Question 1

What happens to my insurance when I return to Japan?

Accepted Answer

Your US insurance will not lapse even if you return to Japan.
For example, if you purchase life insurance, both the life insurance and the personal pension (annuitant) will be paid even if you die in Japan.

Question 2

How do I receive the insurance money after I return to Japan?

Accepted Answer

Insurance money will be transferred to an account in the US. Therefore, you will need to maintain an account in the US even after you return to Japan. Exchange rates for Japanese accounts change depending on the time of year, so please transfer money from the US to your Japanese account at your own convenience. (Online banking is convenient, so we recommend that you also complete the online banking procedures before returning home.)

Some insurance companies will mail you a check. Checks can be cashed in Japan (as of 2023). However, when cashing in Japan, it seems that not all banks can cash them. For example, in the case of SMBC Trust Bank, there are conditions such as having an account with SMBC Trust Bank, the beneficiary name being the same as the account name, and whether the payment is within the deadline.
From SMBC Trust Bank FAQ: Can you buy/collect checks issued overseas? https://faq.smbctb.co.jp/faq/show/177?site_domain=smbctbjp

Question 3

What should I be aware of when maintaining a US bank account?

Accepted Answer

Regarding maintaining a US bank account, please check the rules for emigrating overseas as each bank has different rules. There is no law that requires you to close your account. However, some banks require you to close your account when emigrating overseas. Conditions vary by bank, so please check for yourself.
Also, if you are moving abroad and you are able to maintain your account with a bank,
You will need to submit Form W8-BEN.

For more information about W8-BEN , see this blog post .

Question 4

Can I join if I have a visa?

Accepted Answer

There are a limited number of companies, but some allow you to join with a VISA. Please contact us for details.

Question 5

Is the enrollment process complicated?

Accepted Answer

The procedure is as follows:

The entire process is done online.

During the insurance company's review, we will communicate with the insurance company on a daily basis and keep you updated on the progress. If you have any questions or concerns, please feel free to contact us at any time. Please rest assured that we will explain any difficult parts in Japanese. We will also check and review the operation status after the policy is issued.

(If you have an individual pension (annuality), you do not need to undergo a medical examination.)

The procedure takes about one month to complete. If you include the time needed for consultations such as estimates, it is best to allow two to three months before your return to Japan.

What happens to my insurance when I return to Japan?

How do I receive the insurance money after I return to Japan?

What should I be aware of when maintaining a US bank account?

Can I join if I have a visa?

Is the enrollment process complicated?

Happy Family Financial

Financial Insurance Services