America: Best Value Life Insurance in the World

The United States of America is known for lots of things: fun vacation destinations, career opportunities, political figures that get the world talking and more. But rarely do people think of cheap life insurance when they think of the United States. But maybe they should.

According to Richard Cayne of Meyer International, the U.S. offers some of the least expensive life insurance in the world.

Here’s an example that Mr. Cayne gave to show how you can get three times more bang for your buck with an American policy versus the standard offerings in many other countries:

“Let’s say you have a $1 million, 20-year term life insurance plan. That plan’s premiums might cost you $10,000 in most of Asia. But, in the U.S., that plan would cost you only $3,000!”

Why Are American Policies Cheaper?

The answer to this question lies in the large pools of insurance in the United States and the fact that lots of people in that country have life insurance policies through their jobs or held privately. It’s also a very mature and efficient life market.

Richard Cayne went on to explain that, since the pools of people paying into the policies are much larger, they can keep the prices down.

Why Doesn’t Everyone Buy Life Insurance in America?

When asked why most people don’t take advantage of this huge monetary savings for the same sort of life insurance plan, he gave a simple answer and a more complicated one.

The simple answer is that most people just don’t know about the possible savings. Read on for the more complicated answer…

Complications of Non-Americans Buying American Life Insurance

One of the reasons that most people abroad don’t know about the savings available with American life insurance policies is because the policies aren’t registered in many countries outside of the U.S. Because of this, there is regulation barring advertisement of it or salespeople selling the policies abroad.

This does not mean, however, that it’s illegal for you to buy one of these policies, there are is only regulation in place that bars anyone from actively trying to sell it to you.

You can still go out and legally get the policy but the issue with forbidding advertising or salespeople from trying to sell the policies means that people are not informed that they exist. How do you often first hear about any kind of product? Advertising, right?

As Richard Cayne says, “You aren’t just going to wake up one day and say, “Hey, you know what I need? A U.S. Transamerican life insurance policy! Probably not.”

So, it’s down to the solicitor to get you thinking about it. But since he can’t solicit a non-registered product, how will you know about it?

The great thing about Meyer International is that they are independent consultants. That means that they still can’t solicit a non-registered product – but they can inform you about it and consult on it!

Want to Find Out More?

To learn more about life insurance policies in America and all over the world, get in touch with the experienced financial planning consultants at Meyer International. Richard Cayne and his team of professionals can tell you everything you need to know!