The Truths About Getting Life Insurance as a Foreign National or Non-US Citizen

If you don’t have a residency status in the U.S., you will at best be classified as a foreign national or non-US citizen. You are also a non-US resident if you stay outside the U.S. for more than 3 months. But being a foreigner does not mean you cannot get coverage in the U.S. In fact, purchasing a life insurance policy as a non-US citizen is all about knowing what to do and what not to do. Without further ado, here are the truths about getting life insurance as a foreign national or non-US citizen.

  • As a foreign national currently living in the U.S., you are more likely to get a life insurance policy in the U.S. if you have Visas, Resident Aliens, Work Visas, or Green Card and if you have stayed in the U.S. for 6 consecutive months.
  • You can get any life insurance – either temporary or permanent life insurance – if you meet the above criteria.
  • The longer you have resided in the U.S., the more likely that life insurance companies will approve your application.
  • Most times, the type of life insurance you will get will depend on your level of income and financial status.
  • Only non-US countries that have a good risk rating with the U.S. governments are likely to get life insurance for foreign nationals.
  • Different life insurance companies have different quotes for providing coverage for non-Americans.
  • It may take about 2-3 months before your application will be approved. This is because life insurance companies will want to confirm your health condition and your residency status before approving your application.
  • If you purchase life insurance insurance for non-US citizens, your death benefits can be taxed or be tax-free depending on the tax rules.
  • You need to undergo a medical exam if you want to get coverage in the U.S. as a foreign national or non-US citizen.
  • Even if you live the U.S. or go back to your country after buying life insurance in the U.S., your beneficiary will still get your death benefits so long you pay your life insurance premiums when due.