Question About IUL Product for Oversea Clients.

[iviax]

Hi guys, I am new to insurance selling business. I have life producer license and looking forward to sell some insurance to my clients oversea. From I've been told that most of the insurance company have restriction about selling policies to the client that don't have resident status here (citizen, greencard, work visa). But some also mentioned IUL product could be sold in that way, particularly AIG has it. Please correct me if those info is wrong. And I am looking forward to sell those policies.

 

[walthamny]

You cant sell it to them while they are overseas. However, few carriers will allow it if the come here and agree to get tested here. You won't get most riders and they may not offer preferred rates. It is not that clear if the tax advantage of life insurance applies to foreign citizens who come here temporarily just to complete the life insurance exam. Your E&O probably wont cover you either. But I still sell may be 5 policies a year. Usually, it is for people who work in consulates or who come to Harvard and MIT for a semester and hire me for their international investing. I use pru for permanent and petersen for term insurance.

 

[pbar]

You cant sell it to them while they are overseas. However, few carriers will allow it if the come here and agree to get tested here. You won't get most riders and they may not offer preferred rates. It is not that clear if the tax advantage of life insurance applies to foreign citizens who come here temporarily just to complete the life insurance exam. Your E&O probably wont cover you either. But I still sell may be 5 policies a year. Usually, it is for people who work in consulates or who come to Harvard and MIT for a semester and hire me for their international investing. I use pru for permanent and petersen for term insurance.

But once IUL policy is issued to a US client(citizen), can the client move overseas to live there permanently? Will they still be covered as long as they pay premiums like when they were in US?