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Life Insurance
Overview
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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 huge tax benefits under the life insurance umbrella.

Foreign nationals who plan to purchase a life insurance in the US:

Many foreign national 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 Israelis and other foreign nationals 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 Foreign Nationals 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.

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