You probably wasn’t aware there was life insurance for non u.s. citizens. Well, there is, and offered by some of the American’s best financial institution. Whether you’re pending citizenship, or here on a visa, life insurance for non-citizens is offered to you and your love ones. As a foreign national, you are now able to obtain an American life insurance policy depending on your individual circumstance.
It’s required to know your exact need for the policy. This need is your, ‘insurable interest”. Once this interest is identified, you’re on your way to possessing one of America’s prime investments. This form of estate planning is one of significant importance, in term of securing the future of you and your family.
The First Step to Purchasing Life Insurance for Non u.s. Citizens, is to be knowledgeable of where you stand as a u.s. citizen. You must understand your immigrant status in order know if qualify for most policies.
How Your Country Impacts a Policy
Types of Life insurance for non u.s. citizens,varies with each geographical region. Policy eligibility is determined by your native country. Whether your country qualifies or not, depends policy regulations, and risk.
Price is another factored determined by the location of your country. If your original country, qualifies you as a life insurance recipient, your policy may be more expensive, or less than you imagined.
Setbacks When Getting Life Insurance for Non u.s. Citizens
There are a few risk that insurance companies face when insuring some non u.s citizens. To minimize such risk, there are certain guidelines and qualifications that will apply when qualifying a non u.s. citizen for a particular policy.
If you know a U.S citizen with a policy, you may recognize a few differences between the two processes. For instance, health risk for non u.s. citizens are negative factors as opposed to the health risk of a U.S citizen. Such factors may cause the denial of an application. Unlike an American citizen you may be limited to policy options.
Advantages of Purchasing Life Insurance for Non u.s. Citizens
Foreign nationals have an abundance of advantages when purchasing American life insurance policies. If you are non u.s. citizen who has a high-net-worth, there are policies exclusively written for you. Income isn’t always a huge factor. However, it’s a key factor in terms of policy options.
You’ll be surprised to know that traveling back and forth, doesn’t impact your eligibility. You could still qualify if you travel outside the country often. As long as your resident status qualifies you, you may be insured in or out of the country.
Cons of Life Insurance for Non u.s Citizens
There’s a criteria which must be met when qualifying. For example, some policies will not allow you to own any property in the United States. In addition, they might not accept individuals who have access to life insurance policies from their native country.
More often than not, people do not qualify due to their country. A country deemed to be politically unstable may not be insurance. A trained professional will be able to inform you of whether or not this would apply to your individual case.
The Pros of Life Insurance for Non u.s Citizen
It may be ok to to back to your country for an extended stay. You may be able to keep your coverage if you go back to your country at any time. Life insurance for non u.s. citizens will pay benefits to your family in the event of your death. The value may be of American currency regardless of your family’s location. Your survivors would just have to take pre-measures and contact the insurance company to report the death.
As a qualifying policy holder, you may be eligible for either permanent or term policies. Specifications are applied to each policy. These specifications will rate your eligibility for non-citizen insurance policies.
Types of Life-insurance for non u.s. citizens
No the difference between various insurance companies. Know what their product offers and how it will benefit your family. A popular insurance type is whole life insurance. You may also qualify for term, and permanent as well. As previously mentioned, your birth country, and health risk, may play a factor in which one you may qualify for.
Speaking to a competent insurance provider will clarify any other pertinent specifics involving getting coverage. All you must know is the amount of coverage you wish to obtain. You’ll also need to determine whether it beneficial to insure your spouse or child. Once, you have these small facts into place you’re ready to take the next step and contact a professional. Life insurance is one American investment you can trust with your life and welfare of your family.