Who is a Foreign National?
A foreign national is someone who is not a citizen of the host country where they are residing, either temporarily or permanently. Obtaining U.S. based life insurance for a Foreign National has many requirements. Some key elements are listed below.
Nexus to the U.S.:
- Real estate ownership
- U.S. based business ownership
- U.S. citizen or permanent resident
- Family in the U.S.
Purpose of coverage:
- Wealth preservation
- Funding estate taxes
- Business succession planning
- Income protection
Additional requirements & information (but are not limited to)
- All activity relating to obtaining life insurance MUST TAKE PLACE IN THE U.S.—from soliciting the client, completing the exam to policy delivery.
- Premiums must be paid via a U.S. financial institution and from the client’s account.
- Occupational considerations. Some occupations are not eligible, examples include:
- Politicians, public figures, government leaders, journalists.
- Country implications. All carriers have country rating guides which determine eligibility for life insurance. These ratings prescribe where an applicant residing in a specific country may be issued coverage and on what basis.
- Eligible age ranges vary, but are generally between 18 and 75.
- Products, ratings & face amount requirements vary from carrier to carrier.
- Insurable interest must be present.
- Some identification may be required, such as a visa, passport, or permanent resident ID card.
Use our Foreign National Questionnaire to gather information about foreign national applicants and aid in carrier underwriting assessment.
Carrier Foreign National Underwriting Guides and Resources