In general, foreign nationals have access to the same suite of products available to US citizens. Some carriers will limit access to certain products, for example -not all carriers will allow foreign nationals to buy term insurance and/or the amount of coverage may be limited. Generally, all permanent type products are available. Although a carrier may make all products available to foreign nationals some products may not be advisable based upon the client’s country of residence. Care and proper planning must be taken when dealing with product selection for foreign national clients. One must have a deep understanding of cross border tax and regulations in determining how various products could impact the client’s overall situation. Partnering with someone who has deep subject matter expertise in cross border planning is paramount to mitigate undesired outcomes for the client.
Global Insurance Solutions Group is an independent life insurance boutique that provides concierge wealth protection solutions to private banks, wealth managers, family offices and attorneys who advise ultra-affluent clientele. We are an industry recognized thought leader with deep subject matter expertise in cross border planning for ultra-high net worth foreign national individuals and businesses worldwide.
If you would like to learn more about cross border planning, have a specific question, would like to discuss a client situation or the services we provide to advisors please contact me directly.
Travis Burke, CFP®
National Director of Business Development
+01 (404) 276-3089