Nationwide is committed to being the best at helping Americans prepare for and live in retirement. This goal extends to citizens of other countries who are residents of the United States. The financial exposure risks in the United States may be very different from those in other parts of the world due to the political or economic climate of certain regions. For this reason, many foreign nationals and resident aliens present risk profiles that were not considered in our pricing. This results in some foreign nationals and resident aliens not being approved for coverage under Nationwide’s underwriting guidelines.
Clarification of Nationwide’s underwriting guidelines for non-U.S. citizens Currently, the process for offering Nationwide financial products to foreign nationals depends upon the insured and owner being residents of the United States. To better meet the needs of the growing number of foreign nationals and resident aliens seeking life insurance coverage, we are clarifying the underwriting guidelines already in place to ensure that required data on the parties to the policy is obtained and all life insurance premiums are funded in a manner consistent with our requirements. This is effective for applications received by Nationwide on or after July 8. Additionally, effective March 1, Nationwide no longer requires an EKG as a routine age and amount requirement for ages 40 – 50, for face amounts $1,000,001 – $5,000,000. Easing this requirement makes it easier for these customers to qualify for life insurance.
See transition rules and the updated underwriting guide for details.