The answer to the question of whether you can get life insurance without a social security number is yes. In fact, there are many thousands of people who obtain life insurance across the US without having a social security number (SSN).
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Why is SSN Important?
Most insurance companies use SSN because it helps them lower the chances of fraud. The SSN is used to obtain doctor’s records, medical histories, and other pertinent information so the insurance company can help make a formal evaluation along with medical exams, health, and other questions so they can set your policy guidelines and rates.
While it is generally better to have an SSN, it is possible to get the life insurance you need without one. However, you will need some form of identification and the right insurance company that will grant you a policy.
Finding the Right Insurance Company
Keep in mind that not every company sells life insurance without SSN, so you must shop around. This means that the life insurance company you choose must accept another form of identification which may include a green card, visa, or ITIN number if you have recently come to the US as a foreign national.
This means that you will need to find a company that sells life insurance for non-US residents. Although, such insurance can be sold to US residents with no SSN if they have the right identification.
Do Beneficiaries Need an SSN?
Generally speaking, no. This is because life insurance policies do not require adding the social security number with the name of the beneficiary. You can leave the money to whomever you choose, so an SSN is not necessary. However, for identification, the recipient does need to prove who they are so they can receive the benefits.
It does help if the beneficiary can list their date of birth and address to help with the identification. Plus, if they do have an SSN, that helps as well although again it is not required to be the beneficiary. You may need to speak to the insurance agent to find out their specific rules about beneficiaries.
Is there Life Insurance for Illegal Immigrants?
For the most part, no. However, there may be a few companies that will offer such policies if the illegal resident has an ITIN and under the age of 60. Besides, the few companies that do sell life insurance for undocumented immigrants have a ceiling of $100,000 for their benefits. Keep in mind that such offers may be retracted at any time, so you will need to research carefully first.
In the end, you can get life insurance with ITIN number and without an SSN from many companies. You will need to do your research to find the providers that sell such policies and get a free quote for their rates. You will want to speak to the insurance agent who can provide accurate information on the policies they have available.