Work can take U.S. foreign nationals all over the world where they’re required to live in locales beyond U.S. borders.
Pursuing educational goals, taking a sabbatical, or simply choosing to reside in a far-flung locale for personal reasons are also reasons that lead citizens to hang their hats for extended periods in foreign countries.
While residing in other nations, however, many foreign nationals still return to visit the U.S. and often wish to obtain life insurance from a U.S. based insurer.
In this article I’ll cover options for U.S citizens living abroad in obtaining life insurance, and how we can help.
A Question of Trust
Foreign nationals are no less American simply because they live abroad. As citizens, it’s only natural that you would want to conduct essential business with only U.S. based companies. Even if you only return to the U.S. for a few days or weeks each year, a preference to obtain life insurance from a U.S. insurance provider is perfectly understandable. Living as a foreigner in another country, you may face unique obstacles when it comes to obtaining a foreign policy in another nation.
Moreover, the element of trust is vital and, frankly speaking, U.S. insurers have built reputations for trust, and for honoring the terms of their policies. In many nations, this may not be the case and finding a quality insurance agent can be fraught with difficulties and pitfalls.
Moreover, no matter where one lives, a life insurance policy is important for protecting the interests of one’s family. Consequently, no matter where one travels to live on the planet, obtaining coverage is a priority in order to have peace of mind.
Unfortunately, there are various U.S. life insurance providers who do not care to insure foreign nationals. This makes finding a top-notch provider a bit of a challenge and, yet, one that must be faced in order to get a sound policy from a reputable insurer. Fortunately, there are insurance providers that do offer excellent life insurance policies for those living abroad and have developed foreign national life insurance programs designed to provide this coverage. Each insurance carrier is likely to have its own criteria for providing coverage, but among those who offer foreign nationals insurance coverage, there are some general similarities.
Life Insurance for Foreign Nationals
As with any typical life insurance policy, an applicantion will be assessed for risk. Age, family history, lifestyle, and health profile will be examined to determine their type of coverage you may qualify for as well as a health rating, like a preferred or standard rate of coverage. For foreign nationals, your nation of residence plays a crucial role for determining the type of coverage you can receive or if you can be covered at all. For instance, while an applicant living in Mexico City may be covered, one that lives in a northern Mexican state bordering the U.S. may not be due, of course, to the increased safety risks of that part of the country.
Insurance companies that offer life insurance to foreign nationals generally divide the countries where coverage is possible into two tiers. U.S. citizens who live in tier A countries may qualify for a preferred policy if they meet other criteria for this coverage. People living in tier B, on the other hand, can expect to pay a standard rate even if they otherwise qualify for the preferred coverage simply because more risks are associated with that nation or region of a country.
Insurers can be very specific when it comes to applicants and their specific residences. Living in high risk regions will simply disqualify an applicant from getting coverage. Living in a nation like Afghanistan or Pakistan isn’t going to qualify for coverage even at the standard rate. In some cases, like Ecuador, a foreign national might only obtain coverage if they live in the capital. Your provider will be able to explain why certain regions will bar you from coverage. In some cases, there’ll be little doubt as to why the location doesn’t make the approved list, but always speak with us if you have been previously declined for life insurance.
Living in many nations, of course, does not increase one’s risk and obtaining a good life insurance policy is quite possible. Countries like the United Kingdom, France, and Australia are locations that carry that preferred rate. Again, some countries may qualify an applicant for preferred coverage but only if the applicant resides in a specified region of the country. For instance, living in Israel is associated with preferred coverage, but not if the residence is in a riskier region like Gaza or the West Bank.
Finding an Insurer that Covers Foreign Nationals
The soundest way to obtain a life insurance policy if you are a foreign national is to talk to an independent agency (like ours) who already knows which companies will provide the coverage plan you are looking for. Since most insurers will expect you to apply for and sign paperwork while in the U.S, working with an independent agent can streamline this process. In addition, your independent agent can help you find the companies that offer the most competitive rates yet are still reputable throughout the industry. You’ll find that obtaining coverage through us – an independent agency that specializes in helping foreign nationals is the best way to getting the coverage you need at a fair price.
If you are currently overseas you can fill out the quote form on this page to let us know details of the country you live in and you can provide a SKYPE or email address to contact you through. We also have a live chat feature on our website, or you can call us at 888-552-6159 to speak to us about getting life insurance as a U.S Foreign National.