What Does 'Evidence of Insurability' Mean for Foreign Nationals?

Age, health condition, and resident status are the three most crucial factors that determine a foreign national’s chances of owning life insurance coverage in the U.S. As a rule of thumb in the life insurance industry, it is believed that the healthier you are as an applicant, the less likely you are to require medical care or pass away during the coverage period.

As part of the policy, you may be denied life insurance coverage on health grounds or required to pay a graded premium rate for a policy. Evidence of Insurability is one of the ways through which insurers get the needed health information from an applicant.

What Does 'Evidence of Insurability' Mean for Foreign Nationals?
What Is Evidence of Insurability

What Is Evidence of Insurability

Evidence of insurability (EOI), also known as Statement of Health, is a document used by the insurance companies to know the condition of your health in order to determine the type of life or disability insurance product you qualify for. You will be required to provide information about your health and submit it to your insurance carrier to fill out the Statement.

Knowing the health status of each policyholder helps insurance companies reduce the occurrence of disproportionate claims and adverse risks that are associated with their line of trade. Before an insurance policy could be said to be in force, your EOI must first be approved by the insurance company.

When is Evidence of Insurability Required for Foreign Nationals

As a foreign national, there are two ways you can receive life or disability insurance coverage in the U.S. Those are individual life insurance or group life insurance policies. Each of those has its own distinctive underwriting process. For instance, an individual insurance policy is purchased directly from an insurance company or through a licensed insurance agent. The application process will be solely in accordance with the terms of agreement given by the company you are dealing with.

Unlike individual insurance, a group life insurance policy is typically an employer-provided coverage offered as part of an employee’s benefits. Many U.S. organizations also provide coverage for their employees’ spouses and eligible children. Most group policies are offered as a guaranteed issue plan, which requires no medical exam or screening questions. However, if as an employee or a retiree, request for a coverage plan that’s higher than guaranteed issue rate, you may be required to submit an EOI.

For example, your employer may set your basic group insurance plan at three times your salary base at the initial stage of your employment. But after some time, possibly due to an increase in family size, you think there’s a need for more coverage, you may be given the privilege of supplemental group insurance coverage but will most likely need to fill an EOI for the increase.

When is Evidence of Insurability Required for Foreign Nationals
Does Submitting an Evidence of Insurability Guarantee Coverage

Does Submitting an Evidence of Insurability Guarantee Coverage

After going through the information you have provided in the EOI, it is within the company’s legal right to grant or deny your request. In some cases, you may also be contacted directly for more information before a final decision could be made on your application. If the insurance company feels that your request will require more underwritten process, there may be an arrangement for any or some of the following:

  • A physical exam involving a blood test, urinalysis, EKG and weight and height measurement
  • A healthcare provider or hospital with your medical record may be contacted to get more information about your health
  • The Medical Information Bureau may also be contacted for the same purpose
  • Information may also be sought from other insurance companies you’ve applied to for coverage.

Information about your health obtained directly from you, or from other sources, is strictly for business use. It will be treated with confidentiality, and would only be sought from the sources permitted by law, and described in the authorization form for the coverage. If you would like to be sure of the content of the info, you may request it from the company.

Result of Evidence of Insurability for Foreign Nationals

Approval or declination of your EOI will be sent to you by the insurance carrier. If the EOI is approved, your new coverage will then become effective. For a denied EOI, however, the denial message will contain the process through which you could appeal the decision if you think your request was wrongly denied. However, the denial will not in any way affect your existing coverage plan with the company. It will only mean that based on your health status, as revealed by the EOI, you cannot get an additional policy.

Result of Evidence of Insurability for Foreign Nationals
What Do Foreign Nationals need to Know About Group Life Insurance in the U.S.

What Do Foreign Nationals need to Know About Group Life Insurance in the U.S.

The U.S. employers are not under any obligation to offer their employees life or disability insurance. Although there are over 80% of U.S. companies who do so out of their own volition. However, the plans are usually one or two times an employee’s annual salary. If you have children, spouses, or other people who depend on you for financial support, you definitely will need more than just employer-provided policy if you don’t want your loved ones to suffer if you pass away unexpectedly.

This is why you need a portable individual life insurance policy that allows you to set your coverage amount in accordance with your needs. With an individual plan, you will have the option of choosing different types of policies with quality riders suitable for your needs. You may also decide to convert or review the plan in the future to accommodate any change in lifestyle or family needs.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we help foreign nationals get the best life insurance policy and guide them on how to make the most of their coverage for their immediate and future financial needs. We guarantee you quality coverage, regardless of your health status. Having pre-existing conditions will never be a barrier for coverage, as there are adequate plans for high-risk applicants. You can get a life insurance policy from us today by simply filling out this free quote.

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