Last Updated: August 2020
In this article, we’ll discuss what it takes for non-us residents and foreign nationals to obtain life insurance coverage in the United States.
It’s pretty clear that a lot of non-US residents want to own US life insurance because of the low costs and stability of United States life insurance companies. The process is actually pretty simple if you’re willing to jump through some hoops.
Here is what we will cover:
- Why Buy Life Insurance for Foreign Nationals in the United States?
- Requirements to Buy Life Insurance for Foreign Nationals or Non-US Residents
- How Foreign Nationals & Non-US Residents can Apply for Life Insurance in the US
We get a lot of life insurance requests from people all over the world. Most of our requests come from the Bahamas, Puerto Rico, Mexico, Australia, South America, Europe, Hong Kong, and Singapore. These are mostly foreign nationals looking for life insurance coverage, but we can also help non-US residents purchase coverage as well.
Why Buy Life Insurance for Foreign Nationals in the United States?
There are two reasons foreign nationals and non-US residents would purchase life insurance in the US.
1. Life Insurance Rates are Lower in the US
Term life insurance rates are the lowest in the world because of the competition in the US.
Furthermore, the pricing and performance of permanent life insurance policies far exceed the rest of the world. Many businesses buy their key-man and succession policies in the US for this reason alone.
2. The US has an Easier Legal System for Distribution
Many countries have forced heirship laws that can dictate (to different degrees) where your estate gets passed to. Owning a life insurance policy in the United States is a lot more flexible than dealing with these heirship laws in other countries.
Requirements to Buy Life Insurance for Foreign Nationals or Non-US Residents
Here are some general requirements for qualifying and purchasing life insurance if you are a foreign national or non-US resident.
- Life insurance is only offered to business owners or professionals working in technology, medical, engineering, scientific or similar fields. High net worth individuals and corporate executives are also eligible.
- The application, medical exam, and contract delivery must all be completed in the United States. This process can take 4-8 weeks depending on how quickly the company obtains your medical records.
- Minimum coverage amounts of $250,000 are required. Maximum coverage amounts range from carrier to carrier but are usually between $5,000,000 and $20,000,000. However, in business cases, limits can be as high as $100,000,000.
- Recent third party financial documentation for face amounts of $1,000,000 or more is required.
- Premiums need to be paid from a US bank account and you must have a US address for billing and notices.
- You must have US ties, whether it is a family or business.
How Foreign Nationals & Non-US Residents can Apply for Life Insurance in the US
We are experts in navigating the requirements listed above and have helped many non-US residents and foreign nationals secure US life insurance.
Here is our process for helping you apply.
- Fully understand your specific situation and risks via phone or skype conversation.
- Identify the life insurance carriers who you can qualify for. With our experience, we will know which carriers are best for you.
- From those carriers, we will find the company that provides the lowest rates.
- We will then present you with our findings and coordinate the application.
We’ll make the process as smooth as possible and go the extra mile to make sure this gets done efficiently.
Consider the Acquisition Cost
For someone in the Bahamas that wants a life insurance policy, it’s a pretty quick and cheap plane ride to Florida to complete the requirements.
For someone living in Singapore, it may be a little different unless you’re applying for a sizeable amount.
Countries We Cannot Provide Life Insurance For
Unfortunately, there are some countries that prevent their residents to purchase life insurance outside of their country of residence or the risk is too high. These countries currently include:
Afghanistan, Albania, Algeria, Angola, Armenia, Argentina, Azerbaijan, Bangladesh, Bosnia, Bulgaria, Burma, Burundi, Cambodia, Cameroon, Chad, Central African Republic, Colombia, Congo, Croatia, Cuba, Ethiopia, France, Georgia, Ghana, Greece, Haiti, Herzegovina, India, Indonesia, Iran, Iraq, Israel (including Gaza & West Bank), Ivory Coast, Japan, Jordan, Kazakhstan, Kuwait, Laos, Lebanon, Liberia, Libya, Macedonia, Madagascar, Mongolia, Morocco, Mozambique, Nepal, New Guinea, Nigeria, North Korea, Pakistan, Panama, Papua New Guinea, Poland, Rwanda, Saudi Arabia, Senegal, Serbian and Montenegro, Sierra Leone, Solomon Islands, Somalia, Sri Lanka, Sudan, Swaziland, Switzerland, Syria, Tajikistan, Tanzania, Thailand, Togo, Tonga, Tunisia, Turkmenistan, Uganda, United Arab Emirates, Upper Volta, Uruguay, Uzbekistan, Venezuela, Vietnam, Western Sahara, Yemen, Yugoslavia, Zaire, Zambia.
If your country is not on this list, then we can most likely help you.
Disclaimer: Underwriting guidelines change frequently – we’ll try to keep this list updated as frequently as possible.
We’ve helped many non-US residents and foreign nationals find life insurance and would love to help you as well. Start by giving us a call today! +1 (888)430-7668