As the market data for foreign nationals in the U.S. become more prominent by the day, there has also been an increase in the need for more adequate, immediate and long-term personal, family and business financial plans, such as life insurance. Thankfully, the U.S. government allows foreign nationals to own life insurance policy and enjoy several benefits offered by the well-regulated U.S. life insurance market, such as:
- S. federal income tax-free death benefit
- Tax-deferred growth of cash values
- Affordable premium rate
- Standard coverage for you and your family
- Hassle-free benefit claims
Due to the above and several other advantages, the foreign national life insurance market in the United States recently witnessed an astronomical growth as the once narrow insurance marketplace was opened up, causing underwriters to show increased interested in dealing with non-U.S. residents. If you are a foreign resident and would like to own life insurance coverage in the U.S., this article guides through the required underwriting process you need to know.