Life insurance for Parole in Place
Posted in Foreign Nationals last updated on July 16, 2024The US government has put in place various programs to help military families stay together. One of these programs is Parole in Place (PIP), and even though the program may come to an end, they are many families still filing their applications. So, what is Parole in Place and why discuss life insurance for Parole in Place? Well, this is exactly what we would cover.
In this post, we would list some key points outlining why life insurance for Parole in Place, what are the requirements, and your options.
If you would like us to take a closer look at your situation, or you have any questions we are not covering, simply reach out to us. You can do so by filling the instant quote form, give us a call, or simply send us a message.
What we would cover
Requirements to get life insurance for PIP
What is Parole in Place
Parole in Place is a pathway, allowing members of the US military to file green card application for their immediate undocumented family members. In other words, the parents, spouse, and unmarried children (under the age of 21) may be eligible to receive a permanent resident card or a green card. This would ensure that they can legally live and work in the US.
The program was created to keep families together. Lately, the current administration has issued executive orders do discontinue the program, and applications are reviewed on a case by case basis.
You can receive up to date information and see the requirements on the USCIS site.
Why life insurance for Parole in Place
The following sections are where we would spend most of our time. First, we wanted to explain what life insurance has got to do with an immigration program. Well, several families have reached out to us, asking us to assist them. They were told that they need to submit a proof of life insurance along with the other documents required for the application. Having a life insurance policy in place would demonstrate that they would not become a financial burden, should they pass away. Therefore, they need to obtain life insurance to strengthen their chances of approval.
We are seeing more and more cases, where the immigrants are encouraged to obtain life insurance before opening a case with USCIS. This is also true in the cases of a foreign spouse and currently undocumented parents.
Requirements to get life insurance for Parole in Place
Before going over all of the requirements, we want to point out that we are specializing in life insurance for foreign nationals. We’ve dedicated a big portion of our time to research various carriers, requirements and ensure that when you reach out to us, we will have answers.
Please note that not every life insurance would approve your application as a part of Parole in place. Therefore it is essential to work with an agency that can match you with the right company.
Here are the things that the carriers are considering when reviewing your application for life insurance.
Are you currently in the US
This is the very first thing we would ask when reviewing your options. Why? To secure a US life insurance policy, you NEED to be in the US to apply. There is no exception to this.
Do you have any financial ties to the US
Simply, applying for Parole in Place would not give you the grounds for approval for your life insurance. Carriers are looking for financial justifications as to why policy in the US makes sense. Examples of financial ties could be:
- Married to a US citizen
- Work in a US-based company
- Have a business with the majority interest in the US
- Own real estate property in the US, etc.
There is a special group of coverage, where the coverage is limited to only $30,000. In these scenarios, the policies are designed to cover final expenses for foreign nationals. You still have to meet certain requirements, but you do not have to prove financial ties.
How long have you been in the US and is your intention to remain here
These are very important questions. Carriers want to ensure that you have strong enough ties and you would remain living in the US. They are able to better predict risk and rate your application appropriately.
Have an ITIN or SSN
Carries would ask for your ITIN or SSN. It allows them to run data verification reports.
Have a US bank account
The premiums need to be paid in US dollars and oftentimes are automatically withdrawn. Many carriers would require the bank account to be established for more than 3 months before applying for life insurance
Approved country of origin
Yes, regardless if you are now permanently living in the US and have no intention of returning to your country of origin, it still matters. Your application can be declined solely based on your country of origin.
Health and lifestyle
Besides the additional requirements, we listed above, you still need to medically qualify for life insurance. In other words, the carriers would ask you questions about your medical history, any medications you might have been prescribed, and lifestyle.
Did you know that events such as a felony conviction or recent bankruptcy can prevent you from qualifying for life insurance? It is important to answer truthfully to all questions asked and disclose information to the agent.
Options for coverage
In this section, we would discuss your life insurance options for parole in place. There are several factors determining what is available”
Your needs
This is the very first one we would like to start. Everyone’s needs are different. Some people need a high coverage policy for the lowest premium possible, while others want to ensure that their family would have the means to bury them, regardless of whenever that might be.
We would try to understand your needs and match you with the right option.
Term Insurance
This is a product allowing you to secure the highest amount of coverage, for the lowest premium dollars. The biggest negative of this option is the fact that it has an expiration date. In other words, it only addresses a temporary need for coverage.
Not every insurance company would offer term policies for people who are not permanent residents or US citizens.
Permanent policy
This product offers a lifetime of coverage with the potential for cash value growth. However, it is more expensive compared to term insurance.
Final expense
While final expense policies fall into the permanent insurance category, we listed them separately as they cover one very specific need: the cost of burial expenses. Typically, they have a simplified underwriting and you could be approved in a matter of a day or two vs waiting weeks.
In conclusion,
Not every company would approve applications for life insurance for parole in place. They would consider various factors ranging from your country of origin, how long you’ve been to the US, and of course your health. It is important to work with an agency, specializing in life insurance for foreign nationals, so we can apply with the best company for you. Every situation and need is different. It is our job to guide in the process and answer any question you might have.
We hope you find this guide helpful. Should you have any questions or want to see if you qualify, simply reach out to us!
Thank you!
