Lifetime Coverage for Visa Holders: 6 Benefits
Posted in Foreign Nationals last updated on April 30, 2025
Looking for lifetime life insurance coverage as a visa holder – but don’t want to pay whole life premiums? You’re not alone. Many non-US citizens assume whole life or IUL are their only options for permanent coverage. But there’s a lesser-known alternative that offers long-term protection at a fraction of the cost: Guaranteed Universal Life (GUL).
In this article, we’ll break down what lifetime coverage means, why it can be a smart move for visa holders, and which visa types may qualify. Most importantly, we’ll show you how to secure affordable lifetime coverage for visa holders without the complexity or high premiums of traditional whole life insurance.
What we will cover
- What is lifetime coverage
- Benefit of lifetime coverage for visa holders
- Is lifetime coverage the same as whole life
- Eligible visas and other requirements
- Our favorite strategy on setting up life insurance – do not skip this
If you have any questions or would like us to review your personal situation, simply reach out to us. We specialize in life insurance for foreign nationals and will be able to match you with the best life insurance carrier for you.
What is lifetime coverage for visa holders
Lifetime coverage is a type of life insurance whose main focus is providing lifelong guaranteed coverage. It is a guaranteed universal life insurance. It is straightforward insurance offered at a lower cost compared to whole life. It is often called “lifetime term insurance,” and it is guaranteed to last up to age 100 or even age 121 (you as a client get to decide how long the plan is to be guaranteed).
Lifetime coverage is a good fit not only for US citizens but also for visa holders. We will cover some of the key benefits below.
6 Benefits of lifetime coverage for visa holders
Lifetime coverage is a guaranteed plan of life insurance. Not every company is offering this insurance, and it is not well known. In our opinion, it is not given the credit that is due. Here some of the key benefits of lifetime coverage and why we consider it to be a great fit for visa holders.
Lower premium
We wanted to start with that. Unlike whole life insurance, guaranteed universal life insurance has significantly lower monthly premiums while providing guaranteed lifetime coverage with a bit more flexibility. You are able to decide until what age you want the plan to be guaranteed. Some companies offer lifetime guarantees up to age 95, 100, 105, 110, or 121. When working with clients, we will recommend a minimum guarantee to age 100 or 105.
Portability/worldwide coverage
Portability, or what happens to a life insurance plan should you move abroad, has been a question on many of our clients’ minds. We would like to advise you that life insurance plans are designed to cover you worldwide.
As a visa holder, sometimes your plans may change and you may have to move back to your country of origin. Naturally, many of our clients have asked us whether they will be able to maintain the insurance while abroad and how.
The key point is that the policy needs to be associated with a US address and paid out of a US bank account.
One important thing to remember is that at the time of the application, every carrier will ask about your foreign travel plans and if you are considering moving abroad in the next 2 years. If you are, you need to disclose this on your application, as it may affect your eligibility.
We have also created a separate guide on how to file a life insurance claim should someone pass away abroad.
Pays the death benefit in US dollars
The US dollar is well established and regarded as one of the world’s reserve currencies. Many world banks hold assets in USD as a part of foreign exchange reserves. This provides an extra layer of confidence in the plan.
Can cancel for a full return of premium
Some companies offer a Return of Premium feature in their plans. If you no longer need the coverage or your goals have changed, you can cancel the insurance for a full refund of the premiums paid. Most often this feature is available after 20 years of having the plan. Should you decide to cancel the policy, you will have full control of what you want to do with the returned premium: you can supplement your retirement, cover medical expenses, etc.
Some carriers allow for coverage decreases
This adds to the flexibility and customization of the plan. Life insurance needs change over time. Typically, the need for life insurance decreases as we age. If at some point you find yourself no longer needing as much coverage, you can decrease the coverage amount. This will reduce the monthly premium, making this plan even more affordable.
This is very beneficial for clients, who might move abroad and opt in to lower the coverage in an exchange of a lower payment.
Living benefits may be available
Living benefits in life insurance or accelerated benefit riders allow you to access a portion of the death benefit while still alive if diagnosed with a qualifying illness. Companies list these conditions in their policy packets and refer to them as triggers. In other words, you do not have to die for the policy to pay out. This can be crucial for many families in the event of a medical diagnosis, especially later in life.
It is a good time to mention that some companies allow for the insured to be eligible for this benefit, even if they live abroad. Please see life insurance with living benefits for visa holders.
How does lifetime coverage compare to whole life insurance?
Whole life insurance is a term that many of our clients use when thinking of a permanent life insurance plan. Here are some of the key points and how the two compare:
| Criteria | Lifetime Coverage | Whole Life |
|---|---|---|
| Coverage guarantees for lifetime | Yes | Yes |
| More flexible options in duration | Yes | No |
| Build cash value | Very minimal | Yes |
| Cost | Lower cost | Higher cost |
| Available to visa holder | Yes | Yes |
| Set return of premium feature | Yes | No |
Eligible visas and other requirements for lifetime coverage
This is a good time to mention that every company will have different eligibility requirements when it comes to nonpermanent residents.
Many will underwrite your visa before they underwrite your health.
Here are some of the most common visas eligible for lifetime coverage
If you are living in the US under an F-1 visa (international student) or with any different visa, simply reach out to us. We have contracted with over 20 different carriers to match you with a plan you are eligible for.
Requirements to get lifetime coverage for visa holders
Length of stay in the US
Most companies will require you to be physically in the US for 3+ years to be eligible for coverage at the best class.
If you have been in the US for 1-3 years, you are still eligible for insurance; however, some carriers will not offer you the best health class that you qualify for. It is a good time to mention that there are still companies that can approve you at best class/rate if you have been in the US for 12+ months
If you have been living in the US for under 12 months, you will be viewed as a non-resident for the purpose of insurance and will be subject to different eligibility requirements.
Is your intention to remain permanently in the US
This is a question that more and more companies are asking during the underwriting process. They understand that there could be situations outside of your control; however, they want to confirm that if given the opportunity, your intent is to remain permanently in the US. If you are planning on moving outside of the US in the future, you will need to disclose that to the carrier.
On the application, companies will ask a question if you are planning on traveling or residing outside of the US in the next 2 years.
Do you have financial ties to the US
Companies want to confirm if coverage in the US makes financial sense. They will ask whether you work for a US company, whether you rent or own a home, whether you have filed taxes, etc. Stronger financial ties signal your intent to remain in the US.
Possible medical exam
Life insurance carriers typically will require a medical exam when reviewing one’s application. More companies are leaning toward accelerated underwriting options. In other words, they are trying to approve a life insurance application without the need of a medical exam. Unfortunately, some companies will not have the no-exam option available to visa holders. We have dedicated a separate guide for no-exam life insurance for visa holders.
Our favorite strategy on setting up lifetime coverage for visa holders
It is is our favorite way to use guaranteed lifetime insurance for visa holders. We believe it provides a lot of value and protection at a much lower cost.
Often, we will utilize something called insurance stacking or laddering. In other words, securing 2 separate life insurance plans to address different needs.
Let us give you an example of why this is really a great strategy:
If you are in your 40s, have a mortgage, family, and small kids. You have people depending on you financially. This is the phase of your life when you need the most death benefit protection. But guess what, this is temporary. As we mentioned above, over the years, we will need less and less coverage.
If we determine your family will need approximately $1,000,000 for the next 15 to 20 years to maintain the same lifestyle you are able to provide today, we have 3 different ways to secure it.
Option 1: Get $1,000,000 – 20-year term.
If you are in good health and do not smoke, you can expect a monthly premium of around $50.00. Very reasonable and affordable given the amount of insurance. This will give you the peace of mind that your family will be protected for the next 20 years should you suddenly pass away.
However, what about after the 20 years? It is very likely that you might need some insurance beyond that. So we go into the other option:
Option 2: Lifetime guaranteed coverage for $1,000,000
This way you know that you will not outlive your coverage, and you will know that this plan will pay out.
The problem with it is the monthly premium. You can expect to pay around $500 per month for lifelong coverage guaranteed to age 110. If you can comfortably afford $500 per month, this could be a good fit.
You know that you will leave $1,000,000 to your family, potentially income tax-free.
However, not many people can afford a $500 monthly premium. So this is where the last option will come in:
Option 3: Combine term insurance with lifelong coverage.
- $750,000 term insurance for the next 20 years for a monthly premium of $40
- $250,000 lifelong coverage till age 110 – $139
In option 3, you will have a protection of a combined $1,000,000 in the next 20 years with a monthly premium of less than $200. After the 20 years, you will have the option to continue with the lifelong coverage and maintain a death benefit of $250,000
Or
If you decide, you can surrender the insurance and receive a check for over $33,000. That money will be income tax-free.
You will have options based on your needs 20 years from now.
To summarize
Lifelong coverage is available to visa holders. If properly designed, it can be a very versatile financial vehicle, that can either offer you lifelong protection via death benefit, provide you with access to funds if diagnosed with an illness, or get all of your money back.
Not every life insurance company offers lifelong protection, and not all plans are built the same. As a visa holder, it is important to work with an agency specializing in life insurance for foreign nationals, since companies may view you differently.
If you have any questions or would like us to provide you with customized solutions, simply reach out to us by either filling out the quote form on the page or giving us a call.
We hope you find this information helpful, and we are looking forward to working with you.
Have a great rest of your day.