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I'm not a US citizen and I have no idea about life insurance companies. The CICA Life company (part of Citizen's Inc) offered me life insurance in the US. I just want to know if the company can by trusted?

What other options do I have to get a life insurance in the US while living elsewhere?

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I would not recommend. I know people outside of the US that have dealt with Citizen's Inc (not to be confused with other companies with similar names), and I have serious concerns about their investment practices.

First off, CICA Life is probably not selling you just regular life insurance, but a complex retirement income product that includes life insurance as a side benefit. This is already problematic, because bundled products tend to be more expensive than if you shopped around for each product on their own.

My main concern, however, is that Citizen's Inc reportedly invests their clients premiums into their own company stock. This is not what any independent investment adviser would recommend you if you asked them what to do with your retirement savings. It also artificially inflates their stock and creates big conflicts of interest.

While Citizen's Inc is based in Austin, Texas, CICA Life itself is incorporated in Bermuda. Take that as you will, but the limited legal options that would leave you makes me question how secure is the income being promised 30-40 years in the future.

If you want retirement savings, save on your own, or shop around for a product like an immediate or deferred annuity. If you want regular life insurance, there's also options in your country or the US that offer services to non-US citizens. I wouldn't normally mix the two, and definitely not with that company.

Here's a source that talks about Citizen's practices, analyzing it as a potential stock investment: https://seekingalpha.com/article/4053091-citizens-egregious-stock-scheme

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    Do you have any sources that expand on how they invest the premiums? – Nosjack Apr 24 at 17:34
  • First off, CICA Life is probably not selling you just regular life insurance, but a complex retirement income product that includes life insurance as a side benefit. THIS IS TRUE – Guillermo Apr 25 at 17:02
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Life insurance is not really an exclusive offering provided that there are not limiting medical conditions. If a person is in good health and does not have a dangerous occupation any old life insurance will insure them. Just because said company offered you insurance does not mean it is the best deal. You probably want to shop around.

Insurance companies are highly regulated and you can check with your state's insurance commissioner for complaints and draw some conclusions about the company.

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