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

[NewHope]

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!

 

[rcduggan]

where do you live now and where are you from? do you planning on becoming a u.s. citizen or moving to another country within a year or two?

also, what is your purpose behind this life policy?

 

[NewHope]

where do you live now and where are you from? do you planning on becoming a u.s. citizen or moving to another country within a year or two?

also, what is your purpose behind this life policy?

I'm in Florida. I'm from Canada. I plan on getting my green card in 1-1.5 years then becoming a US citizen. I plan on living, working and retiring in the US. Does that change anything? I want the policy since I have 300k in student loans and want my parents to be protected should anything happen to me. I plan on getting married and having a child in 2-3 years and want my family to be provided for should anything happen to me. I want to get a policy this year or next since I'm in relatively good health.

 

[AboutThatLife]

I'm in Florida. I'm from Canada. I plan on getting my green card in 1-1.5 years then becoming a US citizen. I plan on living, working and retiring in the US. Does that change anything? I want the policy since I have 300k in student loans and want my parents to be protected should anything happen to me. I plan on getting married and having a child in 2-3 years and want my family to be provided for should anything happen to me. I want to get a policy this year or next since I'm in relatively good health.

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?

 

[rcduggan]

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?

i disagree. his new information provided entitles him to a policy.

that's not an entirely true statement. assuming his parents cosigned, then yes they could be on the hook for that debt

 

[AboutThatLife]

i disagree. his new information provided entitles him to a policy.

that's not an entirely true statement. assuming his parents cosigned, then yes they could be on the hook for that debt

I'm an optimist. I considered him eligible until he provided information proving otherwise. He didn't.

If they did then you are right.

Still would like to know the interest rate. Hope he comes back.

 

[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

If they guaranteed loans they will.

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?

 

[goillini52]

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?

Why not take a policy out with a Canadian company?

 

[NewHope]

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

Why not take a policy out with a Canadian company?

I don't live in Canada, so a Canadian life insurance company may not issue me a policy. And if they need an exam, would they accept one from a US physician? Doubtful.

Plus, since I plan on living and retiring in the US, I wouldn't want my policy to be in Canadian dollars for logistical reasons, i.e i don't want the policy to be at the mercy of the exchange rate. Currently the Canadian dollar is $0.75!! If I buy a policy for $3 million, I want to know that my family would get $3 million, not some other random amount based on that days/weeks exchange rate.

Anyways, any further tips would be appreciated! Looks like I may need to wait until I'm a green card holder though, and that's ok.