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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. You may die in Manchuria or on the moon, as long as you obtain a valid death certificate. Some local Panama companies will even advance a small amount ($2,000) to the beneficiary to help with funeral expenses based on a newspaper article.

Confusion may stem from Expats residing in Panama who wish to APPLY for life insurance in the USA. Some US/Canada companies do not wish to issue a NEW policy to foreign residents.


The other major exclusion in the standard life insurance contract is for misrepresentation/false information on the application. If your DOMICILE is the Rep. of Panama and you state that you live in USA/Canada, the policy may not pay for the first 2 years (incontestable period). If you had cancer and failed to disclose this on the application (committed fraud), the death benefit may be denied in the first two years. After this time has passed, the policy becomes “incontestable”. If a USA/Canada life insurance policy is in force and you come to live in Panama after it is issued, the benefits may not be denied.

By the way, health insurance works differently. If you change DOMICILE to the Republic of Panama and maintain a USA P.O. Box or use a friends address, your benefits may be denied. You should check your coverage to verify the consequences of changing residence/DOMICILE from the USA to Panama.

For more information, email or call 322-1605.

Panama Kevin