Life Insurance Policy with ITIN?

[qfs]

Good Morning. I live in a diverse area where there are many undocumented workers who own an ITIN (no SSN) and are seeking out a life insurance policy. From what I have read in IRS Publication 519 it is not illegal to own a life insurance policy through a valid ID and ITIN (at least for tax purposes). I know of only one company who openly offers such; Primerica- who grossly overcharges it's clients. Can anyone give any examples of life insurers who would consider someone who is established in this country, yet only owns an ID and ITIN?

 

[arnguy]

What state are you in?

 

[qfs]

New York State.

 

[DHK]

Um... all of them?

Just complete a W8-BEN form with each life application.

 

[Mark]

Some of my companies accept a green card, but not sure about just that.

 

[djs]

I've never had a problem if they had an ITIN number. Admitedly, I haven't done a lot of them, but I do a couple a year.

If they don't have an ITIN number, then I run into problems....

Dan

 

[qfs]

Unfortunately none of the carriers I deal with accept these individuals. To clarify- If they ONLY have an ITIN, and are technically not legally residing in this country- who will insure them?

 

[DHK]

If they're not legal residents, then you need to find new prospects.

Why would an insurance company insure someone who is here illegally?

Tell them to get proper documentation and then to come see you.

 

[qfs]

Apparently there are people insuring them, i.e Primerica, and I would prefer to make the money rather than giving it away to someone else. By the way, I had been told that Met has written these policies in the past. Not sure if anyone with Met could find out if this is accurate?

 

[VolAgent]

So you're going after the illegal immigrant crowd? Isn't it a crime to know someone is breaking the law and failing to report it?