Whole Life Insurance As Bona Fide Proof of Marriage - Want To Cancel But Worried About NVC stage

[AA102023 0]

Before I got married and before I even met my husband, I obtained a whole life insurance policy. After our marriage, I updated the policy beneficiary to my husband and used the policy as evidence of our marriage for the CR1/IR1 visa process. Recently, I have conducted further research and determined that this policy is not a worthwhile investment. I am considering canceling it, but I am concerned about how this might impact my husband's visa process. Does he need this life insurance document for the NVC stage? 

[SalishSea 17,987]

43 minutes ago, AA102023 said:

Before I got married and before I even met my husband, I obtained a whole life insurance policy. After our marriage, I updated the policy beneficiary to my husband and used the policy as evidence of our marriage for the CR1/IR1 visa process. Recently, I have conducted further research and determined that this policy is not a worthwhile investment. I am considering canceling it, but I am concerned about how this might impact my husband's visa process. Does he need this life insurance document for the NVC stage? 

Do you have other assets/investments which list him as a beneficiary?   Whole life policies are not common.   
 

If you have retirement or other investment accounts you can name him as a. Beneficiary of, I wouldn’t worry about cancelling that policy.

[AA102023 0]

Thank you for responding! I do have a retirement account. I chose the Whole Life policy as my evidence because I brought that policy before I even met my husband and just made him beneficiary after marriage and it was fairly easy. Ideally, I would like to cancel the policy ASAP, but now, we already submitted our I-130 just recently with this as evidence. My main question is that I submitted this as evidence, would like to cancel it, but want to know if NVC will ask for this document? If yes, then I won't cancel it and will take my loss. If no, I will cancel immediately but still save paperwork.  My spouse lives abroad so I couldn't do bank account or lease or mortgage as evidence. Additionally, I didn't know Whole Life Insurance was a bad investment. I'm also continuing to do my research as well to see what NVC looks for in document stages. 

[Bob in Boston 759]

10 hours ago, AA102023 said:

I didn't know Whole Life Insurance was a bad investment. I'm also continuing to do my research as well to see what NVC looks for in document stages. 

You can cancel your whole life policy and then turn around and get a term policy. Cheaper and more money. Just send the document to your husband so he has the updated document and can tell the officer. People revamp their financial stratagies all the time, I wouldnt worry about it.

[powerpuff 6,744]

*** Topic moved from Progress Reports to Process & Procedures ***

[Ontarkie 14,324]

I would not worry about canceling it. It's not a make or break piece of evidence. Go ahead and cancel it. 

[pushbrk 13,011]

24 minutes ago, Ontarkie said:

I would not worry about canceling it. It's not a make or break piece of evidence. Go ahead and cancel it. 

The life insurance policy is a total non-issue.  Nobody is going to ask about it.  It's just not the kind of thing that would make a difference in a visa case.

[JeanneAdil 6,587]

What happens if you surrender a whole life insurance policy? Surrendering a whole life insurance policy will end your coverage. If your policy has a cash value, you'll be able to receive that amount after you pay any surrender fees. It's best to check your insurer's surrender fee schedule before canceling your policy.Aug 17, 2023

[AA102023 0]

I have $0 cash value after paying a huge amount per month for 11 months which is what triggered me to research that I made a bad financial decision. I am willing to pay the surrender fee if it gets me out of this policy that has no benefit to me. I will take someone's suggestion on this thread and convert to a term life. We are still awaiting decision for I-130 and I already submitted this life insurance policy with my husband as beneficiary as evidence for bona fide (not my only evidence, thankfully); which I was afraid that if I canceled this policy, it would affect my husband's visa in some way in the long run. But, by NVC and interview stage, we can submit different evidence by then and hopefully, I can add him to insurance via my company. 

 

I plan to cancel this policy soon since it seems like it shouldn't affect anything at all. 

[pushbrk 13,011]

3 hours ago, JeanneAdil said:

What happens if you surrender a whole life insurance policy? Surrendering a whole life insurance policy will end your coverage. If your policy has a cash value, you'll be able to receive that amount after you pay any surrender fees. It's best to check your insurer's surrender fee schedule before canceling your policy.Aug 17, 2023

Not relevant to immigration.