In a recent post I shared a bit of a life insurance home run when I was able to get a great offer on a Jamaican citizen with a prostate cancer history.
I have since had meetings with one of the major life insurance carriers just to see how much latitude they will allow in pursuing business in other countries and was ecstatic to find out that, well, the store is open to a lot more countries than I had imagined. And not only is their foreign national life insurance available, but it is available all the way from $250,000 to $20,000,000 at affordable prices, not the overpriced Pan American policies.
Needless (I hope) to say, the companies that are willing to entertain life insurance for foreign nationals aren’t looking to sell small term policies to anyone who knocks on the door. Call it greedy or call it good prudent business, but they want to restrict the business to business owners, executives and professionals. They really don’t want all the $9 a month term policies simply because it isn’t cost effective.
Here in the US it takes a company 3-4 years to break even on the costs of underwriting a small policy. If they offered it to foreign nationals in small amounts they might never break even on the cost of writing the business. Hey, I didn’t make the rules but I also can’t say that I disagree with them. Better to be able to offer US life insurance to some than not to be able to offer it at all.
There is also a notable list of countries where we can’t sell life insurance either because of the risk factors in the country or because that countries won’t allow their citizens to buy outside the country.
Along with Jamaica, some of the countries of interest I found were Mexico, Belize, Canada, India (working on a case there now), and most of the Caribbean. It can really be done in far reaching places but there is a point at which the requirement to apply for, take an exam and accept the policy in the United States might offset some of the excitement. There are also requirements on larger policies for third party financial information and all applications require medical records to be supplied.
Bottom line. I’ve got the information and the criteria and it won’t cost you anything to discuss it. If you would like a policy from highly rated US life insurance companies that pays out in US dollars, give me a call or drop me an email and let’s talk.