| Life Insurance:
Overview |
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Life insurance
is a very important way to protect individuals and families from a financial
disaster in an unexpected event of losing their loved ones.
The US senate
has recognized the life insurance as one of the most important financial
tools to protect the American families, therefore it passed many acts
that give huge tax and other benefits to those plans. The lawmakers recognized
that it is better to encourage families to purchase life insurance plans.
They decided to waive any taxes on life insurance benefits vs. use federal
aid funds for uninsured families in need.
Under the
Insurance ACT that the senate passed, life insurance companies can offer
qualified saving accounts and other products with a significant tax benefits under
the life insurance umbrella.
Foreign nationals who plan to purchase a life insurance in the US:
Many H1B, L1 visa holders and other foreign nationals
families are qualified to purchase a life insurance contract
in the US. The most common factors that affect the qualification process
are:
- Citizenship
and Immigration/Visa Status
- Gender
- Age
- Life style
- Smoking,
Drinking, and Drugs Use
- Medical
and Family History
- Residency
in the US: time already been in the US and future plans
- Assets
(in some cases)
- Criminal
and Traffic Records
Minimum
requirements for life insurance for foreigners in the US:
Must have
Social Security Number
Must have a bank account in the US
Must be a resident of the US for a certain time.
Must be a US citizen, Green Card holder or a hold a legal visa to stay
in the US.
H1B, L1 and other US visa holders
that carry life insurance contract in the US for over 2 years (3 years
in some states) may keep it even if they choose to leave the US at a later
time. |
