UPDATE: Life Insurance for New Canadians

Generally, there are four categories to consider when talking about life insurance for new Canadians: those with a work visa, those with a student visa, those who have claimed refugee status, and those with an open visa.

In 2012, those with work visas of any kind temporary residents was 9,701.

Assumption Life is one of Atlantic Canada’s major insurance and financial investment companies, with more than 75,000 policies in force. It was ranked 33rd out of Atlantic Canada’s top 101 companies. They offer a wide range of products, including individual life insurance, group insurance (life, health, dental, and disability), critical illness, travel insurances, mortgage loans, financial services, annuities, and segregate funds.

Now, they are offering life insurance to Canada’s newest citizens — although there are some very stringent underwriting requirements for these policies that are different according to the type of visa the potential customer is designated under. The following are the underwriting criteria for each new arrival visa category that Assumption Life will insure.

Visa/Work permit
• Maximum of $500,000 on all our products (riders excluded)

• Must hold a visa permit for a minimum of one year. However, it must not expire within the next three months (otherwise, requires proof of renewal request)

• A copy of a valid visa is required for all products

• More than six months to one year in Canada: paramedical, blood profile, including hepatitis B & C screening

• Less than one year in Canada regular underwriting requirements

• Confirmation that the person intends to stay in Canada

• All nationalities; however, risk of return to country of origin will be considered

 Student Visa (new Assumption Life updates made)
• $250,000 for students attending school (including high school) or college.

• $500,000 for students over the age of 18 and attending university with intents to stay in Canada. We will consider requests for more coverage on a case-by-case basis.

• The students must be registered full-time in a college or university.

•  Have a valid student visa

• If less than one year in Canada, the person is subject to paramedical and blood profile screening, including hepatitis B & C

• More than one year in Canada: regular underwriting requirements

• All nationalities; however, risk of return to country of origin will be considered 

• If visa expires within three months, the student may not be eligible

Open Visa
• Maximum of $500,000 on all products (riders excluded)

• All nationalities considered

Convention refugees
• Applicant must have resided in Canada for six months or more

• Application has been made for permanent status (requires a copy of the application)

• Applicant must be employed with fixed address

• Copy of government status letter

• Any rating may not exceed 200%

• Country of origin and return risk is considered

• Maximum of $250,000 on all products (riders excluded)

• Less than six months to one year in Canada: paramedical, blood profile, including hepatitis B & C screening

• More than one year in Canada: regular underwriting requirements

It’s important to note that underwriting requirements change over time, so be sure to consult a reputable insurance broker before making any moves and purchasing a policy, as the above may not always reflect the current requirements.

If you’re interested in purchasing your own life insurance policy as a new resident of Canada, call us at 1-866-899-4849 or visit our Term Insurance Quote Page.