Life Insurance Without Social Security Number

Not saying nobody does this but likely minimal. The ID is a method for not only tracking a death to verify it is the actual person but also for underwriting to see their medical history. Would likely make for a pricier product if there is one out there.
 
Also it would get abused for money laundering so I don't think the Feds would allow it. E&O may not cover it either if you know it is potentially underground money. There may be a fraternity life insurance company that offers these to their members only.
 
Also it would get abused for money laundering so I don't think the Feds would allow it. E&O may not cover it either if you know it is potentially underground money. There may be a fraternity life insurance company that offers these to their members only.

A TIN will be required.

I believe LBL does or at least use to offer their FE product with just a TIN.

If you will recall your AML training, the company is primarily responsible for monitoring money laundering. Our responsibility is to provide all documentation and information requested and report any red flags. So the lack of a SS or even a TIN if the company would do it would not open the agent to money laundering issues. However, any evidence the money was illegally obtained or even choosing to ignore such evidence would. The mere fact that there is no SS and especially if there is no TIN should make an agent more cautious.
 
Back
Top