If you can't get Term insurance, just use a Universal Life that is guaranteed for the same Term you would like.Tip for Life Insurance for Foreigners
Many people look for life insurance for foreigners. First of all, getting life insurance for non US residents is a real possibility, and in this article we will explore everything you need to know about getting life insurance in the U.S..
Who Can Get Life Insurance?
Foreigners can get life insurance in the U.S. if they meet certain requirements. Who is considered a foreigner? A foreigner is someone that doesn’t reside in the U.S. and is a citizen from a different country.
Furthermore, for life insurance purposes there are two types of foreigners, ones with financial ties to the U.S. and ones without. A foreigner is considered to have financial ties if they have:
- Real Estate in the U.S.
- Assets in the U.S.
- A Company in the U.S.
With financial ties your options to get life insurance are much better. More companies will want to insure you, and give you a better rating. If you do not have financial ties your options will be very limited, and very often you will not be able to get life insurance.
What Type of Life Insurance?
The basic types of life insurance are: Term, Whole Life and Universal. Your country of citizenship and residence will determine the type of insurance that you will be able to purchase in the U.S.. In general, it is easier to get permanent life insurance than term insurance.
Let’s say you know you cannot get Term insurance. Then a fantastic trick is using a Universal Life Insurance and making the guaranteed period the same as the Term you are looking for. Hence, you will essentially have a Term insurance on a Universal Life.
Where Can I Get Life Insurance?
Your country of residence will determine the type, rating and price of the life insurance. As you can find in our home page we listed the Country Classification. This is a compilation of multiple life insurance companies and how they rate countries:
- A rating– All your options will be open in an A country, and you will have all the best ratings available and all types of life insurance.
- B rating– In a B country, most of the companies will not give you the highest health rating. However you still will be able to get Term, and permanent life.
- C rating– If you reside in a C country, you will have more restrictions on health ratings. As a result you can only get permanent coverage (Universal and Whole Life).
Andorra, Australia, Austria, Barbados, Belgium, Bermuda, British Virgin Islands, Canada, Cayman Islands, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel (excluding West Bank), Gaza & Golan Heights, Italy, Japan, Korean, Liechtenstein, Luxembourg, Macau, Malta, Monaco, Netherlands, New Zealand, Norway, Qatar, San Marino, Singapore, Slovak Republic (Slovakia), Slovenia, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates, United Kingdom.
Albania, Anguilla, Antigua & Barbuda, Argentina, Bahamas, Bosnia & Herzegovina, Brazil, Brunei Darussalam, Bulgaria, Canary Islands, Chile, China (Urban), Colombia, Costa Rica, Croatia, Dominica, Estonia, French Polynesia, Guadeloupe, Kuwait, Latvia, Lithuania, Macedonia, Malaysia, Martinique, Mauritius, Mexico, Montenegro, Oman, Panama, Romania, Seychelles, Turks and Caicos, Uruguay.
Armenia, Belarus, Belize, China (Rural), Cook Islands, Dominican Republic, Ecuador, El Salvador, Grenada, Jamaica, Kazakhstan, Maldives, Micronesia, New Caledonia, Northern Mariana Islands, Palau, Paraguay, Russia, Samoa, Saudi Arabia, Serbia, South Africa, Sri Lanka, St. Kitts and Nevis, St. Lucia, St. Vincent & The Grenadines, Tonga, Trinidad & Tobago, Turkey, Venezuela, Vietnam.
If your country is not on this list, it will be very hard for you to get life insurance in the United States. Yet there are still options to get life insurance, but it will not be through a U.S. based carrier.
When Can I Get Life Insurance?
In order for you to apply for life insurance in the U.S. you will need to do all of the process in the United States:
- Take a medical in the U.S.
- Sign all paperwork in the U.S.
- Sign all delivery requirements in the U.S.
If you are planning a trip to the United States, make sure you schedule everything ahead of time, because the process will take between 4 to 8 weeks.
What Do I Need To Apply For Life Insurance?
The process of applying for life insurance for foreigners is identical to U.S. citizens. As we mentioned, all of the process will need to be done while you are in the U.S., and you will need to provide more paperwork. Here are the steps to help you:
- Define how much insurance you need
- Get an expert quote
- Decide the best company for you
- Sign applications
- Take medical exam: your agent will schedule a blood and urine test.
- Submit all necessary documentation
- Medical records translated
- Proof of Assets (Bank Statement, Property Deed)
- Wait 4-8 weeks
- Sign the delivery requirements
After this you will be protected and you will have life insurance. The life insurance will pay your beneficiaries even if you go back to your country.
Best Companies to Get Life Insurance For Foreigners
Over the years we have helped many foreigners get life insurance in the U.S., and there are a few carriers that look more favorably on foreign nationals. Here is our list of the top three companies:
- American General
The Bottom Line
As you can see it is possible to get life insurance for foreigners in the U.S.. There are many variables to consider when you get life insurance for foreigners; as a result you need to make sure you are working with an expert.
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