The host of the 2016 and Olympic games has been in the news lately. With much unrest and economical uncertainty many Brazilian citizens are looking for new ways to protect their assets.
As a matter of fact, one way that people can protect assets is through life insurance. And many Brazilians are looking to get life insurance in U.S. dollars instead of the Brazilian Real. If you look at a chart over the last few years, it doesn’t look that good for the Real, so it makes sense for Brazilians to be concerned about their currency.
Getting life insurance in the U.S. for a Brazilian citizen is very possible, and is not very complicated. There are many variables that will determine if you qualify for life insurance in the U.S. The main variables are:
- Immigration Status
- Financial Ties to the United States
- What type of insurance you want?
Lets take a look how all those variables will affect your application for life insurance.
What is your immigration status?
Foreign nationals for our life insurance conversation are those that have ties to the United States but do not spend enough time in the U.S. to be considered residents. Also a foreign nationals will have to prove why he/she wants to have insurance in the United States. The typical reasons are to protect a property or mortgage, estate taxes, or to protect a loved one. If you can show you need the insurance then we have secured life insurance for Brazilian foreign nationals in the past with two top rated companies without a problem.
Live in the U.S.
If you live in the United States and are a Brazilian citizen you will have many options with regards to life insurance. Actually, multiple companies will give you the best ratings available, and you will be able to use any type of life insurance (Term, Universal, Whole Life).
- Green Card – If you have a green card all your options are open and any company will take your application.
- Work Visa – Depending on your visa type some companies may restrict your application. In general the longer your visa lasts, the better it will be for you. If you have spent more than 2 years in the U.S. the process of getting life insurance will be much easier.
- Student Visa – In general you will not be able to get life insurance unless you have significant assets in the U.S. that you want to protect.
Financial Ties to the U.S.
In order to get life insurance in the U.S you need to show why you need the coverage. Companies call this “insurable interest”. Here is a list of financial assets and documents you will need to provide:
- U.S. Bank Account
- U.S. Property
- A statement with your U.S. based assets
- They may request a tax record
What do you need to apply for life insurance?
Apart from all the financials records, you will need to perform all the application process in the United States. Also all documents will need to be signed in the United States, and the medical exam will need to be done in the U.S. as well. Here is a list of documents you will need to provide:
- Passport copy
- Visa copy
- Drivers License copy
- Copy of your medical history
- Statement from your doctor saying you are in good health
In reality even after you apply for the insurance, the company may ask you to provide more documents, so be ready.
Types of Insurance Available
You will be able to apply for all types of insurance as a Brazilian citizen in most circumstances. Moreover all options like Term, Universal Life and Whole Life insurance will be available. However, you will need to determine with your agent what type fits your situation best.
No Financial Ties to the U.S.
This is an exception, and if you don’t have financial ties to the U.S. please contact us.
It is still possible to get life insurance even if you do not have any financial ties to the U.S. but the process will be with a restricted number of companies that have strict rules of how to apply. In this case you will be able to take the medical exam in Brazil, and you will be able to sign the paperwork in Brazil.
In conclusion t is not hard to get life insurance as a Brazilian citizen no matter what your immigration status is, or where you live. In reality you have many options at your disposal, if you use an expert with foreigners.
If you would like to learn how to apply please leave a message or contact us.