Posted by Will the contract terms of the insurance products purchased by the Chinese be different from the same insurance products purchased by the American (green card/citizen), and will the benefits and contract content be different?Is it possible that because I am Chinese, the content of my insurance contract is different from that of an American?
To sum up, the question is,Chinese people buy American insurance, and Americans buy American insurance, should they be treated differently?
With this question,The Life Tank©️The editor asked Ben, co-founder of HummingLife North America, and the conversation started.The following is throughAmerican Life Insurance Guide©️ Edited and organized content.
TheLifeTank:Today we bring a question that readers are concerned about, that is, is the American insurance bought by Chinese people the same as the American insurance bought by American people?
Ben: yes.If a foreigner -- no matter what country he's from -- and an American, buy the same insurance product, the contract is the same, and there won't be a difference.
TheLifeTank:is this real?I heard recently that there are insurance policies purchased by Chinese people and insurance purchased by Americans. Is there a difference?
Ben:I cannot answer this question with a simple yes or no.
First of all, a life insurance product is not only designed for Chinese people or Americans, but for the free market, and residents of most countries can apply for it.
Secondly, if there is discrimination based on race, skin color, and nationality, it involves factors such as discrimination or unfair treatment. In any developed free market country, no company should dare to challenge this basic bottom line.
Nevertheless, in actual work, I have also encountered such questions from customers.After careful investigation, I discovered the main reason for this sound.
TheLifeTank: So why is there such a voice?
Ben:This question is actually the focus of our attention.
We found that, in most cases, this kind of doubt, even trouble, arises.Often due to confusion over the concepts "company brand" and "insurance product".
In layman's terms, a life insurance company is just a brand name (Editor's note:Refer to the Life Insurance Company Brand Review page), and what we actually bought was a specific nameLife Insurance Products(Editor's note:Life Insurance Product Review Page).
Under a life insurance company brand, 1 may be issuedLife Insurance Products, also more likely to be issued10 Life Insurance Products, the purpose and performance of each insurance product are completely different, and the natural contract content is also completely different.
The life insurance market, and the consumer insurance market such as auto insurance, home insurance, and labor insurance, are completely different and independent markets.When we talk about buying car insurance, buying home insurance, we generally say which insurance company you buy.Because this category belongs to consumer insurance, the product is bundled with the insurance company brand, and there is no concept of "product" at all.
For example, a Chinese person bought product A under a certain life insurance company in the United States, and his American friend bought product B issued by the same life insurance company.Comparing product A and product B,Although life insurance companies have the same brand names, their specific insurance product names are completely different.
In the absence of market education environment, although it is the same life insurance company brand, this friend may have compared the contract terms of AB products and became "The insurance purchased by the Chinese is not the same as the insurance purchased by the natives"The rumors have also added trouble to myself for no reason.
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TheLifeTank:Can foreigners, for example, Chinese, like Americans, apply for different insurance products in the US market?
I: This is another question.
A small number of insurance companies are more stubborn and do not do any business with foreigners, including overseas Chinese.
It's not surprising if you feel a little "hurt", but it's not "discrimination" - and North American life insurance companies make it clear that we do business all over the world, but if you're American, you're sorry, I have the right not to sell your insurance product.
(Editor's note: The common "denial of service" sign in the United States)
On the one hand, it makes Americans feel bad; on the other hand, it also reflects the characteristics of the free market-two-way choice.
However, the above situation belongs to the unpopular niche.Most life insurance companies will clearly define the types of foreigners that they can accept.professionalLife Insurance Financial Advisor, will also help you find insurance products suitable for residents of different visas and nationalities.
(>>>Related reading:Popular Science Posts｜Guide to Purchase Insurance for Foreigners with 26 Different Types of Visas and Status in the United States)
Once officially signed up for a life insurance product orAnnuity Insurance ProductsThe contract, the basic content of the same insurance product contract, is the same.
In my opinion, there is no need for insurance companies to spend time and energy, and take legal risks to reprint a set of insurance product contract templates for a foreigner alone.
especially considering the recent yearsEpidemic in countries around the world.Home isolationSome asset management groups have begun to launch "global underwriting" insurance products, targeting residents of different countries and regions, with more emphasis on "undifferentiated" insurance benefits and policy performance.
I hope I can answer your questions and wish you the satisfaction of choosing life insurance and annuity insurance products in the global market. (End of full text)
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