I went to a barn dance a lot of years ago and discovered that doing the two step isn’t necessarily all about rhythm and footwork, but also knowing which direction to go. If you aren’t shuffling your way around the dance floor counter clock wise, you are causing a problem and making other dancers unhappy. What that had to do with life insurance, well, is a stretch but here goes. When foreign nationals or US ex patriots living abroad want to buy US life insurance they have been forced to do a very expensive two step.
Step one is to come to the US to take an exam and sign the application and meet any other initial requirements for the insurance company. Another part of step one is that they need to bring their medical records and if they aren’t in English, they need to pay to have them translated. Also to qualify with most US companies the client needs to have financial ties to the US. The application then goes through underwriting and this is when the life insurance two step comes into play. Approved applicants are required to either wait in the country through the underwriting process which can take weeks, or they need a return trip to the US for nothing more than signing to accept the life insurance policy and making a payment to put it in force. That second step can be kind of a costly thing coming from somewhere in the Caribbean to pick up a life insurance policy, but just ridiculous if a client is coming from South Africa or China. Some life insurance companies are so adamant about the second step that they require proof like a stamped passport that the client truly made the trip.
That second step is like so many other outdated life insurance practices. Through other companies I can have clients esign to put life insurance in force from anywhere in the world, including war zones, and then send them an electronic copy of their policy. Those are more high risk policies, but we now have a company that will do traditional term life insurance and permanent life insurance and no longer require step two or financial ties to the US. Like the high risk life insurance we can now put policies in force via email and provide an electronic policy if the client wants.
Bottom line. To recap we have a life insurance company on board, a company that has had a huge presence in Central America and the Caribbean for a long time, and is now offering coverage world wide that only requires one trip to the US, not two to complete the transaction. If you have questions or need quotes for life insurance either as a foreign national or ex patriot, call or email me directly. My name is Ed Hinerman. Let’s talk