Does Life Insurance Company Allow You to Get Coverage with an ITIN only?

Millions of people ask, ‘can you get life insurance without a social security number?’ 

The short answer is ‘no’ because you need some sort of identification. But the alternative answer is ‘maybe’ if you have an ITIN.

Life insurance with an ITIN number is possible with SOME companies, not all. While you shouldn’t assume you can automatically get life insurance once you have an ITIN, your chances certainly increase.

Why Would a Person with an ITIN Want Life Insurance?

First, you may wonder why someone with an ITIN care about life insurance in the United States? If it’s not your home country, what is there to insure?

There could be a lot of things, though, especially if you’re raising a family here in the US.

It’s also a great way to transfer wealth since there aren’t any tax consequences on life insurance proceeds. Most policies are term life insurance policies, though, so don’t expect to get a policy with incredible investment potential but knowing you can protect your loved ones is important.

The bigger question is – how do you get life insurance with an ITIN number?

What Type of Life Insurance can you get with an ITIN?

Every company differs, but you can often get either term or permanent life insurance with an ITIN.

Term life insurance is suitable for a specific term, say 10 or 20 years. If you’re alive at the end of the term, the policy expires, and you must apply for new coverage if you still need it.

Permanent life insurance lasts for your lifetime. It has a death benefit and an investment component or cash value. You can use the cash value for other purposes while you’re alive, but if you do, it decreases the death benefit you leave behind for your loved ones.

How to get Life Insurance with an ITIN

Fortunately, it’s not as hard as it sounds to get life insurance without a social security number. Your options are limited, of course, since not every company offers this option, but you can get a policy. Here’s how.

1. Prove your country of origin

This is the first step since some countries will automatically exclude you from the option to buy life insurance with an ITIN.

The restrictions could come from your country – they may not allow it. It may also come from the insurance companies since certain countries have higher risks than others. Be upfront about your country of origin to ensure you and the insurance company are on the same page.

2. Prove you have financial obligations in the United States

To get life insurance in the United States, you must prove you have some type of financial obligations here. Raising a family in the US is the easiest way to prove you need coverage in the US, but there are others:

• You work for a company in the United States
• You own a home or other property in the US
• You have liabilities in the US

If you can’t prove you have financial obligations here, securing a policy is more challenging.

3. Prove you have a US bank account

You must be able to pay the insurance premiums in US dollars from a US bank account. If you have an ITIN, it should be easy for you to secure a bank account here in the US. It doesn’t need a certain amount of money in it – you just must use it to pay your premiums.

4. You must complete the process in the United States

You can’t take out a life insurance policy in the US from abroad. You must be here to apply for, go through the process, and accept the policy. This may include undergoing a medical exam or answering health-related questions, and providing documentation to support the fact that you have financial obligations here.

5. Take the medical exam

If your policy requires a medical exam, you’ll take it in person. Some companies send a medical professional to your house to conduct the exams. They are usually quick. They check your vitals, take blood, and ask for a urine sample. The medical professional may also ask specific medical questions. Here’s how to prepare for a paramedical exam.

6. Provide medical documentation

If there are any questions about your medical history, they may ask for documentation of the issue and how it was resolved. Most companies get the information from the Medical Information Bureau, but they may need more documentation if any history occurred in your home country.

7. Review the policy and accept it

Before you accept a policy:

1. Read the fine print.
2. Make sure the premiums are what you agreed to or that you can afford.
3. Look at any waiting periods or exclusions to the policy to ensure your loved ones are as covered as you assumed when you took the policy.

If you’re in the US with a valid H-1B visa, get more information here.

How Much Does Life Insurance with an ITIN Cost?

Fortunately, your immigration status won’t affect your premiums. But, like US citizens, other major factors affect your premiums, including:

• Health history
• Employment
• Lifestyle
• Driving history
• Credit history

The higher the risk you pose, the more the insurance may cost. Here are some average rates:

$100,000 term life insurance policy for 10 years for a healthy Male:

25-years old	$11
40-years old	$13
60-years old	$39

$100,000 term life insurance policy for 10 years for a healthy Female:

25-years old	$10
40-years old	$12
60-years old	$32

Permanent life insurance, such as whole life insurance, costs much more because it has the death benefit plus an investment component. The death benefit usually costs about the same as term policies, but the investment component can triple or quadruple the premiums.

Does Every Company Approve Applicants with an ITIN?

Not every company approves applicants with ITINs, but there are more than you think. It comes down to not just your ITIN number but also your qualifying factors or your risk of premature death.

Here is a list of life insurance companies that accept ITIN numbers:

• Protective
• Mass Mutual
• Nationwide
• State Farm
• Allstate
• Pacific Life
• Haven Life

If there is a specific company you want to work with, call and ask if they accept applicants with an ITIN.

Can your Beneficiaries be Undocumented Immigrants?

Life insurance companies don’t tell you who can and cannot be your beneficiaries. That’s your decision based on who you want to protect. However, certain countries and government agencies can get in the way of your loved ones receiving the proceeds, so make sure you understand the laws where you are from to ensure your loved ones will receive the proceeds when you die.

Final Thoughts

You can get life insurance with an ITIN number, but like anyone, you should shop around. Make sure you’re getting the best deal and the coverage that will help your family. The premiums are usually charged monthly and must be paid on time for your policy to stay active.