Olé Life: complete guide to US-dollar life insurance for Latin America with no medical exam
In-depth guide to Olé Life: who is behind it, USD life insurance for people living in Latin America, no medical exam, AI-powered approval, reinsurance, return of premium, how much cover you need and how to buy.
For many families in Latin America, protecting their assets in a stable currency is a priority. Devaluations, inflation and economic uncertainty mean that life insurance in local currency loses real value over the years. Olé Life offers life insurance in US dollars, designed for people living in Latin America, with a digital purchase process, no medical exam and instant approval powered by artificial intelligence. In this guide, written by Francisco Viloria, an independent insurance advisor, we explain in detail what Olé Life is, how it works, what benefits it offers and what to check before buying.
Who Olé Life is
Olé Life is a life insurer based in Miami, Florida, co-founded by brothers Michael, Andrew and Brian Carricarte. Michael Carricarte, its co-founder and CEO, had previously founded three other insurance companies. The company describes itself as a full-stack life insurer, meaning it controls the process end to end, from underwriting to issuance.
According to information published in 2023, Olé Life had members in thirty countries and more than three thousand contracted advisors, with plans to grow to five thousand, and had issued close to one billion dollars in coverage over sixteen months. The company has received venture capital investment from funds such as Mundi Ventures and AV8 Ventures in its Series A, and specialist media reported a Series B round led by PayPal Ventures to expand its presence in Latin America.
What it offers: life insurance in dollars
Olé Life's core product is life insurance denominated in US dollars for people living in Latin America. This means the sum insured, the amount your beneficiaries will receive, is in dollars and doesn't lose value through local currency devaluation.
For a family in any Latin American country, this feature is key: the insurance keeps its purchasing power over time and can cover needs such as children's education, mortgage payments or household support, without a currency crisis reducing its value.
No medical exam and instant approval
One of the biggest barriers of traditional life insurance is underwriting: medical exams, lab tests, weeks of waiting and a lot of paperwork. Olé Life replaced that process with a digital underwriting method that requires no medical exam and can cover policies of up to one million dollars. An artificial intelligence system analyzes the applicant's information to decide on approval, so in many cases the answer is immediate.
For the customer, that means a fast purchase from a phone or computer, with no trips and no waiting.
Backing and reinsurance
Life insurance is a long-term commitment, so it's important to know who backs the policies. Olé Life works with world-class reinsurers: Swiss Re, Munich Re, RGA and PartnerRe. Reinsurance is, simply put, insurance for insurers: these companies take on part of the risk and strengthen the ability to pay claims. The company also holds a B++ rating from AM Best, one of the agencies specialized in assessing insurers' financial strength.
Additional benefits and return of premium
Olé Life offers riders with lifestyle and health benefits. One of the most valued is return of premium, an option that refunds the premiums paid if the insured outlives the policy term. For many people, this benefit answers a common objection: "what if I pay for years and nothing happens?" With return of premium, the money isn't lost if the insured reaches the end of the term.
We have a dedicated guide to return of premium and how to choose beneficiaries.
Who Olé Life is for
Parents who want to secure their children's future in a stable currency.
Self-employed professionals and entrepreneurs whose income supports their family.
People with significant debts, such as a mortgage, who don't want to leave them to their relatives.
Investors and property owners who want to protect their assets and make inheritance easier.
People living in Latin America who want a dollar policy without complex paperwork.
Important: not available to US residents
Olé Life's product is designed for people living in Latin America and is not available to residents of the United States. If you live in the United States, this insurance isn't for you; look at options available in your state of residence.
Main advantages
A policy in dollars. It protects your family from devaluation.
No medical exam. Digital underwriting without lab tests.
Instant approval powered by artificial intelligence.
Sums insured of up to one million dollars through the digital process.
Reinsurance with Swiss Re, Munich Re, RGA and PartnerRe and a B++ AM Best rating.
Return of premium as an optional benefit.
Purchase from your phone with support from an advisor.
How to calculate how much cover you need
A widely used rule of thumb is ten times annual income: if your family depends on your income, a sum insured of about ten times what you earn per year usually covers several years of support. Adjust that figure for your debts, such as a mortgage or loans, your children's future education costs and the savings you already have. If you'd like help with the calculation, write to us and we'll review it with you.
How to buy Olé Life step by step
- Open the Olé Life quote link in this guide, linked to my advisor code.
- Enter your basic details, the sum insured and the term.
- Answer the health and lifestyle questions completely honestly.
- Receive the approval decision, in many cases immediately.
- Choose beneficiaries and riders, such as return of premium.
- Pay the first premium and keep your policy.
Why answering honestly matters
Even without a medical exam, the questionnaire answers are the basis for approval. Omitting or misrepresenting information can jeopardize the payout to your beneficiaries in the future. Always tell the truth, even if a health condition may affect the price or approval.
How to pay premiums
Premiums are paid in dollars at the frequency you choose. Keep a valid payment method to avoid the policy lapsing for non-payment and watch for reminders. A lapsed policy stops protecting your family just when they might need it most.
Olé Life compared with other options
Local life insurance in national currency may be cheaper at first, but it exposes the family to devaluation. Traditional international life insurance usually requires medical exams and long processes. Olé Life combines the stability of the dollar with a fast digital process. If you're assessing your protection as an expat or investor in Colombia, Medellín Advisors and CoVisas can complement it with legal and real estate advice.
Questions people often ask before buying
What happens if I move country? Can I change beneficiaries? How long does the policy last? What happens if I stop paying? These questions are normal and worth resolving before signing. An advisor can explain your policy's specific terms and help you make an informed decision.
Life insurance and estate planning
Life insurance is also an estate planning tool. The sum insured is paid directly to the named beneficiaries, which can give the family immediate liquidity while other inheritance procedures are resolved, which in many countries in the region take months or years. For owners of property or businesses, this liquidity can avoid forced sales of assets to cover immediate expenses. It's worth complementing the insurance with legal advice on wills and inheritance in your country.
Women entrepreneurs and self-employed professionals
Many women entrepreneurs fully or partly support their families and don't have corporate life insurance. For them, dollar life insurance with digital purchase and no medical exam is a practical way to protect their children and their business. The same applies to self-employed professionals such as doctors, lawyers, consultants or digital creators, whose income depends on their ability to work.
Critical illness and disability cover
Besides death cover, some life policies offer additional benefits for critical illness, such as cancer, or for disability that prevents work. These benefits can provide liquidity during life, when it's most needed for treatment or to replace income. Check which riders are available in your quote and consider whether they fit your family situation.
Why the dollar matters in life insurance
Life insurance is a long-term contract, often for ten, twenty or thirty years. Over that horizon, the currency of the sum insured is decisive. Many Latin American currencies have lost a significant part of their value against the dollar over relatively short periods. If you take out a sum insured in local currency today to cover your children's university, in fifteen years that amount may buy much less. A sum insured in dollars better preserves its purchasing power and gives more certainty about what your family will actually receive.
That doesn't mean the dollar has no inflation, but it has historically been a benchmark of stability for Latin American savings, which is why many families in the region choose to protect themselves in that currency.
Life insurance for Latin Americans living in another country
Millions of Latin Americans live in other countries in the region and keep family responsibilities in their home country. For them, dollar life insurance is a way to protect parents, children or partners who depend on their financial support. Check eligibility conditions for your country of residence and remember that the product isn't available to US residents.
Life insurance for people over sixty
From sixty, buying life insurance tends to be more expensive and, with traditional products, more demanding in terms of medical exams. A digital process with no medical exam makes access easier, although approval and price will depend on age and health answers. For people at this stage, life insurance usually has a different goal: leaving liquidity for final expenses, debts or an orderly inheritance.
Support from an advisor
Although the process is digital, having an advisor helps you choose the sum insured, term and beneficiaries wisely, at no extra cost to you.
Talking to your family about the policy
A life insurance policy only fulfils its purpose if the people it protects know it exists. Once you've taken out cover, talk to your beneficiaries about it in simple terms: which company issued it, what the policy number is, where the documents are stored and how to contact the insurer or your adviser if something happens. You don't need to share every financial detail, but they should know enough to start a claim without searching through your emails. Keep a printed summary in a safe place at home and a digital copy in a shared folder that a trusted person can access. Review the list of beneficiaries after major life events, such as a marriage, divorce, the birth of a child or a change of country, because outdated designations are one of the most common causes of problems when a claim is made. This conversation can feel uncomfortable, but it's one of the most practical gifts you can give your family, and it ensures that the protection you're paying for actually reaches the people you intended.
Checklist before buying
- Sum insured calculated from income and debts.
- Term chosen according to your goals.
- Health questionnaire answered honestly.
- Beneficiaries named with complete details.
- A valid dollar payment method.
- Confirmation that you're not a US resident.
If you want to go deeper into US-dollar life insurance and compare options for your family, our life insurance agency at lifeinsurance.globalinsurancemall.com advises you free of charge.
Conclusion
Olé Life offers people in Latin America a modern way to protect their family in dollars, with no medical exam, instant approval and backing from world-class reinsurers. If you'd like to calculate your sum insured or resolve doubts before buying, message me on WhatsApp. I'm Francisco Viloria, an independent insurance advisor, and I'll support you through the whole process at no extra cost.
Frequently asked questions
Does Olé Life require a medical exam?
No. Its underwriting is digital, with no medical exam, and can cover policies of up to one million dollars.
What currency is the insurance in?
US dollars, which protects your family from local currency devaluation.
Who backs Olé Life's policies?
It has reinsurance from Swiss Re, Munich Re, RGA and PartnerRe, and a B++ AM Best rating.
Can US residents buy it?
No. The product isn't available to US residents.
What is return of premium?
An optional benefit that refunds the premiums paid if the insured outlives the policy term.
How long does approval take?
In many cases it's immediate, thanks to AI-powered digital underwriting.