An H1B visa is a visa service in the USA that allows employers to hire foreign workers for specialized purposes. Sometimes, H1B visa holders face unique financial challenges. These non-immigrants are mostly high-skilled professionals who came to a foreign country to make some good money. But leaving behind the family, it is required to protect their loved ones, in an unwanted situation. That’s where the term life insurance for H1B visa holders comes into play.
But the main question is it possible to have some insurance policy for a non-citizen who came here for work in the USA? To clear the entire picture associated with this concern, we need to break down this topic.
Can H1B Visa Holders Get Term Life Insurance in the U.S.?
Yes, the H1B visa holder can have term life insurance in the United States, regardless of not being a citizen of the US. Many insurers allow non-citizens of the USA to have an insurance policy when some specific conditions are met. If you want to apply for a term life insurance policy and you are a H1B visa holder, then you need:
- Proof of your legal residence, including the current resident and a valid H1B visa.
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- A U.S. residential address where you currently reside.
- You need to give proof that your employment is continuous and on a long-term basis. Plus, you need to show the employer’s details.
However, most of the H1B visa holders qualify for these conditions because they are an expert working professional with steady and long-term employment expectations. If you accurately provide all the requires information and documentations, then getting a term life insurance for H1B visa holders becomes as simple as for the real US residents.
Many people often ask how much time I have to work to get this insurance policy. There is not a fixed answer but typically you need to be employed for at least 1-2 year in the country. Know about term life insurance for seniors.
Why H1B Visa Holders Need Term Life Insurance?
Understanding the reason why H1B visa holders should have a life insurance policy is very important to effectively rectify this situation. The reasons are as follows:
- Protecting family: This is the main reason for having a life insurance policy. All the H1B visa holder have their dependents or family somewhere. So, securing their financial future in the case death is the most important thing that matters.
- Replacement of Lost Income: If the person is the only earner in their family, then having a decent income will be a great help in the situation of death of the person.
- Peace of Mind: If the H1B visa holder has a term life insurance policy, then their family members are already secured. This will give peace of mind and confidence.
Eligibility Criteria for H1B Visa Holders
There are some eligibility criteria that the H1B visa holder needs to fulfill to get a term life insurance policy in the USA.
| Requirement | Description |
| Valid H1B visa | You must hold a valid, non-expired H1B visa. |
| Residency in the U.S. | Most insurers require 2+ years of residency (some exceptions). |
| Social Security/ITIN | This is required for identification, verification, and underwriting purposes. |
| U.S. Bank Account | You need to have a bank account in the USA for paying the premiums. |
| English Proficiency | You need know the English language very well for the documents and signing. |
How to Choose the Right Term Life Insurance for H1B Holders?
If you are a H1B visa holder and want life insurance for non-US citizens, then you need to follow a predefined procedure to do this:
- Choose an Insurer
Get a list of top insurance providers that deal with the same people. Use the online tools available with a licensed broker who understands immigrant policies. - Eligibility Requirement
Check whether you are eligible to get an insurance policy. You need to have a valid H1B visa, a U.S. address, an SSN or ITIN, and income proof. - Get a Quote
Choose a term length and coverage amount for the policy. Get assistance from an authorized broker for such unique cases. - Application Process
Submit your application with all the required documents to the insurer of your choice. This may take some time, and there are some other procedures that you need to follow. - Medical Exam
If a medical examination is required, then go for it, and sometimes no medical exam is needed by the insurers. - Approval and Payments
When your insurance application is approved, you can start making premium payments into the policy account.
This is very simple and only requires a sequential approach. With the help of a broker or financial advisor, you can easily get term life insurance for H1B visa holders.
Average Term Life Insurance for H1B Visa Holders Premiums
| Coverage Amount | Term Length | Age 30 (Non-Smoker) | Age 40 (Non-Smoker) |
| $250,000 | 20 years | $12 – $18/month | $20 – $30/month |
| $500,000 | 20 years | $18 – $25/month | $28 – $40/month |
| $1,000,000 | 20 years | $30 – $45/month | $50 – $70/month |
This is just an estimation; you need to contact the insurance company or a broker who can help you get the right information.
Top Life Insurance Providers for H1B Visa Holders
There are many reputed insurance companies are present in the marketplace and with this people ask, can H1B visa holder buy health insurance from marketplace, the answer is yes.
| Company | Features |
| Haven Life | Backed by MassMutual, a fast digital application, up to $3M coverage |
| Ladder Life | Adjustable term policies, easy online application |
| Ethos | No medical exams for some applicants, covers H1B holders |
| Banner Life | Offers high coverage and competitive rates |
| AIG | Offers term and whole life, flexible eligibility for visa holders |
These life insurance policies are also, best life insurance for green card holders, and with a good coverage amount, the H1B visa holders can ensure their family’s secured financial future.
What Happens If You Leave the U.S.?
This is a genuine concern and also an important one. Mostly, the insurance policies continue after the H1B visa holder leaves the U.S., and after this, the insurance policies will be activated and can be claimed if the policyholder passes away.
- Premiums are paid regularly
- The policy does not require U.S. residence
Many insurance companies provide portable insurance policies to the H1B visa holders in the when they return home. This will help them to take along the policy.
Conclusion
A term life insurance policy for H1B visa holders is the best thing a person can have. Rather than going for a long-term insurance, a term-based insurance policy can be a good fit. This is because the individual who came to another country to work in a country may return to their home country after some years of employment. In this case, the term life insurance policy is the most favourable option to choose.
And securing the financial well-being of the family should be the top priority for everyone, and the insurance policy can help to make this happen. With affordable premiums, decent coverage amount, and portability, the policyholder can feel confident and get peace of mind.
Frequently Asked Questions
What is the best life insurance for foreign nationals?
A term life insurance policy is the best option that a foreign national can have to secure their family. This is because with employment in foreign countries, having a short-term or term-based policy can be very useful in the situation of return to the home country.
Can I get insurance without being a US citizen?
Yes, if you are not a citizen of the USA and came here for work with an H1B visa, you can have a life insurance policy. There are many insurance companies present in the market that provide insurance policies to individuals who are not citizens of the USA.
