Foreigners living in Turkey or coming to Turkey can optionally have life insurance. This insurance provides financial security to the insured or their relatives in the event of death or at the end of a certain period of time. Insurance companies operating in Turkey also offer different insurance products for foreigners
1. Scope of Life Insurance for Foreigners in Turkey
This type of insurance covers the death, disability or lump sum payment of the insured at the end of a certain period of time. Life insurance offered for foreigners in Turkey generally includes the following types:
A. Term
Provides insurance protection for a certain period of time (e.g. 5, 10 or 20 years).
If the insured dies during the policy period, the specified compensation is paid to the beneficiaries (family members etc.).
If the insured survives the policy period, no payment is made.
B. Accumulative
It has both life insurance and investment features.
If the insured is alive at the end of the policy period, it ensures that the premiums are paid back in their accumulated form.
It is advantageous for foreigners who want long-term financial security.
C. Life Insurance with Full and Partial Disability Coverage
Payments are made to the insured or beneficiaries in the event of permanent disability due to an accident or illness.
It provides financial security in the event of incapacity to work.
D. with Credit
Although it is not mandatory for foreigners who take out a housing or consumer loan in Turkey, it is recommended.
If the insured dies, the loan debt is paid by the insurance company.
2. Can Foreigners Get Life Insurance in Turkey?
Yes, foreigners can get this insurance in Turkey. However, insurance companies may seek certain conditions:
✔ Having a residence permit or long-term visa in Turkey
✔ Having the financial capacity to pay the insurance premiums
✔ Submitting a health report or declaration (for some types of insurance)
3. Life Insurance Advantages for Foreigners in Turkey
✅ Provides Financial Security for the Family: Provides financial support to those left behind in the event of death.
✅ Provides Security in Using Credit in Turkey: Can be used as collateral for housing or individual loans.
✅ Provides Tax Advantage: For foreigners working in Turkey, certain premiums can be deducted from the tax base.
✅ Provides Support in Case of Disability and Incapacity: Insurance payment can be received in case of inability to work.
4. Where Can Foreigners Apply for Life Insurance in Turkey?
Many insurance companies in Turkey offer this insurance service for foreigners. Applications can be made through the following channels:
- Insurance Companies
- Banks:
- Insurance Agencies
5. Life Insurance Prices and Premiums for Foreigners
These insurance premiums vary according to the following factors:
📌 Age of the insured (It may be more economical to get it at a young age)
📌 Duration of the insurance (There may be a savings advantage in long-term policies)
📌 Amount of coverage (Premium increases as the amount of compensation to be paid increases)
📌 Health status (Some insurance companies may request a health report)
Insurance premiums can be paid monthly, annually or in a lump sum.
Foreigners living in Turkey or coming to Turkey for reasons such as investment, education, work can secure both themselves and their families financially by getting this type of insurance. Solutions are offered for different needs with term, cumulative or disability coverage insurance options. You can always reach our law firm to avoid problems while performing these transactions.
Att. Havva KÜLÜĞ
