It was only a matter of time before a crack in the US life insurance market opened up to non US citizens and residents. People in the US have been buying financial tools from around the world for years and there isn’t any doubt that if another country had life insurance products comparable to those here, they would make it easy for us to buy. Just makes sense.
At a time when we are struggling to find any kind of economic boost, opening up our insurance markets makes sense. Arguments against? Too hard to get accurate information to underwrite. Other countries are subject to overthrown governments, public unrest, tsunamis earthquakes, etc. Arguments for? Frankly in today’s world the US is at risk for all the same problems.
So along comes a company who is willing to accept that risk. A company that has determined how to accomplish underwriting comparable to what is done for someone living here with products that, while not equal to the best products offered here, are significantly better than what is offered for residents of most countries. Are they crazy or are they just the first to step off into an enormous opportunity?
To be fair, they aren’t inviting the whole world to the party. The really specialize in the America’s to the south with only a few Latin American countries where they are still working on logistics. They will consider other countries on request (except for the middle east) with the same underwriting requirements. The foreign national life insurance application and exam have to be completed in Florida and all financial and medical records requested have to be provided in a timely fashion.
The company is offering 20 year term foreign national life insurance and universal life policy with guarantees up to and past age 100. The term insurance is underwritten at standard rates and the UL is offered at preferred or standard rates. The guidelines are comparable to guidelines for those rate classes from other US companies.
Bottom line. For the foreign national individual or company, or US company owner with a foreign partner who need the insurance but haven’t been able to get the products or price that truly fit their need, this is the opportunity.