Life Insurance for Non-U.S. Residents
Purchasing life insurance for non-U.S. residents & foreign nationals can be a challenge. However, If you are a non-U.S. citizen, you can still buy affordable life insurance. Who is a non-resident, and what determines whether you are eligible to purchase life insurance for your family?
- Do you visit the U.S. for business or pleasure but have a permanent residence that is not in the U.S? For example, a U.S. citizen who moved to London, England, but returns periodically to the U.S. to visit family?
- Do you reside in the U.S. only temporarily for business, professional, or educational training, or are you an exchange student in the U.S. for education but plan on returning home upon the end of the school year or upon graduation?
- Do you reside in the U.S. only part-time, you do not live in the U.S., but you travel to the U.S a few months of the year for business, etc.?
- Do you have some minimum contacts with the United States, such as immediate family, real estate, a business interest, or financial assets such as a brokerage account or bank account? These can have a positive influence on an underwriting decision.
Non-U.S. citizens in Mexico and Canada can typically find life insurance in the United States. However, all aspects of the transaction for getting life insurance for non-U.S. citizens must be completed in the U.S., and you need to be in the U.S. for at least 90 days. This would include the solicitation, the application, the paramedical exam, the inspection, and contract delivery.
It is important to note that the life insurance company will want your medical records. If they are in another country, you can be talking two months or more before the policy can be issued.
Government restriction prevents the sale of life insurance to residents of Russia, Afghanistan, Lebanon, Haiti, Cambodia, and Cambodia. Also, insurance regulations in some countries will not allow the purchase of life insurance outside their country.
Additional Details for Qualifying for Life Insurance for Non-U.S. Residents
- Limits of $20,000,000 with minimum policy amounts at $250,000.
- 70 is the maximum age accepted.
- Term life insurance is the most chosen type of life insurance in the United States.
- Some life insurance carriers require recent physician visits and an ongoing health record.
- Most companies require that premiums must be paid annually in U.S. currency
- Rate classes available range from preferred plus to table D. If you qualify for a rate class is higher than table D; you are declined coverage.
- Active foreign military, police, government or judicial services are not eligible
- Form W-8 if there is no Social Security number.
- Financial Documentation for face amounts of $1 million and above. (Third Party)
Physical & Financial Presence for Life Insurance for Non-U.S. citizens and Foreign Nationals
Visa holders, Green Card Holders, and Permanent Residents
Life insurance company guidelines vary for those residing in the U.S. on a visa. If you have a green card or applied for a green card, you need to live in the country for more than three months out of the year.
Typically, a life insurance underwriter wants to see that you have been in the U.S. for six consecutive months or more. The longer you have been in the U.S., the easier it will be to obtain life insurance for permanent residents with a visa or green card.
Some temporary Visas that are accepted are E 1-2, H-1B, H-4, K 1-4, L-1A, L-1B, and L-2.
To purchase life insurance for non-U.S. Citizens, the life insurance carrier will want to know if you plan on staying in the U.S. permanently. You might change your mind down the road, or there might be extenuating circumstances out of your control that forces you to leave.
But the main point is, the life insurance underwriter wants to know that you intend to stay in the U.S. for the foreseeable future. If that changes down the road after you have life insurance, you do not forfeit your life insurance. The carrier takes the risk that you might eventually leave the country when they approve you for the life insurance.
And finally, the life insurance carrier will review each client on a case by case basis. Therefore, if someone looks like a beneficial risk, the life insurance company will probably take the risk and approve the client even if the client does not meet all the criteria. Therefore, if you are also considering getting life insurance while in the U.S. as a non-U.S. citizen or non-U.S. resident, it is worth your time to apply to see if you are eligible even if you do not precisely meet each requirement.
Remember, Foreign National Life Insurance and non-U.S. resident’s life insurance is available for the protection of your family.
With all this considered if you think you qualify and do not want to speak with a broker:
You can begin the process and run a needs analysis, health analyzer, receive quotes, select a product, and a life insurance carrier and complete a pre-application on your own!
Life Insurance for Non-U.S. residents and Foreign Travel
Carriers may not approve applications from clients who reside in or plan to visit countries. The duration of the trip may affect the coverage.
- That is currently at war
- Have a travel warning for the risk of terrorism or political uprising
- Have an epidemic or ongoing famine
- Have limited medical care available
Who is Life Strahan Financial Services?
We are an Independent Agency. We are not captive to any one company. A captive agent must offer life insurance from the company that has “captured” and contracted them to solicit insurance. Using a captive agent limits your choices of finding the best company at the best price, with the quickest approval time. Also, be aware of many of the larger agencies that continuously advertise on the radio which in reality only represent a handful of companies
The key to finding the best life insurance quotes is to use an agency that represents multiple carriers. We work with the top best life insurance companies. Specifically, the top 1% of the 250+ companies in the U.S. Let us put our expertise to work for you.