Q. I am an H1B visa holder and am considering buying a Term insurance, I heard some insurance companies don't give H1B visa applicants their best underwriting classes. Is that true?
A. Unfortunately it is true, many, but not all, insurance companies don't grant H1B visa holders their best underwriting classes, even you have perfect health, perfect income, perfect history.
For example, as a non-tobacco user, your best class is only Standard Plus Non-smoker, not Preferred Best class. And even that, is based on how long they have been in the county, your intention to permanently reside here, impending travel, property owned, and assuming you meet all other criteria for the class.
However, there is still hope, for example, one insurance firm has the following requirements:
A. Unfortunately it is true, many, but not all, insurance companies don't grant H1B visa holders their best underwriting classes, even you have perfect health, perfect income, perfect history.
For example, as a non-tobacco user, your best class is only Standard Plus Non-smoker, not Preferred Best class. And even that, is based on how long they have been in the county, your intention to permanently reside here, impending travel, property owned, and assuming you meet all other criteria for the class.
However, there is still hope, for example, one insurance firm has the following requirements:
Visa Holders from an approved country intending to reside in the U.S. permanently may be considered for Best Class if they meet all the following parameters:
• 5 years continuous residence in the U.S.
• Mortgage and/or marriage to a U.S. citizen
• Long-term U.S. employment (at least 5 years)
• Provide an ITIN (Individual Tax ID Number) or IRS Form W-7 or IRS Form W-8
• Family income of at least $50,000
As you can see, it's all case by case, and is up to the discretion of the UW and the reinsurer. The only way to find out if you are eligible is to submit an application.
Also, there are still less than a handful super competitive insurance firms treat every applicant the same. To find out who they are, please contact us.
Also, there are still less than a handful super competitive insurance firms treat every applicant the same. To find out who they are, please contact us.
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