Finally, you should know what to expect – including a few additional requirements imposed by the carriers.
- Minimum coverage amount. Many carriers require a minimum of $250,000 coverage for foreign nationals.
- Coverage type restrictions. You may not qualify for a term policy. For example, John Hancock doesn't offer term products to non-U.S. citizens except when a U.S. business insures them for business purposes (a key man policy, for example).
- Copies of required paperwork. You will likely need to submit a copy of your passport, visa, I-94, and W-8.
- Copies of financial documents. It’s a good idea to have copies of U.S. bank statements, U.S. property deeds, and U.S. brokerage/investment account statements.
- Medical records. The carrier will probably want to see your medical records for the past five years. If you have copies of those records handy, translated into English, it can really speed up the process. Some carriers ask you to submit these records with the application. If your preferred carrier doesn't, consider contacting them in advance and asking for permission to do so.
- Duration of the application process. You should be in the U.S. for the duration of the application process. If that’s not possible, you may want to postpone the application until you can be in the U.S. for 6-8 weeks. Alternatively, you can check with the carrier to see if they'll allow a limited power of attorney transfer so your representative can sign and accept delivery.
That's our take on the basic eligibility requirements for foreign nationals to purchase life insurance in the U.S..
In next blog post, we’ll go over some tax implications for foreign nationals.