There’s a huge change in the market for U.S.-based life insurance for diplomats and foreign nationals, which can be tricky to navigate. Insurance Consultants International has extensive knowledge with the international insurance market. From diplomats to expats, we can provide expert advice on the right amount of accident and medical coverage based on your unique circumstances.
In the past, U.S.-based life insurance to foreign nationals was a relatively narrow marketplace. There was little to no interest for insuring diplomats, so most of the non-United States resident business was given to offshore insurance carriers. Insurance Consultants International has always valued our foreign national and diplomat business, including those who are U.S. residents and non-resident alien foreign nationals.
Things continue to change in 2019. When it comes to insuring diplomats, there are broader distribution relationships driving the dramatic growth and more relaxed underwriting requirements, creating far more engagement with diplomats and foreign nationals, as well as and U.S.-based insurance companies. A significant factor to this increase is that foreign investments in the U.S. are on the rise, with overseas investors accounting for approximately twenty percent of investments in U.S. stocks.
Statistically speaking, the number of foreign-born residents of the United States now represents about 40 million people. There are more high net-worth clients from this demographic, as they are far outpacing the growth of U.S.-based millionaires. More than $100 billon of residential real estate in the U.S. is purchased annually by foreign nationals living inside and outside of the country. It’s no wonder the need for international insurance coverage is spiking! As a diplomat or foreign national, you will need medical and accident insurance coverage. Whether you will be away from your home country for a period of more than 12 months, or if you will be living abroad permanently, Insurance Consultants International has an excellent selection of insurance plans that can meet your needs.