Which Countries Allow Foreign Nationals to get Life Insurance in the U.S.?

While age, gender, and visa classification are the most common determinants of the foreign national life insurance market in the U.S., other factors are always considered by insurance companies during the underwriting process.

If you are a non-resident, your country of origin or residence will play a major role in your eligibility for life insurance coverage in the U.S. Due to trade restrictions between the United States and certain countries, individuals from the affected countries may not be eligible for insurance coverage in the U.S.

There are also several countries that have life insurance regulations that forbid their citizens from buying insurance outside of their territories. However, apart from these quite few affected countries, the United States life insurance industry is open to most other foreign nationals. Read on to know where exactly your country stands!

Which Countries Allow Foreign Nationals to get Life Insurance in the U.S.?
List of Countries That Allow Foreign Nationals to get Life Insurance in the U.S

List of Countries That Allow Foreign Nationals to get Life Insurance in the U.S

If you are from any of these approved countries, you stand a good chance of owning a life insurance policy in the U.S. However, each country is rated based on its current economic, political, and health situation. The rating will determine the types of life insurance products you will be eligible for. The higher the rating, the more qualified you are, with the A being the highest rate and E the lowest.

Understanding Life Insurance Letter Grading for Foreign Countries

“A” Countries: These countries are regarded as Super Preferred – meaning they may get the same standard and type of coverage just as U.S. citizens and permanent residents. Examples: Australia, Finland, Canada, France, Germany.

“B” Countries: These may also qualify for quality rates – up to non-smoker rates. Examples: Algeria, Brazil, China, Ecuador, Mexico.

“C” countries: May qualify for the highest rates like smoker rates, regardless of whether you smoke or not. Example: Bolivia, Philippines, Pakistan, South Africa.

“D and E” countries: Regarded as unacceptable countries of residence or travel, and may be ineligible for a policy.

NOTE: Country ratings may vary by each carrier. Always ensure you contact your insurance agent for confirmation!

In addition, D and E countries may also qualify for U.S. life insurance coverage, but the underwriting will be based on individual consideration. Some of the factors that will be considered include how often you stay or travel to those countries, and what kind of ties you have with them.

Understanding Life Insurance Letter Grading for Foreign Countries

What are the Life Insurance Underwriting Requirements for Foreign Nationals?

The requirements vary widely among different U.S. life insurance carriers. Generally, however, the following procedures are usually required by most of the U.S. life insurance carriers when buying a policy as a foreign national:

Amount of time spent in the U.S. per year

The more time you spend in the United States, the easier the underwriting procedure. Most life insurance companies will require that you stay in the U.S. for a certain number of months per year before you could be eligible for coverage.

Be in the U.S. when purchasing the policy

As a general rule in the U.S. insurance market, you have to be in the U.S. before you can apply for a plan, and after the underwriting process, the policy will be mailed to a U.S. address, which must also be within the state where you reside in the U.S.

Demonstrate evidence of ties to the U.S.:

Ties to the U.S. is one of the essential requirements for most life insurance companies. Your ties will assure them that you aren’t going to abandon the policy after buying it. You can prove that you have meaningful relationships through any or some of the following ways:

  • Being an employee in a U.S.-based company
  • Owning business or property in the U.S.
  • Having your immediate family members in the U.S.
  • Paying taxes in the U.S.

Undergo Medical Exam in the U.S:

One of the other ways to determine your insurability is through a medical exam, which reveals the actual state of your health. The medical exam involves measurement of height and weight, blood test, urinalysis, EKG. It must be conducted in the U.S. by a medical practitioner designated by the insurance company.

Most companies will allow you to schedule the time and location most convenient to you and may also send the medical professional to you. You may also need to submit your medical report to your insurance agent for verification.

Essential Tips for Foreign Nationals Buying Life Insurance in the U.S

Apart from meeting the above requirements, the following are other important aspects you need to know about the U.S. foreign national life insurance market:

Your Occupation

Every profession has its unique associated risks, and these risks are evaluated by insurance carriers to determine an applicant’s eligibility and/or premium rate for life insurance policy. if you belong in the high-risk profession, you might find it a little more difficult getting an affordable plan or have to pay a graded premium.

Naming a Beneficiary

While you are permitted to designate any life insurance beneficiary of your choice, there is, however, a crucial factor to be considered when selecting a beneficiary, which states that the beneficiary must have an “insurable interest.” This simply means that your demise must, to some extent, affect the person financially. For this reason, it is most appropriate to name your child, spouse, parent, fiancée, or anyone who you usually support financially as your life insurance policy beneficiary.

Place of Death

If you pass on in any country outside the U.S., your beneficiary may or may not have difficulties claiming the death benefit, depending on the specific country. Some life insurance plans are sold with restrictions, which specify the places where your policy may be active or inactive.

Essential Tips for Foreign Nationals Buying Life Insurance in the U.S

For instance, if you travel to and pass away in a country where the United States has issued a travel alert, your policy may be considered invalid, and your beneficiary will have challenges claiming the benefits. To avoid this, you will need to ask your insurer about the details of the restrictions attached to your policy.

How Gold Coast Life Insurance Can Help

As a foreign national, completing the life insurance underwriting process in the U.S. can be a daunting task, but with the help of a licensed agent, you are sure to get the best rate on the market

At Gold Coast Life Insurance, we provide foreign nationals from various countries and of different visa categories with quality, flexible, and highly affordable life insurance policies. It doesn’t matter if you are a high-risk applicant with pre-existing conditions, we will get you and your loved ones suitable coverage. Getting your U.S.-underwritten life insurance policy from us is as simple as filling out this free quote.

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