Beneficiary in another country

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PostPosted: Fri Feb 03, 2012 9:26 am   Post subject: Beneficiary in another country  

I came to the United States in the autumn of 2005 and obtained a green card last year. I have my son here with me and we both work as floor supervisors in different hotels. My yearly income is around $90,000 and I’m 52 years old. I smoke and drink a little and I have no other health issues. My wife is still staying over in Calcutta, India looking after her aging mother. I want to purchase a whole life policy and appoint my wife as the beneficiary. Will it be possible? Can she collect the death benefit while she is staying in another country?


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PostPosted: Fri Feb 03, 2012 2:53 pm   Post subject:   

There are carriers who would pay the death benefit to listed beneficiaries who are out of the country. You essentially need to find out which carriers will allow this. Ask an agent for help. There could also be Anti Money Laundering (AML) issues with the payout on a whole life policy. In such a case you could consider purchasing a term life policy. There wouldn't be any AML issues with it.

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PostPosted: Sun Feb 05, 2012 2:34 am   Post subject:   

Heller,



Please explain why whole life vs. term would make any difference.



The fact that she's in another country won't stop her from being able to be the beneficiary.


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PostPosted: Sun Feb 05, 2012 11:10 pm   Post subject:   

Quote:
There could also be Anti Money Laundering (AML) issues with the payout on a whole life policy. In such a case you could consider purchasing a term life policy. There wouldn't be any AML issues with it.


This is just plain nonsense. How does a life insurance policy's death benefit -- term, WL, UL, IUL, VUL, YBYL -- even remotely trigger any consideration of Money Laundering in your mind? This is an absurd statement on its face.



It does not matter where in the world a beneficiary lives, or of what country they are a citizen. As long as the beneficiary can be located (or is aware of their need to file a claim), the insurance company will pay the proceeds to them once the claim is filed and approved.



You posts often reflect the lack of a basic knowledge of insurance.


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PostPosted: Sun Feb 05, 2012 11:10 pm   Post subject:   

Quote:
There could also be Anti Money Laundering (AML) issues with the payout on a whole life policy. In such a case you could consider purchasing a term life policy. There wouldn't be any AML issues with it.


This is just plain nonsense. How does a life insurance policy's death benefit -- term, WL, UL, IUL, VUL, YBYL -- even remotely trigger any consideration of Money Laundering in your mind? This is an absurd statement on its face.



It does not matter where in the world a beneficiary lives, or of what country they are a citizen. As long as the beneficiary can be located (or is aware of their need to file a claim), the insurance company will pay the proceeds to them once the claim is filed and approved.



Your posts often reflect the lack of a basic knowledge of insurance.


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PostPosted: Mon Feb 06, 2012 12:57 pm   Post subject:   

No, I didn't mention the AML issue in relation to the beneficiary. I just mentioned it as a note to the OP. In case of Whole life vs. Term life (as far as AML is concerned), FinCEN excludes term life from the list of covered products and mentions that "any other insurance product with features of cash value or investment" will be counted as a covered product. Whole life has cash value, no?



As I said, just mentioned it as a note to the OP. Purchasing the policy itself raises the question of money laundering, not the death benefit payout. We are looking at the problem from different angles it seems. Anyways, I think I could make myself clear.

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PostPosted: Fri Feb 10, 2012 9:43 pm   Post subject:   

Please! Heller! No one buys life insurance to launder money. Annuities, yes, but life insurance? What money launderer wants to wait several months to get their money back. Why post something that is entirely irrelevant to the question?



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PostPosted: Fri Feb 10, 2012 9:44 pm   Post subject:   

Please! Heller! No one buys life insurance to launder money. Annuities, yes, but life insurance? No money launderer wants to wait several months to get their money back. With an annuity, the money comes back freshly laundered in a couple of weeks.



Why post something that is entirely irrelevant to the question?



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PostPosted: Wed May 10, 2017 6:24 pm   Post subject: Investment Account Beneficiary - Norfolk Island/AUS  

I want to claim a citizen of Norfolk Island/AUS as one of my beneficiaries on my investment account. Her only ID number is one she had when serving in the AUS air force. Do you know what obstacles, if any, would exist for this happen ... that it's inconceivable, undue taxes on her part, etc. Thanks, in advance, for your prompt response. (I am a cancer victim.)


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