According to CBC News, an estimated 2.8 million Canadians live and work abroad, which means that people are leaving the country at a rate three times higher than those born in Canada.
These Canadian citizens need life insurance to protect their family’s future and make sure they are financially secure, but — like most underwriting criteria — their ability to obtain life insurance varies from one company to another.
For example, the application must be completed in Canada, and in addition to the regular underwriting criteria — such as age, smoking status, health, and lifestyle issues — the insurance carrier will look closely at the type of work the insured does. The underwriters will also want to know if the potential client is a Canadian citizen and if they maintain a residence in Canada.
Where they are working is also an important consideration, as a large safe country will be seen more favourably than a hostile, more unstable country. As an extension of that principle, the underwriters will also evaluate the quality of the home or hotel where the potential insured is living in, whether they have any additional plans outside their primary country or place of residence, and whether that travel is leisure- or work-related.
Depending on the country the insured works in, additional medical tests may be required. The broker will likely need to submit a travel questionnaire, supplied by the insurance company, which will verify most of these details. The broker may also want to present a cover letter with their client’s application, which highlights any other pertinent information.
If you are a Canadian citizen living or working abroad and need information on how to obtain life insurance, please call us at 1-866-899-4849. You can also visit our Term Insurance Quote Page.
But why are so may people leaving for work, I thought that Canadian job rates are rising right now. Is it because there are more? Also how many of these are American jobs just over the border?
thank you, John