In 2022, Canada welcomed more than 400,000 people in our country.
Many of these individuals left their homes, their relatives, and their jobs, in search for a better life here in Canada.
A top priority for newcomers to Canada is security.
A secure home.
A secure income.
A secure life.
An easy way to provide peace of mind and security, is through life insurance.
Believe it or not, many newcomers to Canada (depending on the country), are forced to forfeit their existing life insurance polices from their native lands, now that they no longer live in the country.
The question stands - can newcomers to Canada qualify for life insurance?
The answer is yes.
Every insurance company is a bit different in what their requirements are to qualify for life insurance, and they also separate newcomers to Canada by category.
Below is an example of what Empire Life (an insurance company here in Canada) requires for each type of newcomer to Canada, in order to qualify for life insurance and/or critical illness insurance:
Empire Life Requirements
Permanent Resident
Must be a Canadian Citizen or have a permanent resident card. If the insured has not received their permanent resident card but has a letter of acceptance, we require a copy of that letter for consideration
Temporary Resident
Resident of Canada for at least 3 months
Submit valid work permit– if within 3 months of expiry date an extension must have been applied for (copy of renewal) or submit copy of acknowledgement of permanent resident status application
Submit letter of intent to remain in Canada permanently if applying for $500,000 or less
Submit a copy of acknowledgement of permanent resident status application if applying for > $500,000
Post-Graduate Work Program
Resident of Canada for at least 3 months
Submit letter of intent to remain in Canada permanently
Submit valid work permit under the PGWP – if within 3 months of the expiry date an extension must have been applied for (copy of renewal) or submit copy of acknowledgement of permanent resident status application
Student Visa
Resident of Canada for at least 3 months
Submit details regarding program of study, educational institution, length of program
Submit letter of intent to remain in Canada permanently after graduation
Submit valid student visa/study permit – if within 3 months of the expiry date an extension must have been applied for (copy of renewal) or submit copy of acknowledgement of permanent resident status application
Convention Refugees
Resident of Canada for one year and working full-time
Submit copy of documentation confirming temporary residence (example: convention refugee documentation)
Submit copy of acknowledgement of permanent resident status application
Valid work permit–if within 3 months of the expiry date an extension must have been applied for
Spouses and Dependent Children
Refer to residency status of spouse or parent
Submit copy of acknowledgement of permanent resident status application
Must reside in Canada
Live-in Nanny/ Caregiver
Life – No minimum residency requirement
CI – Resident of Canada for six months
Must be participating in the Live-In Caregiver Program and working as a Nanny
Copy of documentation is not a requirement, however may be requested at the Underwriter’s discretion
Foreign Trained Medical Doctor and Skilled/ Professional Workers (e.g. nurses, lawyers, engineers, pharmacists)
No minimum residency requirement in Canada for Life
Resident of Canada for three months for CI
Must live and work in Canada and have a valid work permit with the intention to stay permanently in Canada
If work permit is within 3 months of the expiry date an extension must have been applied for
Doctors – Submit copy of working contract and be part of a provincial program
Others – Submit a copy of valid residency documentation, such as SIN number or Immigration papers
As I mentioned, each insurance carrier has their own way of doing things, but in most cases, newcomers to Canada are eligible for life insurance, provided they have the correct documentation in order.
If you have questions, or would like a free life insurance quote, don't hesitate to email us at dan@smartstartinsurance.ca. You may also give us a call directly at 647-393-3474.
Thanks for reading!
- Dan
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