A foreign national is a person who is a U.S. citizen who lives outside the U.S. full time or a citizen of another country residing in or traveling to the U.S. As a foreign national, you can still get U.S.-based life insurance if you meet certain criteria. Here’s what you need to know if you’re thinking about buying a policy.
U.S. And Global Financials
The insurance company will want to know what your current ties are to the United States as well as your assets globally. They will ask about your current job, business interests, family members, real estate ownership, investment accounts, and business ownership. It is also important that you prove a substantial income, typically from your home country, but it may also be U.S.-based income. The more U.S.-based income and assets the better.
The closer and deeper your ties are to the U.S., the more carriers you should be able to choose from, but it may not be necessary. There are carrier programs that may work for you, assuming your non-U.S. income and assets still allow you to qualify.
Before you apply, you should have copies of your U.S. and home-country bank statements and property deeds, plus all brokerage and investment account information and statements. You will often be asked for third-party financials (verified by a certified public accountant, or CPA, or statements from recognizable institutions, such as a bank).
It’s also important to note that your country of origin will play a determining factor in your eligibility and rating for life insurance.