In a post last week I mentioned that we might be on to (finally) a US life insurance company willing to write policies on foreign nationals with clearly stated guidelines and rules.
It has been that last part that has eluded us to date. Every once in a while a company would pop up and say they would be glad to entertain business from those residing outside the US, but upon further investigation it wasn’t nearly as simple as they wanted it to sound. They wanted some business or family ties to the US. Or they wanted the proposed insured to own property in the US. Or they would insist on setting up a trust for the policy in some offshore location (skirting tax and regulation issues?) And most, if not all of the companies that played with the scenario would only do so with permanent products, not allowing any of the real advantages of term insurance prices found in the US.
As I have waded cautiously into this latest potential offering I have been pleasantly surprised by how candid, straightforward and complete the answers have been to my questions. This is a company that offers either universal life or 20 year term insurance. The term insurance is only available up to age 50. The application and exam have to be done in Florida (one day trip should accomplish everything) and orchestrated by a licensed Florida agent. Their underwriting guide is very straightforward about insurable interest and health issues. Financial justification has to be proven. Medical records (last 2 years 50 and under, last 3 over 50) will be acquired.
At this point there are only three Latin American countries whose citizens cannot participate, Peru, Costa Rica and Mexico. The company said they are working on the logistics of bringing those three on board and hope to have that cleared soon.
Their health underwriting is very fair, comparable to standard rate underwriting with most companies and to be fair, their prices are comparable to standard rates of most companies. Still a good deal compared to what most foreign nationals would pay in their home country. The insurance is also available for citizens of other countries on a case by case basis (excluding the middle east).
Bottom line. This is, I believe, the company we’ve been looking for. While we have not exactly gone global with this (selling our products in your country) this as good an offer as I’ve seen in years of searching.