I have a client that lives abroad and needs life insurance. I'm not 100% clear how this will work. My client will be in the US during October, but does not plan to permanently reside in the US anytime soon (non-military).
Who can I write this case with? Does the client have to be in a state I am licensed in when the application is signed?
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I doubt any company will offer him anything if he doesn't plan to stay here. We just went through a case with someone whose business used to be based in the US and then moved to the Phillipines and had no plans to return to the US on a permanent basis. Didn't get any offers. If you did get an offer, the client would have to sign it in a state you are licensed in while in the US, cannot be signed while abroad.
I have clients living in South Africa, probably will be full time residents of SA for the remainder of their lives, but will stay US citizens. I wrote their case with Protective about a year ago, I called the home office and inquired about it before I wrote it and they were o.k. with it.
I am a big producer with Protective, and if they once allowed this - they no longer do. I had this same situation happen with a client that is moving to Japan due to marriage. He explicitly stated he has no intention of coming back to the US and so his coverage was cancelled.
If the client is military and stationed overseas (in a non war zone) many carriers will write this. The other issue in what you said is that, at no point in time did you say the client is actually a US citizen residing overseas. If this is a foreign national who is visiting the US, in hopes of coming here later; you've got two probabilities of writing this.
Were the premiums pretty high? You know anything about the max face amount they will write to expats or have a contact I can get in touch with?
Sorry I don't have that info....it was with prior employer, I trashed all old docs after I left. Not certain of the premium, the employer paid it, but it was 3.25 M coverage...
Prudential and Hartford are both pretty good with foreign nationals and people living abroad. It depends completely on what country. All parameds and signatures need to be done in the U.S. and any foreign APSs will need to be translated. Besides that it is pretty much like any other life case.
Prudential and Hartford are both pretty good with foreign nationals and people living abroad. It depends completely on what country. All parameds and signatures need to be done in the U.S. and any foreign APSs will need to be translated. Besides that it is pretty much like any other life case.
Thanks! I have worked with Pru in the past and like them...
All of Africa is very difficult. If the insured lived in almost any other area, it would be very easy.
Central America
South America
Carribean
Asia
Russia
Europe
All very easy to do. No license needed, client does not need to be in the US, does not need to be a citizen or resident of the US
Prudential and Hartford are both pretty good with foreign nationals and people living abroad. It depends completely on what country. All parameds and signatures need to be done in the U.S. and any foreign APSs will need to be translated. Besides that it is pretty much like any other life case.
Again, I am not sure about other carriers, but with us, there is no need to have the client be in the US to sign anything.
Last edited by rich0606 : 10-14-2009 at 08:56 PM.
Reason: Posts merged
All of Africa is very difficult. If the insured lived in almost any other area, it would be very easy.
Central America
South America
Carribean
Asia
Russia
Europe
All very easy to do. No license needed, client does not need to be in the US, does not need to be a citizen or resident of the US
Again, I am not sure about other carriers, but with us, there is no need to have the client be in the US to sign anything.
Rich,
How does that program work? I know of NO U.S. carrier that will allow you to write business in a foreign country without the signatures and paramed being done in the U.S. Not to mention the agent is required to be licensed in the state where the forms are signed. The only time I have ever seen anything like this is when I had an agent that was licensed in Hong Kong. He was able to write Transamerica business in HK while he was there, but he was also licensed in HK.
I have worked with all the carriers on your website and have never heard of any program from any of them as you describe it. Sounds a little shady to me. Can you explain further?
How does that program work? I know of NO U.S. carrier that will allow you to write business in a foreign country without the signatures and paramed being done in the U.S. Not to mention the agent is required to be licensed in the state where the forms are signed. The only time I have ever seen anything like this is when I had an agent that was licensed in Hong Kong. He was able to write Transamerica business in HK while he was there, but he was also licensed in HK.
I have worked with all the carriers on your website and have never heard of any program from any of them as you describe it. Sounds a little shady to me. Can you explain further?
Sorry for the delay in responding. National Western Life has an "international" division that writes insrance for clients over seas. They do not have to be an American citizen and they do not need to be in the US to sign. It is not shady at all, it is just not a very well known fact for agents in America because many of us do not have many clients over seas! If you are interested in writing such a policy, email me at admin (at) lifespringllc <dot> com
Sorry for the delay in responding. National Western Life has an "international" division that writes insrance for clients over seas. They do not have to be an American citizen and they do not need to be in the US to sign. It is not shady at all, it is just not a very well known fact for agents in America because many of us do not have many clients over seas! If you are interested in writing such a policy, email me at admin (at) lifespringllc <dot> com
Thanks for clarifying Rich. Did not mean to say it was shady...just sounded that way at first......if I ever have any clients like that I will let you know. Good info to have.
Life Insurance - Living Abroad
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