Whole Life Insurance For Immigrants, Foreign Nationals, and Non-Citizens

Written by Immigrant Life Insurance

Whole life insurance is available to non-US citizens, immigrants, and foreign nationals. It is an attractive insurance product for immigrants and individuals who reside outside the United States for most of the year. Whole life insurance available to non-US citizens is a product that many insurance agents are not familiar with; it’s important to work with an insurance expert if you’re interested in whole life insurance.

For many people, term life insurance is a perfect product. The premium costs are lower, and the face values are higher. The downside, of course, with term life insurance is that it ends after a set period (often 15, 20, or 30 years).

Whole life insurance addresses the shortfalls that term life insurance is unable to fulfill. Here are some important differences between whole life insurance and other life insurance products:

  • A guaranteed death benefit
  • Cash value at a base guaranteed rate (minimum interest percentage)
  • Premiums that will never increase in price (level premium guarantee)
  • Easy access to cash in future years
  • Your cash value and death benefit always go up (and the cost of your insurance never increases)

Many of our clients are high net worth individuals looking for ways to protect their families, businesses, and assets when they die or retire. Whole life insurance is the perfect insurance product to fulfill these needs.

Even if you are not a high net worth individual; whole life insurance – if structured properly – offers a lifetime of life insurance protection. Guaranteed cash value increases and the ability to access cash value within your policy later in life (often when immediate cash is needed or during retirement) are desired by many.

What are the best companies for whole life insurance for non-US citizens, immigrants, and foreign nationals?

Many insurance companies are willing to offer whole life insurance to non-US citizens and immigrants. Each company is unique in its products’ features, underwriting requirements, and citizenship or residency status requirements.

Some insurance companies offer more death benefit for lesser premium, while other insurance companies offer better cash accumulation strategies.

Let your insurance agent (who needs to be specialized in immigrant and non-citizen life insurance) know what your priorities are so they will know which insurance companies are the best fit. The most common areas our clients are interested in are as follows:

  • Receiving maximum death benefit
  • Insurance company’s financial strength
  • Speed of cash value accumulation and growth
  • Insurance company performance history
  • Current interest rates
  • Guaranteed insurance rates within the policy
  • Policy dividends
  • Distribution performance (how the policy forms when you access the cash value within your policy)
Your financial and insurance objectives will guide us on which insurance company will be the best fit for you and your situation. Our goal is to match you up with an insurance company that best meets your personal and financial needs and objectives.

Restrictions on life insurance for immigrants and non-US citizens…are there any?

There are differences between immigrants to the United States, non-US citizens, and foreign nationals. Here are some:

Citizenship status
If you have a green card, then shopping for any form of life insurance is much easier in the United States. We will be able to offer you premier life insurance products available to any regular US citizen.

If you have ITIN documents- we can get you qualified for many life insurance products. If you are a non-US citizen, in most cases we can get you approved for life insurance depending on your country of citizenship.

Country of citizenship
Countries that have favorable relationships with the United States are easier to get life insurance from than countries that have unfavorable relationships with the US, or that are politically unstable.

If you are a citizen of a country that has poor access to medical sanitation services- it will be more difficult to purchase life insurance in the United States.

Health status
The healthier you are, the easier it is to get life insurance as an immigrant or non-US citizen. If you’re thinking about getting life insurance, it is always better to get it now versus later. The healthier you are, and the younger you are, the easier life insurance will be to get, and it will be much more affordable as a result.

Immigration status
The more time you spend in the United States, the easier it is to qualify for life insurance- even if you are an immigrant or non-US citizen. Different rules apply often apply for foreign nationals, but we are here to help you to qualify for the life insurance you need.

Whole life insurance for immigrants

If you are a US citizen or have a green card, we can guide you through the many insurance companies for which you will qualify. If you have ITIN documents, we can also help you too.

Life insurance for foreign nationals

If you are a foreign national (meaning you do not live in the United States), you can still qualify for whole life insurance. We will provide you with all the documents and paperwork needed to qualify.

The insurance companies will want to know why you need life insurance. Most often, life insurance is used to protect income or property, or for estate planning for non-US citizens. Whole life insurance is also used to protect business or investments made in the United States.

Estate planning is particularly important if you are a foreign national. If structured incorrectly; you may be responsible for tax rates approaching 40% of your assets when you die.

Nobody likes paying money to the government; we will help you understand your options so that you end up with the best-structured whole life insurance plan..

Life insurance for immigrants examples:

  • Replace income for surviving spouse/partner
  • To secure business loans
  • College education planning
  • Final expense and burial planning
  • Retirement planning

Life insurance for high net worth non-US citizen examples:

  • Estate planning
  • Estate tax payment strategies
  • Replace income for surviving spouse/partner
  • To secure business loans
  • College education planning
  • Retirement planning

Shopping for whole life insurance if you are a non-citizen or immigrant does not have to be difficult! We are here  to help you find the best life insurance policy for you, your family, or your business.

About ImmigrantLifeInsurance.com
About ImmigrantLifeInsurance.com

We work with immigrants, visa holders, and undocumented individuals across the nation to secure the best life insurance rates.

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