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

[walthamny]

Even if they are non resident, you are supposed to disclose all life insurance( not just US based). So if you don't disclose on the application, you could run into issues at payout.

The country of origin becomes a big deal if there are issues with that foreign country and USA. With Trump presidency, I would not rule that out with Canada if things dont go his way. There was talk about retaliating against Canadians when after 9/11 they did not support going to war in Iraq. US was going to tax Canadian Pensioners who live in Florida. It went away after cool heads thought it over.

It is easy to pass a law saying Life insurance payments are only tax free for beneficiaries who are US citizens and green card holders.

If you have chance to buy in Canada, I would. I would also buy additional in the USA.

 

[NewHope]

Are policies in Canada really that much cheaper compared to comparable policies in the US? I went to term4sale.ca and the money was similar once the exchange rate is take into account.

 

[walthamny]

The rates are about the same. They both Re-insure using the same contracts and government bond yields are very similar. I am sure the underwriter quality is about the same. Canadian insurer pays a higher corporate tax rate and nothing for health insurance, US insurer pays less in taxes and more in health insurance costs. Comes out to the same.

I found Canadians to be more receptive to permanent insurance than Americans, but I could be biased as I give advice to Canadians living in the USA.

 

[lifeismylife76]

I'm looking for a 30 year term life insurance policy in the next year or so. Ideally I'd like coverage for about $3 million, about 10x my annual income.

I'm a male, 31, non-smoker, no medications, only medical history is white coat syndrome. My blood pressure at home averages in the 120's/70's with pulse of about 60 (my family doc asked me to keep readings which I've done over the last year or so), while in the office is around 150/100 with a pulse of 120's. Obviously there's a large white coat/anxiety element.

I'll be going for a 24 hour ambulatory monitor soon to determine once and for all whether I do in fact have hypertension or not, but my FP doesn't think I do. Let's assume for the moment that the ambulatory monitor confirms my home readings and I'm told I DO NOT have hypertension.

1. Are there any companies that are willing to offer a no-exam life insurance policy for $500,000 to someone who is not a US citizen or green card holder? My green card is in process but will take another 1-1.5 years to obtain.
2. If I decide to go for an exam, I'm worried that I'll get nervous when the paramed arrives and will have high BP and get declined, even if 3 readings are averaged. Is there any option to not have BP taken at the time of the paramed visit, and submit readings from the 24 hour ambulatory monitor instead?

Thanks!

Foresters will give you up to $250,000 for a Non-Medical Term. They are a Canadian Company and do a lot of business here in USA. I checked the underwriting guide and pasted the relevant portion below. I think you would qualify. You could get the $500,000 with the ParaMed. Let me know if I can help! I am contracted with Foresters and we can do it over the phone!

Foreign Nationals / Non Permanent Residents:
 Must have insurable loss in the US, such as a house, property, or investments.
 Must reside in the US a minimum of 6 months annually. Applicants must have a valid SSN, work visa
or other immigration visa that validates status in the United States.
 Must be citizens from a country that is insurable.
 If residing in the US for less than one year a paramedical exam with blood and urine will be required
over and above the usual Age & Amount Requirements.
 Maximum amount of insurance is $500 000 and maximum age is 65.
 Must be employed or spouse or dependent of employed individual in the US.
 Must have valid photo identification (driver’s license, passport).