SEA Underwriting Guidelines

In Hawaii, our proximity to and longstanding ties with Japan mean our firm works with an unusually high number of clients originally from Japan (and more recently, South Korea). Hawaii has long been especially attractive to Japanese investors, thanks to its geographic proximity to Japan, its popularity as a travel destination, and the strong cultural affinity many Japanese have for Hawaii.

However, keep in mind that these guidelines also apply to clients from other Asian countries.

Non-U.S. citizens are typically placed into one of two categories:

1. Wealthy Global Citizen Foreign National: Non-U.S. citizens who live outside the U.S. and meet specific financial verification for wealthy global citizen and connection to U.S. criteria.

2. General Foreign National: Non-U.S. citizens who live either in or outside the U.S. who meet connection to U.S. criteria, but not financial verification for wealthy global citizen criteria.

Wealthy Global Citizen Foreign National: Financial Verification

• Minimum global net worth of $5 million or income over $200,000 per year q Has at least $1 million in the U.S. (verifiable* U.S. assets)
• U.S. bank account showing a minimum balance of $100,000 after paying the first-year premium.
• Specified total amount of life insurance is justified based on U.S. income and estate tax considerations

General Foreign National Citizens: Financial Verification

• Specified total amount of life insurance is justified based on U.S. income and estate tax considerations

Effective January 19, 2025, SEA Financial Hawaii’s underwriting team is pleased to offer new opportunities within the foreign national market. The following updates will now apply, enabling coverage for a broader set of your foreign national clients, specifically:

• Higher maximum age limits to age 75

• Raising minimum face amount and establishing net worth requirements

• Domestic auto-bind limits permitted for permanent U.S. residency

• Term coverage available for business coverage scenarios

• Additional approved countries

What You Need to Know if You’re a Japanese Citizen

Consideration may be given for Japanese citizens who hold a permanent green card valid for 10 years or more, are currently residing in the U.S. and have been in the U.S. at least 12 months.

Also, the policy must be paid in U.S. dollars and funded from a U.S.-domiciled bank. And critically important to remember, the applications, amendment(s), and all requirements must be completed in the U.S.

Note: Make sure your insurance agent or financial advisor handles this correctly. Policy delivery documents must be completed within the U.S., unless a Limited Power of Attorney (LPOA) was submitted with the application packet on the date of application. Remember, a Limited POA may be used for delivery only.

Connection to the U.S. Requirements

If client or individual owner is residing in the U.S. with a temporary green card, unacceptable Visa type, or no Visa or green card, everyone must have established U.S. residency of three years or more and either own U.S. residential property, or a U.S. company or have documented earned U.S. income and/or assets.

If client or individual owner has not resided in the U.S. for three years or more, each individual must have all of the following:

• Valid government photo identification

• U.S. residential property ownership

• Documented earned U.S. income

• Proof of assets in a bank account

Married to a United States citizen? – This is one way to satisfy the U.S. connection requirement. Keep in mind, if you haven’t applied for permanent residency or have no other ties to the U.S., you and your U.S. spouse may need to apply for coverage together for you to qualify.

Every situation is unique. As fiduciary financial planners, we take the time upfront to understand your goals and work with you to uncover your needs and your “why”—the important reasons behind securing coverage in the U.S. At SEA Financial Hawaii, we believe strongly in creating custom-designed solutions that align with your individual priorities. Whether it involves investments or life insurance, we are committed to asking the right questions to help ensure your long-term success.

For additional questions on our Foreign National business, please contact SEA Financial Hawaii’s Specialty Underwriting team at 808-532-1516. We are a bilingual office, offering services (including notary and legal services) in both English and Japanese, and proudly serve clients across the entire state of Hawaii. Aloha!