the most.

Quotacy’s advice is to buy your term life insurance before you passionately follow your wanderlust for the next ten years.

» Compare: Term life insurance quotes

Your zip code determines what term life insurance you can buy

You don’t want to lie on your life insurance application. That’s called insurance fraud and it could mean that your policy would not pay out to your family when they would need it the most.

So, if you’re thinking of moving abroad when you retire, buy life insurance when you live in the USA and intend to stay put for a few years.  Also, you don’t want to leave your family unprotected whether your expat dreams come true or not. So, there is good reason to get a life insurance policy in place no matter if Ecuador becomes a reality for you or not.

When you buy term life insurance, the policies that are available to you are determined by your zip code.

Each of the 50 states in the USA has its own life insurance regulations. So, the zip code of your primary residence (not your vacation home) determines which of the dozens of best life insurance companies we can offer you quotes from.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

Is it easy to get life insurance abroad?

As part of your term life insurance application, you most likely will need to do a short medical exam that must be done in the USA. So, getting life insurance while living abroad is not easy.

Even with accelerated underwriting options (no medical exam life insurance), you can be declined for coverage if you intend to live outside the USA when you submit your application for term life insurance.

Global life insurance options are limited and priced considerably higher than domestic choices. You’ll have a wider roster of trustworthy, financially-secure life insurance companies to choose your policy from if you elect to buy your term life insurance while you live in the USA.

How much is a 10-year term life insurance policy?

Some retirees choose to buy an affordable ten year term life insurance plan to provide a financial cushion for their family or as an alternative to a final expense policy.

Here are the average costs for a 10-year term life insurance policy for someone who is age 65.

The Estimated Monthly Cost of a 10-Year Term Policy for a Healthy, Non-Smoking 65-Year-Old
Coverage Amount Gender
$100,000 Male = $53
Female = $34
$250,000 Male = $107
Female = $68
$300,000 Male = $124
Female = $80
$500,000 Male = $202
Female = $125
$750,000 Male = $299
Female = $188
$1,000,000 Male = $373
Female = $278

If you would like to explore your options further, you can use our no obligation term life insurance quoting tool. It’s free to explore and you won’t have to disclose any personal contact information to find out what your pricing would be for a policy that could last 10 to 30 years.

Whether you end up realizing your expat dreams or not, may you have a happy life.

» Learn more: A Guide to Life Insurance for Non-U.S. Citizens

About the writer

Quotacy is the country’s leading broker for buying life insurance online. We are obsessed with making it easy for everyone who has loved ones who depend upon them to have life insurance.