Creating a new life in a new country is one of the most stressful and exciting journeys that a person can go on. It represents a colossal investment of time and money, and often entails moving your whole family to join you in your new adventure. As with any life change, it’s important to ensure the safety of your family as you’re putting down new roots.
Buying life insurance as a new resident of the U.S. is definitely possible, but depending on your unique situation, certain carriers will be able to offer you an easier process and better price than others.
To start an application, you will need either a Social Security Number or a Tax ID Number. Without either of these numbers, insurance carriers can’t verify your identity with the U.S. government, so they won’t be able to cover you.
Typically, insurance carriers evaluate prices for non-citizens based on what they call “Residency Status.” If you currently carry an immigrant visa or a green card, or if you’ve been in the U.S. for over a year and plan to apply for a visa soon, you’re considered to be a Resident, and carriers will be able to approve you for best-class offers if you qualify for them!
If you’ve been in the U.S. for less than a year, however, carriers consider you to be a Non-Resident, even if you plan to apply for your visa soon. A non-resident can still be approved for a best-class offer, but they’ll need to abide by a few stipulations set by the carrier, which can be anything from limits on the amount of insurance you can apply for, to requirements regarding your medical records from your home country.
Applicants that carriers consider to be non-residents will also have to answer a few additional questions as well. Here’s a full list of the questions that a carrier will need answered if you’re applying for life insurance as a non-US resident.
- What is your date of birth?
- Where were you born?
- How long have you been in the U.S.?
- What state are you currently living in?
- Do you own a home in the U.S.?
- Have you applied for a green card or permanent residency?
- When does your visa expire?
- Do you have established healthcare in the U.S.?
- What are your travel plans for the next 12 months?
Regardless of whether you’re classified as a resident or non-resident, if you aren’t a naturalized U.S. citizen, there are a few pieces of additional paperwork that carriers require in order to issue a policy. Most often, a carrier will ask for a copy of your green card or visa documents during your application, and will require you to submit a W-8 or W-9 tax form in order to gather information about your home country and your financial information in the US.
Long story short, yes, you can apply for life insurance if you aren’t a U.S. citizen – but depending on your situation, there may be additional paperwork or restrictions involved. If you aren’t sure whether or not you’re eligible for life insurance coverage, get in touch with us and our agents will be able to tell you your options. If you’ve run a quote and decide to apply for coverage through Quotacy, we’ll do the legwork for you and find the carrier that will be the best match for your family!
Photo credit to: Ana Paula Hirama