An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) to individuals who do not have, and are not eligible to obtain, a Social Security Number (SSN), but who are required to file U.S. taxes. For instance, a non-resident alien with income effectively connected with a U.S. trade or business might be issued an ITIN.
Accessing financial products, including life insurance, often requires demonstrating eligibility and providing appropriate identification. Traditionally, a Social Security Number serves as a primary identifier in these transactions. However, the prevalence of ITIN holders who contribute to the U.S. economy has led to increased considerations regarding their access to various financial services. The ability to secure life insurance coverage can provide financial security and peace of mind for ITIN holders and their families, particularly regarding future expenses and potential income replacement.
