Can a foreign resident obtain life insurance coverage? This question has raised concern to many non-residents. The answer is yes, you can own life insurance coverage, provided you have obtained a green card. But, as usual, there’s more to the story than just that.
Over the past several years, life insurance has become an essential commodity for both citizens and foreign residents alike due to the invaluable benefits of having coverage. For a green card holder that comes into the country either to live and work, your financial protection is as crucial as it is for U.S. citizens.
With life insurance, you can add a level of protection to your life plan. Adequate protection through life insurance ensures that your family is not financially stranded if the unexpected happens and you’re no longer available to provide for them. In other words, life insurance is a financial protection program that provides your family with a tax-free cash payment if you pass on while the policy is active.