Life insurance for Chinese citizens

life insurance for Chinese citizens

It is not news to anyone that we are experiencing a globalization of unseen measure. More and more people are traveling or living abroad. The definition of a home country is expanding. And with the increasing number of immigrants from China, we felt the need to go in more depth of covering the topic of life insurance for Chinese citizens.

In this post, we will go over go over of some of the basics when it comes to Chinese citizens securing coverage. We will cover the concept of foreign travel and residence. Lastly, we will touch on the process of applying for life insurance. Just keep in mind that life insurance for Chinese citizens is affordable and many companies are offering their preferred rating.

What makes Chinese unique when it comes to buying life insurance

The underwriting departments review the area of the China in regards to applicant’s origin and future travel plans. This is why we consider the topic of life insurance for Chinese citizens to be distinctive. There are very metropolitan areas, such as Beijing, Guangzhou, Hangzhou and etc. and many rural parts of the country. Typically, life insurance companies look more favorable the more urban parts of China and will offer preferred rating.

Who is foreign resident and why defining it is important

More and more Chinese citizens decide to come to the United States either temporary or to live. On the other hand, there is also an increased number of U.S. citizens moving to the Asian country. This creates challenges for the life insurance underwriting departments. They want to make sure that they keep up with the globalization process and adjust their products accordingly.

There are two big components life insurance companies are looking when reviewing an application. They are based on your current immigration status in the U.S. and your residency, in other words, where do you live. These categories are connected and there are several possible scenarios. Below we listed the categories and the possible outcomes

  • Are you a U.S. citizen or permanent residents/green card holder
  • Are you a Non-permanent resident
  • Living in the U.S.
  • Living outside of the U.S.

Life insurance for Chinese citizens, who are also U.S. citizens or permanent residents, and are living in the U.S.

If you fall into this category, you could purchase a life insurance policy at the best classification. As an applicant, you will have the option to select from all of the available products and get coverage based on your health condition and lifestyle. At the time of the application, you will need to disclose any future travel plans abroad. For example, the anticipated duration of the trip and the country(s) you will visit. The length of stay will determine if you will fall into the second category: U.S. citizens and permanent residents/green card holders living abroad

Life insurance for Chinese citizens, who are also U.S. citizens or permanent residents, and are living abroad.

In this case scenario, the exact length of stay and the country you will reside in, will determine your options. For example, companies will view 12 weeks travel to China more favorably than 2 weeks travel to Iran. Please keep in mind that you can always call or e-mail us with your particular situation to discuss your options and to get an accurate quote.

Life insurance for Chinese citizens, who are non-resident aliens, and are living in the U.S.

The life insurance companies consider a non-resident alien, living in the U.S., as an individual residing full time in the country on a valid visa. Companies will approve applications based the applicant’s citizenship and evidence that supports the individual staying in the United States. If you fall into this category, both term and permanent policies are available. For more information on this types, click here. Below are some of the documents that life insurance companies may require you to submit with your application:

  • Copy of your visa, front and back
  • Valid U.S. Government-issued picture I.D.
  • Social Security Number (SSN) or Individual Tax ID Number (ITIN)
  • Copy of your Attending Physician’s statements translated in English (please contact the office for more information on this)

Life insurance for Chinese citizens, who are non-resident aliens, and are living outside of the U.S.

You are considered in this category, if you are not a U.S. citizen or U.S. permanent resident and live outside of U.S. In this classification, fall also individuals who are living in the country but have no intent to remain here.

For example, you are planning to return to China after the expiration of your visa. If you are in this category and want to purchase life insurance in the U.S., the main thing you have to establish is a substantial contact. You can’t come to the country with the sole purpose of buying life insurance.

You can show ties to the country, by meeting some of the following criteria

  1. Have a bank account in the U.S.
  2.  Own a real property in U.S.
  3.  Are married to a U.S. citizen
  4.  Have long-term U.S. employment
  5.  Travel to the country on regular annual basis to visit immediate family members, residing in U.S.
  6. Have significant business activities in U.S. and are required to visit the country on regular basis
  7. Maintain an investment interest in the U.S. and etc.

How to apply for life insurances in U.S.

In order to apply for life insurance, you would need to be present in the country for the entire process. Please keep in mind that a typical life insurance application could take approximately 4-6 weeks to be approved and issued. Please allocate an appropriate time and contact us as soon as possible to ensure timely handling of your application. Below are the steps of the application process. For more detailed information you can check  what every foreign national should know.

  1. Quote
  2. Application
  3. Medical exam
  4. Delivery of the policy

If you are Chinese citizen looking for coverage, please keep in mind that you have many options. Contact the office for a personalized quote. We will take the time to understand your needs and find a product that is suitable for you.