Life Insurance for Foreign Nationals in South Florida

The direct foreign investment in the U.S. has maintained a steady rise in the past recent years, moving from $33 billion from 2016 to over $50 billion in 2018. This development has necessitated the need for more foreign nationals to maximize the flexibility of the U.S. life insurance market to protect their family, career and business interest.

As a foreign national, all you need to have life insurance coverage in the U.S. is proof of ties to the U.S. and a medical examination. You have ties strong enough to get a policy if you belong to any of these categories of foreign nationals:

  • You are a business owner or a high net worth individual with business interest in the U.S.
  • You live and work in the U.S.
  • You are married to a U.S. citizen.

Life insurance is a fundamental personal finance plan that protects your family both in your lifetime and when you pass away. Life insurance doesn’t only provide death benefits, there are often numerous living benefits attached to it which you can use to meet your needs. Its flexibility makes it a must-have for everyone irrespective of age or nationality.

Life Insurance for Foreign Nationals in South Florida
Why Do Foreign Nationals in South Florida Need Life Insurance

Why Do Foreign Nationals in South Florida Need Life Insurance?

As a foreign national living in South Florida, life insurance can help you in different ways. Whether you are an employee in the U.S. or a business owner, life insurance can be advantageous for the following reasons:

Tax-Free Death Benefits

A life insurance policy purchased in the U.S. pays a death benefit to your beneficiaries which is generally income tax-free (though not free of estate tax). This allows policyholders to enjoy the benefit to the fullest. Additionally, your beneficiaries’ nationality or location won’t be a barrier. Your policy’s death benefits will be paid to them as agreed without restrictions.

Protection from Creditor’s Claim

According to the Florida State’s Statutory Exemptions for Life Insurance, the benefits you get from your policy either by cash surrender or the death benefit payment to your beneficiaries are generally “exempt assets” in South Florida. This helps protects it from being claim by a creditor and allows you to use it how you please.

To Protect Your Business Interest

If you have businesses or properties in South Florida or elsewhere in the U.S., having your own life insurance will help you in several ways. Life insurance can save your enterprise from liquidation after your death. Also, the proceeds of your cash value can provide you with financial coverage whenever you need funds to keep your business afloat in difficult times.

A Smart Retirement Plan

Life insurance will not only help you achieve your business and career dreams, but it can also offer you guaranteed income through annuities, which can be your source of pension when you retire.

Types of Life insurance Available to Foreign Nationals in South Florida

There are several types of life insurance you can choose from in South Florida depending on your needs and interest. Those numerous types are under two main classifications, which are term life insurance and permanent life insurance.

Term Life Insurance: A term life insurance policy offers coverage for a specified period of time.  If you pass on within the “term” of the policy, your beneficiaries are paid a lump sum as death benefit of your policy. However, if you are still living at the expiration of the contract, you may renew the policy or get a new one. There are many subcategories under term life insurance. They include renewable term and convertible term life insurance policies.

Renewable Term Life Insurance

Renewable term life insurance is a term life insurance policy which allows you to renew your policy after its expiration without having to buy a new contract. The policy terms can be from 5 to 30 years. However, each renewal usually triggers an increase in premium rate by your insurer.

Permanent Life Insurance

Permanent life insurance is more flexible than a term policy. It offers lifetime coverage and has both living and death benefits that can help you in different ways. There are many types of permanent life insurance with various features depending on an individual’s needs. Some of them are universal, whole life, and variable life insurance policies.

Universal Life Insurance

Universal life insurance is a permanent life insurance policy which comes with both living and death benefits. A universal life insurance policy offers you an investment option that allows your cash value to grow. The proceeds of your interest can be withdrawn to meet different financial needs. It also allows you to review and have your premium rate and benefits moved decreased or increased.

Types of Life insurance Available to Foreign Nationals in South Florida

What Should Foreign Nationals in South Florida Look for When Buying Life Insurance?

As a foreign national buying life insurance in South Florida, you need to consider the following before settling for a policy from your insurer.

Ensure You Can Prove Your Ties to the U.S

Most insurance companies will ask you to present documents showing eligibility and admissibility proofs as a lawful resident in South Florida. Documents like your passport, green card, working permit, or other related government-issued identification may be requested by your insurer.

Work With A Licensed Insurance Broker

To avoid being denied based on your eligibility status or overpaying for a policy, you will need an experienced life insurance agent who will guide through. Your agent is also in the best position to get you the best plan from insurance companies in South Florida.

Determine How Much Life Insurance You Need

Life insurance needs vary among foreign nationals depending on their choice. For instance, amount of properties in the country, resident status, family size are some of the various factors you’ll need to consider before deciding on the type of policy and premium amount you will buy.

How Gold Coast Life Insurance Can Help

Foreign nationals buying life insurance in South Florida usually undergo more biographic screening compared to U.S. citizens. Insurance companies will review your eligibility and ties to the country before deciding to either grant or deny your coverage request. The best thing is to work with a reputable insurance agency like ours.

At Gold Coast Life Insurance, we will not only get you the best and affordable life insurance contract, but we will also ensure you make the most of your policy. Whether you have pre-existing conditions or you a high-risk applicant, your health status won’t be a barrier with us. You can get your flexible life insurance policy today by simply filling out this free quote.

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