The Best Term Life Insurance With H1B Visa
Posted in Foreign Nationals last updated on October 25, 2024We get this question A LOT: What is the best company that offers term life insurance with H1B visa? Our clients are looking for value, reliability, and peace of mind. In this guide, we will list our top 3 choices when it comes to term life insurance providers for visa holders. We will not hold back and share our opinion on the process, features, pros, and cons.
It is important to share that this guide applies only if you have a valid H1B visa or H4 visa. If you are currently in the US under any other visa, you will need to check out our other guides:
- Life Insurance with TN visa
- Life Insurance with F-1 visa
- Life Insurance for Foreign Nationals (there you can find additional information if you are currently without a visa.)
Let’s dive into the top 3 companies for life insurance with H1B visa. In the table below, we’ve highlighted the key pros and cons of each, along with detailed insights to help you make an informed decision. If you have any questions or want a personalized quote tailored to your needs, don’t hesitate to get in touch with us – we’re here to help!
| Banner Life | Corebridge | National Life Group | |
|---|---|---|---|
| Speed | ✔ | ✖ | ✔ |
| No Exam Option | ✔ | ✖ | ✔ |
| Living Benefits | ✖ | ✔ | ✔ |
| Shorter Time in the US | ✖ | ✖ | ✔ |
| Price | ✔ | ✔ | ✖ |
Individual Review of Each Carrier:
1. Term Life Insurance with H1B Visa: Banner Life
Banner Life (Legal & General) tops our list for 2024. Most of our clients applied with them in 2024, and we anticipate the trend will continue. Legal & General, founded in London in 1863, has been a powerhouse in the US for over 70 years, and they were the #1 provider of term life insurance in the US in 2023 and overall the 7th largest insurance company in the world.
Pros: Why we consider them a good carrier for H1B visa holders
Price
Banner Life has some of the lowest industry prices on term life insurance. They “beat the competition” again and again when it comes to the lowest rate for the same coverage.
Possibly no Medical Exam
This is another reason why visa holders select to apply with Banner. The company will try to access medical data, order e-health records, or even review the results from your last annual exam in an effort to NOT request a medical checkup. Many of our clients find this very convenient and appreciate that.
It’s important to clarify, though, that while Banner aims to approve your application without a medical exam, this doesn’t mean there’s no medical underwriting involved. You still need to meet the medical qualifications for coverage, answer health-related questions, and undergo a thorough data review. No medical exam does not mean no medical underwriting.
Speed
In some cases, if the client qualifies, the company may be able to instantly approve a client’s application. We’ve had many clients who were approved for up to $2M in a matter of hours (on the weekend)! While this may not be the case with every application, we find it to be very impressive.
Term Duration
Banner Life is one of the few (if not the only one) life insurance companies that can offer a 40-year term. What does this mean? Essentially, you can lock in a 40-year term price for your life insurance and have the peace of mind that this coverage and price will not change.
Cons: What visa holders should look out for
No Living Benefits Riders
Living Benefits, also known as Accelerated Benefit Riders, let you access your life insurance payout while you’re still alive. That’s right – you don’t have to wait until death for your policy to provide financial support. If you’re diagnosed with a serious condition like cancer, heart attack, or stroke, you could be eligible to accelerate part of your death benefit.
This feature offers invaluable peace of mind, knowing your policy can help cover medical expenses or other financial needs. For more details, check out our in-depth guides and videos on living benefits specifically for visa holders
Banner will allow you to accelerate your death benefit if you are diagnosed with a terminal illness. While this is a good feature to have, it does not allow for chronic or critical illness.
Length of stay in the US
You need to be physically in the US for 3+ years to qualify for this product. Unfortunately, they will not review your health/lifestyle and can decline your application if you do not meet the residency requirement in the US. We consider this a con, as there are other companies that are less strict on the time in the US.
Limited conversion options
First, conversion in term insurance means the option to convert or exchange your term insurance to a permanent plan without the evidence of insurability. In other words, you can get permanent life insurance without answering any health questions. Again, Banner is a great carrier; however, they have limited conversion options.
2. Term Life Insurance with H1B Visa: Corebridge Financial (formerly AIG)
Corebridge Financial, formerly AIG, is a well-known household name. Many clients trust them, especially those with ties to countries like India, as they have offices worldwide. Corebridge offers two term life insurance products: Select A Term and Quality of Life.
Pros for non-US citizens:
Low price
Like Banner, Corebridge Financial has been one of the leaders in the industry when it comes to low-cost term insurance. In many cases, both companies are either at the same price point for a client or within a few dollars of each other. The low cost and the household name make them an attractive option for foreign nationals.
Possibly Living Benefits Riders
One of the standout reasons many of our clients choose this company is its built-in living benefits. With their “Quality of Life” insurance plan, these benefits are included, allowing clients to access the death benefit while still alive. For example, if you’re diagnosed with a serious condition like a heart attack, you can file a claim and receive a portion of the payout during your lifetime.
The money isn’t paid to your health insurance or medical provider—it goes directly to you, and there’s no need to pay it back. You can use it for alternative treatments, cover urgent living expenses, or even take a memorable vacation with your family to create lasting memories.
We’re strong advocates of living benefits in life insurance because they provide financial flexibility when it’s needed most.
Please note that the Select-A-Term product does not offer living benefits riders.
Cons for this type of life insurance:
Medical exam to get life insurance
With Corebridge Financial, a medical exam is mandatory for applicants who are not permanent residents or U.S. citizens, and unfortunately, it cannot be waived at this time. While examiners strive to make the process as quick and convenient as possible, it does add an extra step for those looking to secure life insurance coverage in the U.S.
Slower application process
With Banner, we’ve seen applications approved within days of submission. Unfortunately, with Corebridge Financial, the mandatory medical exam can extend the timeline, often taking several weeks to finalize.
Additionally, Corebridge’s current processing time is 5 business days for reviewing each requirement once received. If the underwriter has any follow-up questions, it adds another 5 business days for review. As a result, the average processing time for an application is typically 4-6 weeks.
Length of time in the US
In order to secure coverage at the best rate, H1B visa holders need to be physically in the US for a minimum of 3 years. You are eligible for coverage if you are here for 12 months; however, to get the best health class possible, you need to be in the United States for at least 3 years.
3. Term Life Insurance with H1B Visa: National Life Group (NLG)
National Life Group is another top pick for H1B visa holders. Founded in 1848, NLG is known for its comprehensive product portfolio, including policies designed for global citizens.
Side note: the first death claim paid by the company was in 1850 in the amount of $1,000.
Pros of this life insurance coverage:
Living Benefits Included For Visa Holders
Living Benefits riders are included on all of the products offered by the company. This makes it a great addition to the portfolio and gives the clients extra peace of mind.
We have compared the living benefits offered by Corebridge to the ones offered by National Life Group. In our opinion, both benefits are very comparable.
No Medical Exam, Possibly
Like Banner Life, NLG will try to approve your application without the need for a medical exam. In fact, we’ve had many clients secure life insurance protection without the need to visit a doctor.
Shorter US Residence Requirements
You only need to be in the US for 10 months in order to apply. That’s right, 10 months! This is a huge advantage for many of our clients who may not meet the residency requirements for the other carriers.
Not only that, but you could qualify for the best health class based on your overall health (the US residency is not factored in when it comes to the health class of your policy).
Cons of term life insurance for H1B visa holders:
Price
While the living benefits are a great add-on to the life insurance portfolio, it will come with a higher price tag. National Life Group is definitely not the cheapest carrier when it comes to term life insurance protection; however, it is still reasonably priced.
Requirements to get life insurance in the US as a visa holder
We will not spend a lot of time on this section, as we have created an in-depth guide on life insurance requirements for H1B visa holders. However, here is a quick overview of what companies are looking for:
- Length of time in the US
- Financial ties to the US: do you work for a US company? Do you own a home?
- Do you have an SSN/ITIN and bank account?
- Is your intent to remain in the US?
- Are you planning on traveling outside the US in the next 2 years?
As we mentioned, these are just a few of the questions and requirements life insurance companies will ask for anyone who is not here on a green card or a US citizen. For a more detailed overview of the application process, how to select the best product, and things to consider, you can review our step-by-step guide on buying life insurance on a visa.
There you have them:
The top 3 options for term life insurance for visa holders in 2024. We hope you found this summary helpful and are here to answer any additional questions you might have. Our role is to make the application process as easy as possible and to match you with the right carrier.
If you would like us to provide you with a personalized solution, simply reach out to us.
Hope you have a great rest of your day!
