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Life Insurance for Foreign Nationals

For purposes of this article on life insurance for foreign nationals, a FOREIGN NATIONAL is a non-U. S. Citizen, which in turn could be either a Resident Alien, or a Non-Resident Alien.

U. S. Tax Rules Applying to Foreign Nationals With Property In the U. S

A different set of rules apply to FOREIGN NATIONALS under current U. S. Estate Tax Laws, than to U. S. citizens and residents. These differences could result in substantial taxes when FOREIGN NATIONALS either gift assets during their lifetime or dispose of assets upon their death. While this article is not intended to, nor does it, provide tax advice regarding taxation and estate planning relative to FOREIGN NATIONALS (for which they should consult qualified tax counsel or advisors), suffice it to say that FOREIGN NATIONALS need to be careful as to how they title property (for instance, real estate, bank accounts, investment accounts, etc.) they own in the U. S., since how the property is titled (in whose name it is owned) could be the trigger to taxation, or not. If you are a FOREIGN NATIONAL and own, or are considering to own, property in the U. S. you should consult with counsel specializing in representing and advising FOREIGN NATIONALS on these matters.

How Life Insurance Can Help The Foreign National

Now to the purpose of this article, which is life insurance for foreign nationals (which may also be referred to as international life insurance). If you are a FOREIGN NATIONAL and are considering to purchase life insurance in the U. S., for whatever reason, which may include the expectation of paying less for the premium, or accessing a better product or life insurance company, these are factors to consider:

  • Eligible individuals must have financial ties to the U. S., such as a U. S. bank or brokerage account, personally owned real estate or a personally owned business
  • Such assets must have been held for at least one year prior to the date of the application for life insurance.
  • Certain individuals or entities may not be eligible, such as, judges, journalists, private pilots, politicians or governmental employees, public or private police personnel, missionaries, military personnel, or professional athletes.
  • Any individual who does not have a meaningful connection to the U. S., is not eligible.
  • An individual who lives in a country listed on the U. S. State Department Travel Warnings List, may not be insurable.
  • Individuals who live in countries that are at war with the U. S., may not be eligible.
  • Individuals who live in countries with increased risk due to terrorism, uprisings, or political instability, may not be eligible.
  • Individuals who live in countries experiencing famine, endemic, epidemic or pandemic diseases, may not be eligible.
  • Individuals who live in countries where access to at least routine medical care is limited or non-existent, may not be eligible.
  • There may be other requirements depending on particular countries that could limit eligibility.

And,

  • All solicitation and communication including delivery of marketing material must take place in the U. S.
  • The life insurance application must be signed by the owner and insured in a jurisdiction of the U. S. where the agent is properly licensed.
  • The policy must be delivered in the U. S.

Does It Sound Complicated?

While the above may appear challenging, we can help you navigate through the process and, also, if you need it, put you in contact with tax counsel specializing on this matters.

Call us at our Toll Free (in the U. S.) Number (888) 950-8376, or go to Contact Us .

NOTE: the information provided in this article, or post, should not be construed as legal advise. If you are a foreign national and would like to further explore how to go about purchasing life insurance from a U. S. life insurance company, you should consult your financial advisor, legal advisor, or call us at our Toll Free Number (888) 950-8376.

 

CHILDREN’S LIFE INSURANCE

You may want to consider Children’s Life Insurance for your grandchildren.

One lasting gift you can give to a child or grandchild is the gift of a life insurance policy. It may not be as exciting as a new toy, but the death benefit protection and cash value potential that come with it can provide a significant foundation for a child’s financial needs later in life. More and more clients are asking for help in regards to planning for their futures, such as death benefit protection, supplementing retirement, future education needs, and estate planning. The gift of life insurance can provide long-lasting value to a child or grandchild.

children's life insurance

Why children’s life insurance?

  • Protects Insurability.  Most children will easily meet the medical underwriting requirements to issue an insurance policy. However, at older ages, medical conditions and other hazards may prevent the individual from purchasing a policy at reasonable rates.
  • It May Come at Relatively Low Rates. For any specific insurance policy, the younger the person is, the lower the rate. Furthermore, the earlier the age a person becomes insured, the less total premiums will be paid to age 65.
  • It May Provide Funds Later in Life. Many life insurance policies accumulate tax-deferred cash value growth. These cash values may be accessed via generally tax-free loans later in life to help with future college tuition costs, the purchase of a home or even supplemental retirement income.
  • It Creates a Legacy of Love. Life insurance helps provide opportunity and protection for your child today and in the future.
  • It Helps Protect Parents. In the event of the loss of a child, the proceeds indemnify the parents against the financial burden that may arise from funeral costs…etc. Life insurance plays an important role in protecting a family from financial hardship.

 

NOTE: THIS INFORMATION DOES NOT CONSTITUTE LEGAL OR TAX ADVICE. SINCE EACH PERSON/FAMILY SITUATION IS DIFFERENT, YOU SHOULD CONSULT YOUR QUALIFIED LEGAL OR TAX ADVISER BEFORE ENTERING INTO A CONTRACT.

Call our Toll Free Number (888) 950-8376, or click on CONTACT US, for more details

Life Insurance for Marijuana Users

If you are searching for Life Insurance for Marijuana Users, please, read below.

Read About Life Insurance and Marijuana Smokers

If you are a marijuana smoker, whether an occasional “social marijuana smoker”, or simply use it as medication, and would like to obtain life insurance, the information that appears below should be on interest to you:

  • If you use marijuana and do not disclose it in the life insurance application, it is fraud.
  • If you are smoking marijuana illegally (without a medical prescription) and disclose it in the life insurance application, this information is protected by HIPPA laws; meaning, neither the agent nor the insurance company can report you to the authorities.
  • Many life insurance companies accept applications from marijuana users; occasional marijuana users frequently can obtain term life insurance for the usual periods of 10, 20, 30 years, etc., with rates comparable to those of cigarette smokers, which, by the way,  are substantially higher than those who do not use tobacco products.
  • As with all life insurance applications, the best rates are offered in connection with fully underwritten policies, which are those where the insurance company does a paramed exam. This paramed exam includes a blood examination which will reveal the THC contained in marijuana.
  • There are also available in the market no-medical exam policies where the life insurance company requires only a health questionnaire and no medical exam. Applicants who are marijuana users need to be reminded that if the fact that they use marijuana is not disclosed in the life insurance application, not only will they be committing fraud, but the insurance company will deny benefits on the basis of full disclosure in the application.

We May Be Able To Help You

marijuana smokers and life insurance

As independent life insurance agents licensed in most states in the US, we have access to the larger and higher rated life insurance companies in the country. We can work with you and, in a confidential manner before filing the application, identify those insurance companies interested in your case and provide you quotes for whatever combination of face amount and type of life insurance policy you may be interested in. We do appreciated the opportunity of offering our services and if interested, you may call us at our Toll Free Number(888) 950-8376, or click on Contact Us.