There is no question in anyone’s mind that most people need life insurance. Yet, it is one of the purchases that are so easy to put off. This is especially true if you are a foreign national living in the US.
Life insurance may seem confusing and when you add the questions about your immigration status, it just seems way too complicated. We would like to give you peace of mind knowing that securing life insurance for Mexican citizens is affordable and possible.
When applying for coverage as a foreign national, you will be asked a few additional questions to determine your options. In this post, we will go over the key factors life insurance companies are looking for and give you an overview of the application process.
Information we will cover
If you would like a personalized review of your situation or you have a question, please fill out the instant quote form or give us a call. We are here to help you navigate through the different options and select the one that it is best for you!
When looking for life insurance for Mexican citizens, there are several major points that we will need to go over. The first one is where you live and what are your future plans; what are your options based on your residency, age, and health; and how to apply for coverage.
When reviewing the issue of residency, life insurance companies have a set of criteria they are looking for. The main one of them is where do you currently live:
Life insurance for Mexican citizens living in the US
Living in the U.S. will give the most options and will make the process of applying for life insurance coverage much easier. Companies are looking for how long you’ve been living in the country and do you plan to stay here for the next 5 years. You could qualify for the preferred plus rating and choose from all products available. Your current visa status would a determining factor of your options:
- If you are a permanent resident or a US citizen, every company should be a good fit.
- If you are here on a visa (for example a TN visa), please review our guide on life insurance for non-permanent residents.
- We were able to secure a contract with several companies that can offer coverage even if your visa had expired, or you are an undocumented immigrant.
Please keep in mind that we have options offering life insurance with living benefits for undocumented immigrants. In other words, you don’t have to die for your policy to payout.
In addition, there are plans designed to offer coverage final expense coverage to foreign nationals.
Life insurance for Mexican citizens traveling to Mexico
You will fall into this category if you are currently living in the U.S. and travel to Mexico. In this scenario, when reviewing your life insurance application, the company will ask you in detail about your travel plans. For example, what is the purpose of your trip please or business, and how long you are planning to stay? Please keep in mind that this is a standard part of the underwriting process. You will need to provide the company will the requested information.
You can review our guide on how international travel affects your life insurance for additional information.
Also, this will be a good point to mention that you can select a person living in Mexico to be a beneficiary on your U.S. life insurance. For more information on this check out Naming a foreign national as a beneficiary
Life insurance for Mexican citizens living in Mexico
You will fall into this category if you reside 6 months or longer in a 12-month period in Mexico. Please be aware that individual in this classification will be subject to an additional underwriting. The life insurance companies will be looking for something called substantial ties to the U.S. In other words, why do you need a U.S. based life insurance policy? Some examples of fulfilling the criteria of substantial ties to the U.S. are:
- Own a real estate property in the U.S.
- Run a successful business in the U.S.
- Are employed in the country by a U.S. company
What products are available
Based on where you live, travel plans, your age and current health condition, you could select between term policies, universal and whole life.
|Term Insurance||It provides protection for a specific period of time. During the term of the policy, the premium is fixed. Once the term is up, based on the different companies, the policy would either cancel or the premiums would increase.|
|Universal Life||Type of policy that builds cash value and could provide coverage up to age 121. It is the most flexible type of policy.|
|Whole Life||It is permanent insurance, designed to last you a lifetime.|
Please keep in mind that based on your particular situations, companies may have restrictions on what products are available to you. If you would like to get more detailed information, you can simply fill out the form on this page.
How to apply and speed up the process
In order to apply for life insurance in the US, you need to be in the US for the entire process. There are no exceptions to this underwriting rule. The typical life insurance process could take anywhere between 4-6 weeks. The process of applying consists of the following 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 – 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.
In order to speed up the application process, please do the following:
- Have your visa documents available – we would need to submit a copy to the underwriting department
- List all of the medications you are taking – we will need their names, dosage, when was it prescribed and for how long
- Name and contact information of your primary care physician – Please keep in mind that most likely the company will need your medical records sent from your doctor. The sooner, they are able to get in touch with him or her, the faster they will process your application.
For additional steps, you can take to make the process smoother or if you have any questions, please contact us. Please keep in mind that we are a life insurance comparison company. Our main priority is for you to find the best company that works for YOU and YOUR needs.