Let’s start easy because I can tell you that the other end of the spectrum has gotten a lot more difficult and if we don’t have to go there, well, that will be to your benefit. From past posts you know that business life insurance such as key person, business loan collateral and buy/sell funding can be written domestically and internationally as long as there is some tie to the US. Whether that is a business tie, a second home address or US residence, or even a relative’s address in the US it allows for a quick resolution to the life insurance quandary. This is the same product we use when someone is declined for life insurance because of some physical impairment and they find out about the decline a week before the business loan closing. We can pick that up and provide a policy that will meet even SBA life insurance collateral requirements in 3-5 business days.
Through the same insurer we can get life insurance for missionaries and ex-patriots around the world. We can provide war zone coverage for civilian contractors and it is one of the only companies where we can do high limit, $100 million or more, multi national or international business life insurance.
The next level of insurance, while it does require a little more effort and time, is still much easier than most US life insurance companies in that they do require your presence in the US for both the application and exam (same trip), they don’t require a return trip to accept the policy. While that may not be a big deal if you’re coming from Jamaica to sign for and pick up your approved life insurance policy, it might indeed be a time and money saver if you’re coming from South Africa. The insurer I described in the first two paragraphs never offers longer than a 10 year term and depending on the situation and stability of the region, may not offer more than a year at a time. That changes with this insurer in that if you are a US citizen living or traveling abroad (depending on where) you can get up to 20 year terms and if you are a foreign national, up to 30 years. They do not require ties to the US to qualify for the life insurance. They also have some universal life offerings but having reviewed those, at least for now I don’t believe they are structured to the customer benefit.
Lastly, and this has been a moving target for the last 15-20 years that I’ve watched it, is traditional US life insurance for foreign nationals or US citizens working or living abroad. This route requires financial ties to the US, often inordinately substantial ties depending on the amount of life insurance. It requires travel to the US for the application and exam and a return trip to the US to accept and sign for the approved policy. It uses the US State Department travel advisory list to rate countries as the what rate class is best case or whether they will offer or not.
Don’t run your need for this type of life insurance through your Farmers insurance agent and expect much more than a blank stare. Don’t convince yourself that the big on line agencies will get it done. For them it’s difficult and that equals a not interested to them. If you have questions or need to look into what international life insurance may look like for your situation, call or email us directly. We can help.
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