Citadel has chosen, for a variety of reasons, not to transact business in the United States. However, U.S. citizens can enjoy the advantages of Citadel's Life Insurance and Annuities through the establishment of international vehicles, such as an international Asset Protection Trust (APT) or a Limited Liability Company (LLC).
As a non-U.S. company, Citadel requires that all applications for insurance and any required medical exams must be completed outside the U.S.
Life Insurance Application Process
A Citadel advisor can assist you in the process of applying for insurance. The advisor will review your current financial plan, your financial situation, and your goals and objectives. Citadel advisors are independent professionals selected for their knowledge and reputation in the financial planning industry. The advisor can assist you in determining if Citadel’s life or annuity products would serve your needs as a part of an overall strategy. If so, the advisor will usually recommend that you attend an international conference to find out more about Citadel and its affiliated companies. If you are unable to attend a conference, a private consultation can be arranged at a convenient time and place.
Please note that all applications and forms must be signed outside the U.S.
Illustration
As a first step the advisor will order an illustration. This illustration will give you projected insurance and investment values using certain assumptions. The advisor will need your age, gender, and basic health information. An advisor can also help you estimate the amount of insurance that will be right for you, based on your intended investment and financial goals.
Given those parameters the advisor will illustrate an insurance based wealth accumulation structure.
Medical Exam
The advisor will help set-up a medical exam that can take place at your convenience during the conference. The medical exam should be scheduled at least one week before leaving for the conference to ensure that time and medical supplies will be available.
For clients who are unable to take a medical exam in conjunction with a conference, there are several pre-approved facilities where a medical exam can be completed:
Freeport Nassau – Montreal – Toronto –Vancouver –Winnipeg – Los Cabos
A two-week notice before your arrival is required to set-up medical exam at these pre-approved facilities. Walk-ins are never accepted. Exams are done by appointment only. The facilities only have a limited number of times available for these exams.
If you are traveling outside the country and wish to schedule a private meeting and/or a medical exam in conjunction with your trip, meetings and exams at other facilities may be arranged. Medical exams at facilities other than those listed must be arranged with a minimum of six weeks notice. This time is necessary for Citadel to locate a suitable clinic and to verify the quality and reliability of the facility.
The Underwriting department will only accept medicals completed within six months of policy issue. If your application and necessary information is not received in time to complete the underwriting process within six months of your exam, a new medical exam will be necessary.
Underwriting Guidelines
The chart below is meant to be a guideline for identifying medical exam requirements for different ages and different levels of death benefits.
| $100,000 to $500,000 |
$500,001 to $1,000,000 |
$1,000,001 to $3,000,000 |
$3,000,001 |
$5,000,001 and Up |
|
|---|---|---|---|---|---|
| 0-40 | Paramedical HOS Blood |
Paramedical HOS Blood |
MD Exam HOS EKG Blood |
MD Exam HOS EKG Blood |
MD Exam HOS EKG Blood |
| 41-50 | Paramedical HOS Blood |
Paramedical HOS Blood |
MD Exam HOS EKG Blood |
MD Exam HOS EKG Blood |
MD Exam HOS Treadmill Blood |
| 51-60 | Paramedical HOS Blood |
Paramedical HOS EKG |
MD Exam HOS EKG Blood |
MD Exam HOS Treadmill Blood |
MD Exam HOS Treadmill Blood |
| 61-Up | Paramedical HOS EKG |
Paramedical HOS Treadmill |
MD Exam HOS Treadmill Blood |
MD Exam HOS Treadmill Blood |
MD Exam HOS Treadmill Blood |
Underwriting
It is during the underwriting process that Citadel evaluates all pertinent health information and decides whether to accept financial risk, determines the death benefit available, and calculates the premium payment.
The first step in the underwriting process is the collection of all the information described above.
Citadel will also order motor vehicle reports, background checks, and Attending Physician Statements (APS) from all the doctors you have consulted with in the last ten years,
A professional insurance interviewer will conduct and interview with you by phone. This interviewer is a highly skilled and knowledgeable professional. All information is treated in a highly confidential manner.
The main criteria used to determine the face amount offered by Citadel are net worth, annual income and anticipated estate tax liability.
Life Application
The following documents must be completed where applicable.
Personal History Questionnaire
The personal history questionnaire informs the underwriter of your basic personal information, including but not limited to ; name, addresses, social security number, contact information, date of birth, marital status, tobacco use. To complete the questionnaire, you will need to provide the names and addresses of any doctors you have seen in the last ten years.
Financial Questionnaire
This questionnaire includes information about the insured, the insured’s family, and the insured’s family financial status. Since the insurance company is taking a substantial financial risk, it is critical that Citadel know the insured’s exact status in order to issue the policy that will best suit the needs of the insured. It is critical that the time is taken to complete the questionnaire completely and accurately.
Authorization and Acknowledgement
This authorization gives Citadel permission to obtain medical information.
Notice and Consent for Blood
This form gives Citadel permission to draw and test blood.
Statement of Understanding
The purpose of this form is to acknowledge that a life policy does not go into effect until the insurance company makes an offer to a client and an adequate premium payment is received by Citadel.
IMPORTANT NOTE:
Please be aware that there are redundancies built into this process. Many questions will be asked as many as three times (during stages of the application process) to ensure accuracy. It is therefore important that you take the time to completely and accurately answer all questions so that a consistent and clear picture of you and your needs can be developed.
Effects of Anti-Money Laundering and Patriot Act Legislation
In response to Anti-Money Laundering, Know Your Customer, and PATRIOT Act legislation, insurance companies around the world have tightened their underwriting procedures and guidelines.
Similarly, the computer age has allowed the underwriter access to information that, in the past, would never have reached his or her desk. Therefore, it is critical that all forms be completed honestly and accurately.
When the underwriting process is successfully completed, Citadel will make an offer. If you choose to accept Citadel's offer, the first premium payment will be due at that time. For more information please see Policy Issue and Premium Payment.
Annuity Applications
The annuity application process is simple. An advisor will provide the annuitant with an application to complete, which gives basic personal information. Once that application has been received and approved, a policy can be issued.
The following disclaimer explains certain regulatory restrictions that may be applicable in certain jurisdictions.The distribution of some material contained on this website may be prohibited in some jurisdictions. This information is not intended as an offer or solicitation of any business where prohibited by law. Citadel Insurance Company, Ltd. complies with all applicable tax and currency regulations including those in the United States.