Term Life Insurance for Non-US Citizen/green Card Holder

[xrac]

Your particular answer didn't change anything, but it could have.

The good news is your family will never be personally on the hook for the $300K in student debt. However, what your doing IS a good idea and very considerate of them.

What is the interest rate on your student loans?

If they guaranteed loans they will.

 

[NewHope]

Re: Term Life Insurance for Non-US Citizen/green Card Holderue

Why not take a policy out with a Canadian company?

Because I'm not sure a Canadian company would insure me, since I don't live in Canada anymore. Plus if they require a medical exam, I doubt they'd accept a physical from a US physician. Plus I don't want the policy to be in Canadian dollars and me at the mercy of a fluctuating exchange rate.

Looks like I'd only be eligible for an exam with a physical exam as a non US citizen or perm resident, but if anyone hears any differently please let me know.

 

[AboutThatLife]

Re: Term Life Insurance for Non-US Citizen/green Card Holderue

All my loans are private loans since I went to school in the US and I was not eligible for any US government loans at the time due to not being a permanent resident or citizen. And yes, they had to co-sign the loans due to the large amount of the loan, so I they would be on the hook to pay off the loans if I don't. They interest rate is 3%.

So.... my original questions stand:
1. Would any companies offer a no exam policy to me now for $500,000 since I don't have US citizenship or green card yet? I looked into Principal for $1 million but they require the applicant to have a green card, but not sure if this is flexible at all?
2. Any info about which companies would be more lenient of white coat syndrome should I have to take a physical exam?

I know Fidelity, Phoenix, and Sagicor offer non-med for those benefits.

If you have a problem like that they would likely just ask for more medical records to prove it.

Now, if you have $300,000 in student loans, do you have $300,000 or at least $100,000 sitting around?

It may make more sense to finance part or all of it through your life insurance for a zero-loss or net gain effect. Instead of losing money to interest, you could start building yourself a tax advantaged asset and free up your credit while protecting your parents and building coverage for your future.

I would discuss the options with an advisor in your area.

 

[NewHope]

Re: Term Life Insurance for Non-US Citizen/green Card Holderue

I know Fidelity, Phoenix, and Sagicor offer non-med for those benefits.

If you have a problem like that they would likely just ask for more medical records to prove it.

Now, if you have $300,000 in student loans, do you have $300,000 or at least $100,000 sitting around?

It may make more sense to finance part or all of it through your life insurance for a zero-loss or net gain effect. Instead of losing money to interest, you could start building yourself a tax advantaged asset and free up your credit while protecting your parents and building coverage for your future.

I would discuss the options with an advisor in your area.

Thanks. I'll look into it but I really only want term life insurance, not universal/whole life.

 

[rcduggan]

Re: Term Life Insurance for Non-US Citizen/green Card Holderue

Because I'm not sure a Canadian company would insure me, since I don't live in Canada anymore. Plus if they require a medical exam, I doubt they'd accept a physical from a US physician. Plus I don't want the policy to be in Canadian dollars and me at the mercy of a fluctuating exchange rate.

Looks like I'd only be eligible for an exam with a physical exam as a non US citizen or perm resident, but if anyone hears any differently please let me know.

your adversary to the exam is what's going to hinder you and in-fact may make you ineligible with the addition to non-citizenship. i cant write a non-citizen but without a medical, it's not happening on my end.

play by the rules, it's simple

heck, i went as far to even run an illustration. 30 year term @ 300k w/ return of premium at standard non-smoker issue is 100 bucks a month.

 

[walthamny]

Canada Life would underwrite you if you aggree to have the exam in Canada when you visit and yes you can disclose that you intend to live in the USA. They will underwrite you as Canadian citizen, much better rates. Also, so that you know, until you become a US citizen, your life insurance is subject to estate tax. You only get a 60,000 exemption. Over that, you will be taxed. Don't expect Trump to change the rules quickly.

If you get the life insurance in Canada, technically US government will never know about it. They will receive it tax free.

 

[NewHope]

Canada Life would underwrite you if you aggree to have the exam in Canada when you visit and yes you can disclose that you intend to live in the USA. They will underwrite you as Canadian citizen, much better rates. Also, so that you know, until you become a US citizen, your life insurance is subject to estate tax. You only get a 60,000 exemption. Over that, you will be taxed. Don't expect Trump to change the rules quickly.

If you get the life insurance in Canada, technically US government will never know about it. They will receive it tax free.

Interesting, I'll have to look into the specifics, since even though I'm a Canadian citizen, I'm not a Canadian resident. It would take some planning since I'm not in Canada very much anymore, but it could be done. The only issue would be that I'd have to request a policy for $4 million due to the 0.75 exchange rate.

I'll have to dig around a little more.

 

[NewHope]

Re: Term Life Insurance for Non-US Citizen/green Card Holderue

I know Fidelity, Phoenix, and Sagicor offer non-med for those benefits.

If you have a problem like that they would likely just ask for more medical records to prove it.

Now, if you have $300,000 in student loans, do you have $300,000 or at least $100,000 sitting around?

It may make more sense to finance part or all of it through your life insurance for a zero-loss or net gain effect. Instead of losing money to interest, you could start building yourself a tax advantaged asset and free up your credit while protecting your parents and building coverage for your future.

I would discuss the options with an advisor in your area.

No, I don't have $100-300,000 just sitting around. Why would I?
I'm really only interested in term life insurance.

 

[NewHope]

Thanks, I'll have to look into that and look around. I'd have to request CDN $4 million due to the exchange rate. I'm not in Canada much anymore but I could probably do an exam once I'm at optimum conditions and if I time it during a vacation or something.

 

[rcduggan]

Canada Life would underwrite you if you aggree to have the exam in Canada when you visit and yes you can disclose that you intend to live in the USA. They will underwrite you as Canadian citizen, much better rates. Also, so that you know, until you become a US citizen, your life insurance is subject to estate tax. You only get a 60,000 exemption. Over that, you will be taxed. Don't expect Trump to change the rules quickly.

If you get the life insurance in Canada, technically US government will never know about it. They will receive it tax free.

who says that canada needs to know he has a us life policy? part of my flexibility with being able to write non-citizen policies is that country of origin need not know. that's actually kind of the point