If you are from the Philippines and are looking for life insurance, you came to the right place. We understand that there is an overwhelming amount of information on life insurance out there. We speciealize in life insurance for foreign nationals and due to it’s unique nature, we dedicated a special outline on how to buy life insurance for Filipino citezens.
Please keep in mind, we are an insurance comparison company and will guide you through the process of selecting the right coverage for you. We are not employees of an insurance company and are indifferent to your choice of carrier. This makes us unbiased and your first and only stop when it comes to buying life insurance for foreign nationals.
n this post, we will categorize your options of getting life insurance based on your immigration status and residency. Afterward, we will go over of the application process and requirements. Lastly, we will touch on the major types of life insurance policies, term and permanent, and how to select the one for you.
Classifications based on citizenship and residency
There are several components that life insurance companies are looking at when reviewing an application. Some of them are health, lifestyle, background, needs and etc.
However, when it comes to underwriting foreign nationals and people traveling internationally, the companies are adding 2 more to list. They are 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 Filipino 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 Filipino 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 8 weeks travel to the Philippines 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 Filipino 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. 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 (please note that if your visa had expired, we have an carrier that could still approve you)
- 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 Filipino 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 the Philippines 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 have to show ties to the country, by meeting some of the following criteria
⇒Have a bank account in the U.S.
⇒Own a real property in U.S.
⇒Are married to a U.S. citizen
⇒Have long-term U.S. employment
⇒Travel to the country on regular annual basis to visit immediate family members, residing in U.S.
⇒Have significant business activities in U.S. and are required to visit the country on regular basis
⇒Maintain an investment interest in the U.S. and etc.
A typical life insurance application takes approximately 4-6 week. When purchasing life insurance, you have to be in the country for the entire process. Please make sure you allocated enough time for the underwriting to be complete. Typically there are 4 steps:
Quotes – in this step, we will go over your personal situation and establish your individual options based on your needs and budget. This step is very important. You do not want to have more coverage that you need or to be underinsured. We will ask you a series of health and lifestyle questions to determine what you qualify for.
Application – at onestoplifeinsurance.com, we make the process easy. You can apply over the phone and e-sign the application. At this stage, we will schedule a nurse to meet with you and take your measurements.
Medical exam and records – you can select a nurse to come to your home to complete the exam. Typically, the underwriting will require a blood and urine sample, blood pressure, weight and height. Obtaining the medical records is a second part of the underwriting. Please call the office to discuss your options if your primary care physician is in another country.
Policy acceptance and delivery – this is the last and final step of the process. Once the application has been approved, it will be mailed to you to the address you proved in the application. Please keep in mind that PO Boxes are not accepted.
What type of policy is best for you
Please keep in mind that as foreign national, not all policies may be available to you. You may have limited options if you live outside of the U.S. and are not a U.S. citizen or permanent card holder.
The biggest classifications are term and permanent insurance. There are a few different options within the two.
A term policy will cover you for the duration of the term and the coverage selected. Once the term is up, you would either have to renew the policy or cancel
A permanent policy can cover you up to age 121. It also builds cash value which you can use in future.
If you would like to get more information on the policy types, who could be a beneficiary and how much coverage you need, check out what every foreing national should know.
Please contact us if you have any questions or fill out the information to get your instant quote.