As we all know, VOYA Financial Group has officially announced that it will cancel individual life insurance business as of 12/31/2018. . Then in 2019, which American insurance company products can Chinese people buy?
In addition to Voya, there are dozens of other U.S. insurers with global risk contracting capabilities that provide U.S. insurance to non-u.s. residents through the HNWFN program, often with high credit ratings and large assets under management.
The vast majority of insurance companies in the United States require the applicant to have a U.S. affiliation in order to approve the application. The definition of association in the United States is usually determined by individual insurers in accordance with their own corporate policies.
Here are some common American associations:
Frequently lands in the United States for business or personal vacations
Legal student visa
The United States is directly related
The spouse is a U.S. resident
The United States owns financial assets, such as securities or bank accounts
The United States owns companies, businesses
The United States has employment relations
Some of the insurers have less stringent requirements on applicants’ “U.S. relatedness,” and most Chinese residents are eligible to buy.
Among the us policies bought by the Chinese, index-type universal life insurance company IUL undoubtedly accounts for the vast majority. Especially in the stock market ups and downs in 2018 and the foreseeable 2019, IUL’s advantage is more obvious.
IUL insurance is named Indexed Universal Life, which is commonly known as Indexed insurance and Indexed Life insurance. Its full name is Indexed Universal Life insurance. The concept first emerged in the 1990s, after the 1994 U.S. bond market crisis, and was formally introduced as a product system in 1997.
It is an evolutionary derivative of universal insurance. It protects the life of policy-holder, besides providing such as term life insurance such as basic death compensation protection, also have cash value part. Death benefit also is not invariable, guarantee slip holder can undertake adjusting. Its premium payment is also more flexible than term life insurance and dividend life insurance.
Specifically, IUL insurance, like universal insurance, offers a savings and investment function, as if you had opened an investment “account” at the “bank” of an insurance company, except that the “account” has a technical name called “Cash value.”
How IUL premiums work: the premium you pay, after you pay the cost of insurance, the rest automatically goes into this “account,” converted into cash, and you can choose to put that money into a guaranteed return strategy, such as a 2.5% guaranteed return per year; You can also choose to invest in stock indexes, such as the s&p 500, nasdaq and so on. When the stock market environment is bad, the insurance company promises to guarantee the bottom, therefore, the policyholder has no risk of losing the investment.
How to buy:
Buying American insurance can be roughly divided into the following steps:
One of the physical examination must be completed in the United States mainland.
In particular, there is no absolute good or bad in the types of insurance. Each plan has its own advantages, and customers need to decide which kind of insurance products they need according to their own conditions and needs. The operation mode of insurance companies is quite different from that in China. Generally, insurance companies in the United States will not employ full-time insurance agents, because the cost is too high. Typically, they give their product rights to insurance agents, who help sell it on a commission basis. The advantage of this is to reduce the cost, with the help of many agents to sell their own products, agents can also according to the needs of different customers to provide different advice on the purchase of insurance products. In this case, it is especially important to choose a professional, experienced and trustworthy insurance broker first.