Buying life insurance is one of the most important things you need to buy to be able to provide financial security for your family. If you stumbled across this article then you are probably not a U.S resident or foreign but still, want to provide financial security by purchasing a life insurance policy in the states. For quite some time now people all over the world have been seeking life insurance coverage from U.S. based life insurance companies. Of course, primarily for the strong reputation, these companies possess along with very competitive pricing. So is it possible for you to get covered even though you are a foreign national or a non-resident? The answer is yes, but it will depend on how bad you want to be covered because there are a few steps to go through. Now before you continue reading you should be aware that there is a list of countries that under no circumstance qualify for this. To find out if your country is eligible feel free to reach out to us. The following are some key points from this article;
What countries are restricted in the insurance industry?
Like we mentioned before, getting life insurance in the U.S depends on where you live. There are certain countries that the insurance industry restricts life insurance to be sold to the residents of:
- Afghanistan
- Columbia
- Cambodia
- Haiti
- Iraq
- Lebanon
- Russia
- Argentina
- Croatia
- Hungary
- India
- France
- Greece
- Japan
- Poland
- Uruguay
- Venezuela
How a Non-U.S Resident can get life insurance coverage
There are a couple of things you need to do in order to buy life insurance in the states. You have to undergo the same things a regular citizen would have to and that is the application, a medical exam, underwriting and policy delivery. Keep in mind that the approval process can take from 1.5 to 3 months and you must be on U.S. soil to complete the application.
So if you are interested in obtaining a policy in U.S. then you should know what’s available. Essentially, you can buy a broad range of different policies, whether it’s a term or cash value plan. The good news is that the companies that do offer policies to non-residents are highly rated and known in the world. There is a minimum amount of coverage one must buy which is $250,000 and maximum of $20,000,000. If you need more than this an exception can be made for business cases.
Steps to getting life insurance coverage for Non-U.S Residents
- Shop around for quotes- The first thing you should do before you think of applying yourself on a big box’s website is working with an experienced life insurance brokerage like us. We recommend this because applying directly on a company’s website will limit your options. If you apply on a big box company and they deny you coverage it will be harder since you will be considered “uninsurable” by insurance companies. By working with us we will be able to shop around on your behalf and compare quotes with top rated companies to find you the most affordable life insurance coverage with a dependable company.
- Application- To apply for a policy there are some requirements. The first one being that you have to be physically in the U.S.to initiate the application, complete the exam and receive your policy. This can take between 4-8 weeks, so be sure to keep that in mind. Coverage is also limited to individuals who are business owners, executives, and professionals in medical, engineering, scientific, technological and other fields with highly specialized knowledge. In addition to that, anyone with high net worth will also qualify. We can help you with your application, set up the exam and work with you until the case is in force.
- Underwriting- Once you apply for coverage the company will need to have your medical records for up to 5 years. That is why it’s important that you have been completing your annual physical or managing your illness consistently with a physician. The company will also want to have your financial documentation provided by a third party if you want more than a million in coverage. You also must show some ties to the US such as a property, relatives or a business. Not only will the company require these different documentations but you will also have to undergo a medical examination. A medical examination will consist of a nurse from the company coming to you at a place and time of your choosing to check your blood pressure, take urine/blood sample, and check your height and weight. The nurse’s findings will be reported to the company and they will further analyze your application to make sure they don’t find any holes.
- Approval- After the underwriting process is complete you will receive notification of whether or not you have been approved for coverage. The whole underwriting process is what makes everything prolong when it comes to getting coverage because of all the information they have to review. For a non-U.S. resident, it will take 8 weeks to finalize everything and receive the coverage you applied for.
Some quick details
- 70 is the maximum age for fully retained cases.
- The easiest life insurance you can qualify for is cash value life insurance products or permanent life insurance.
- If you are in active duty in your country, police, government, or judicial services, keep in mind that you will not be eligible for life insurance in the states.
- You will have to make yearly premium payments in U.S currency.
- If you don’t have a Social Security Number you will have to fill out a W-8 Form.
- The minimum policy amounts for coverage is $250,000 with the maximum $20,000,000.
Work with us!
As you may see it can be quite a tedious process, but it’s well worth it in the long term. That is why so many people worldwide take the step and get insured in the U.S. There may be more requirements depending on case by case scenario. However, we are professionals in this field and can help you get this done properly. Please reach out to us for a free consultation and we will let you know if you should book a flight to the U.S. Yes we said FREE! Let us do all the comparing for you with our free service because we have zero ties and don’t push clients towards a company because they offer better commissions, we care about our clients and have loyalty to only our clients. Here at InsureChance, we work with over 60 top “A” rated companies and enables us to have more options to fit our clients’ health and different lifestyles. Give us a call if you have any questions or concerns 888-492-1967. Welcome to InsureChance, the first online life insurance marketplace. Give us a call or leave us a comment below if you have any questions or concerns!
