Protecting Livelihood of Immigrant Families in the US

Life insurance policies for immigrants:

According to statistics, the U.S life insurance market is attractive to foreign nationals, whether they are illegal immigrants or legal permanent residents. There are some distinctions and conditions before both of those groups can obtain life insurance policies that are discussed below. It is noteworthy that there is an important advantage to buying U.S. life insurance policies, especially for affluent foreign nationals. Those who purchase life insurance policies can benefit from their maturity and appreciation just the same way as American citizens. Moreover, foreign nationals can get higher quality products and better insurance policy rates than in their countries of origin. Those affluent foreign nationals are particularly interested in life insurance policies exclusively designed for international high-net-worth clients and have a need for a large amount of life insurance policies that are not available back home.

Immigrants and Life Insurance






However, not only affluent foreign nationals are interested in buying U.S. life insurance policies. Any legal or illegal immigrant in the U.S. regardless of his/her social economic status could be potentially included in this category. According to some immigration lawyers, such kind of insurance is indeed available to foreigners coming from almost all countries. See Immigration lawyers for specific information. There are several countries where purchasing life insurance outside their country or residence is not allowed. Among them are the following countries: Venezuela, Uruguay, Switzerland, Poland, Panama, Japan, Greece, France, Belgium and Argentina.

Some exceptions:

In some other countries, the risk is simply too high for American insurance companies to sell insurance to their residents, or there are governmental or legal restrictions preventing that. Among the countries included in this category are Sudan, North Korea, Lebanon, Iran, Haiti, Cuba, Cambodia, Burma, and Afghanistan.

According to some statistics, countries of residence of people with the most success in finding insurance policies for non-U.S. citizens are Puerto Rico, Mexico, and Canada.

Conditions required to purchase life insurance:

Some immigration lawyers and representatives of U.S. insurance companies claim that foreign nationals ought to meet several requirements in order to purchase U.S. life insurance. Those requirements are as follows:

• Must have some sort of ties to the U.S., such as owing business or property here.
• Must take medical exam in the U.S (if applicable);
• Must complete insurance application in the U.S;
• Must still be in the U.S. when the policy is approved and mailed to them;
• Must pay the premiums from a US bank account.

Does it work the same with illegal immigrants?

Another relevant question is whether an illegal immigrant can buy life insurance in the U.S? The surprising answer is yes, that is indeed possible under certain conditions. In order to qualify, the illegal immigrant must fulfill some requirements and there are plenty of insurance brokers willing to help them to achieve that goal.

Some insurance brokers are even specialized in helping non U.S. citizens get the best life insurance in the U.S. According to the insurance brokers, the three conditions must be met before illegal immigrants can get U.S. life insurance. Those conditions are as follows:

  • The immigrant must reside in the U.S;
  • Have an ITIN or Social Security Number; and

Have a bank account in the U.S.The types of life insurance available to illegal U.S. immigrants are term, whole and universal life insurance. There are also other options available such as medical and non medical policies. That means that one can choose a standard rating and not take a medical test or get a good health rating and take a medical test before inception of the policy. The premium payments can be made monthly, quarterly or annually. The same rules apply to the policies of illegal immigrants. They can name beneficiaries and retain the insurance policy if moving to any another country. As under any other circumstances, the policy pays tax free death benefits upon the death of the policy holder. Below is a short video of an expert that is not associated in any way with this website who provides detailed information on benefits evaluating the potential needs of the beneficiaries.

Summarizing, it is very easy to get life insurance policy in the U.S. for both legal and illegal immigrants. The life insurance benefit can to some extent mitigate the financial burden of families affected by an unexpected death of the life insurance holder. This article provides a short overview of the above stated issue and should NOT be considered an advice on any of the matters mentioned here. To obtain specific information, contact your local life insurance specialist or an immigration attorney.