I recently became affiliated with Pan American Life Insurance in hopes of making it substantially easier to write business outside the US, with emphasis on the Caribbean, Latin and South America. Although they can and do serve business world wide, logistically because of the need for a US based application and examination, the closer the better for the client.
I can hear it now! “What’s so special about Pan Am if I still have to come to the US to apply”? The difference between Pan Am and and other US based companies is their open mind to writing business outside the US. Most life insurance companies require ties to the US, usually in the form of a monetary or business link, but not Pan Am. At the very best we could write life insurance through Lloyds of London for foreign nationals but even they required a US address and bank account. Pan American will consider countries that other life insurance companies simply won’t. Pan American doesn’t require two trips to the US to acquire life insurance. They require one trip for the application and exam but don’t require, as all other companies do, a return trip to accept the approved life insurance.
We have been able to write ex patriot clients overseas through Lloyds of London for years, but the maximum term was 10 years or less. With Pan American they offer 10 and 20 year terms and also universal life products. Other companies require that medical records are translated before coming to underwriting while Pan Am will do the translation themselves. Pan Am also has a multilingual staff that can help pave the way through the process while other companies would put that on my back and trust me, no hablo espanol, or anything else other than English.
This is a huge extension of my reach outside the US. While I have clients all over the world already, my affiliation with Pan American Life Insurance will make the process quicker, easier and more user friendly than any arrangement we’ve had in the past.
Bottom line. Life insurance for foreign nationals through US companies is something that has always been a moving target. What they would agree to one week could change the next week. Their use of the US government travel advisory to rule out countries is outdated at best. It just isn’t the kind of experience I want my clients to have. If you have questions of want to get quotes call or email me directly. My name is Ed Hinerman. Let’s talk.