Life Insurance For International Clients

International Insurance
International Insurance

“Internationalism is the highest form of patriotism”

-Christopher Hitchens


Life Insurance For Non-U.S. Citizens-Residents

If you are a non-U.S. resident or non-U.S. citizen, you may obtain a U.S. dollar denominated life insurance policy through a specialized program designed to meet the needs of international clients.

This life insurance program is available to individuals who are citizens or permanent residents of a country other than the United States of America, who visit for business or pleasure, or have relocated for work to the U.S., temporarily or permanently.


As an international client you may have the need, like most U.S. consumers do, to protect your family with a life insurance policy, in the event of your untimely death; because of an illness or an accident.

Life insurance is of especial importance if you have assets in the U.S. because the federal estate taxes for foreign nationals (or non-residents) is 45 percent. Which means that if you own $1 million in real estate, for example, and you die, someone in your family will have to pay $450,000 to the U.S. government. Otherwise the property(ies) will have a lien placed on them.

You may have tried to get life insurance coverage but not been able to obtain it because of several reasons:

  • You do not have a Social Security number (SSN) or an Individual Tax Identification Number (ITIN)
  • You live outside the U.S. more than six months per year.
  • You may be a resident or citizen of a country other than the U.S. and travel extensively for work.

Required

There are three core requirements to be able to apply for this international life insurance coverage:

1.- Must have a financial or business link to the U.S., which may include:

  • Vacation house
  • Investment real estate
  • Bank accounts
  • Investment account (stocks, bonds, mutual funds, etc.)
  • Ownership in a business
  • Other assets

2.- Application and paperwork must be signed while in the in the United States. In addition to the application, we may also complete some additional forms requiring signature:

  • Financial statement form
  • Foreign travel questionnaire
  • Passport number
  • Copy of visa

3.- Paramedical must be done while  in the U.S. by a medical examiner (at no cost to you).

  • Collect a blood and urine sample
  • Answer medical history questions

 Not required

  • No Social Security Number (SSN) or Tax identification Number (TIN) required.
  • No Attending Physician Statement needed -normally required for domestic applications.

 Two types of life insurance available

1.- Term Life Insurance

Key Points:

  • Lower premiums.
  • Coverage for a specified period of time, 10, 15, 20, and up to 30 years.

Disadvantages:

  • Coverage ends and renewing it will require a new application subject to underwriting.
  • If you renew at the end of the term, premiums will be much higher.

2.- Universal Life Insurance

Key Points:

  • Coverage for the rest of your life
  • Accumulation of cash value

Disadvantages:

  • Higher premiums -pays for cost of insurance and excess premium going towards policy cash value.
  • Cash value grows tax deferred and can be utilized at your discretion.

This life insurance coverage is offered by U.S. company, and is denominated in U.S. Dollars. The life insurance policies cover all causes of death, including, illness and accident.


Let ‘s find coverage that fits your needs

Call us at 832-253-8329 or send us a quick message and we will reach out to you today:

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