Life Insurance for Non-Residents
Canadian insurance companies have developed insurance plans for all types of visitors to Canada. Whether you are a new immigrant, business traveler, visitor, foreign worker or student, there is an affordable life insurance plan designed to suit your needs.
Industrial Alliance, one of the largest companies in Canada (founded in 1892), has a long history of providing insurance products and financial services. The company offers coverage to anyone who has been in Canada for at least 6 months (regardless of their status). The maximum amount of coverage for a fully underwritten product is $100,000. However, 2 products are excluded – Life Serenity 65 and Child Life Health Duo. People with work permits or on a work visa may be eligible for a higher amount of coverage, depending on their situation.
The company also offers a No Medical Simplified Issue plan called Access Life, which will insure non-residents in Canada for up to $300,000 assuming the insured can answer “no” to all 15 health and lifestyle questions.
Canada Protection Plan, the leading No Medical and Simplified Issue insurance provider in the country, has a huge lineup of insurance products, including No Medical Simplified Issue plans, Term insurance and Permanent plans for non-residents. Non-residents in Canada can get up to $250,000 in life insurance coverage.
There are certain restrictions on who can apply for life insurance coverage, but if you fall into one of these categories, you may be eligible:
- Open work permit
- Students visa
- Convention refugee status
- Nannies or caregivers
- Temporary work visa
- Landed immigrants
- Investors, entrepreneurs and self-employed
Holders of a work permit may qualify for fully underwritten products from Assumption Life, such as FlexOptions, FlexTerm, ParPlus, Youth Plus and Critical Protection, for a maximum of $500,000 in coverage. Higher coverage amounts may be available. These cases are assessed on an individual basis and subject to review.
The applicant must provide a copy his work permit, valid for at least one year and not expiring within the next three months and been living in Canada for more than a year. Applicants that don’t meet these requirements are subject to stricter screening and underwriting processes, such as paramedical and blood profiling, including tests for hepatitis B and C.
Foreign workers are not eligible for disability income, premium waivers or accidental death riders. Workers of all nationalities are eligible for Simplified issue products like Golden Protection, Total Protection and No Medical Insurance, but anyone considered a risk of returning to their country of origin will be closely scrutinized.
Studying in Canada
Holders of a study permit can qualify for fully underwritten products such as FlexOptions, FlexTerm, ParPlus, Youth Plus and Critical Protection for a maximum of $250,000 in coverage and may be eligible for the critical illness rider and the Accidental Fracture Plus rider. Married students with children may be eligible for the Child Insurance Benefit rider (CIB) if the spouse and children live in Canada and if the rider is offered on the selected product.
Foreign students are not eligible for disability income, premium waivers or accidental death riders. The applicant must be enrolled in a minimum six-month study program and provide proof of enrollment to confirm full-time attendance in a school, college or university. Anyone that doesn’t meet regular underwriting requirements may qualify for other plans with stricter screening processes.
Foreigners With an Open Work Permit
Holders of an open work permit also qualify for fully underwritten life insurance plans up to a maximum of $500,000 in coverage. Requests for higher amounts are assessed on an individual basis. These applicants may be eligible for critical illness and Accidental Fracture Plus riders, as well.
All nationalities and all workers are eligible, however a copy of the open work permit must be provided.
Applicants that have been granted convention refugee status may obtain fully underwritten life insurance coverage up to a maximum of $250,000. They may also be eligible for critical illness and Accidental Fracture Plus riders.
Refugees are not eligible for Critical Protection, disability income, premium waivers or accidental death riders. To apply, refugees must have been living in Canada for six months or more, have a stable living environment and gainful employment. The applicant must also provide a copy of a permanent residence application and a copy of the letter from the Immigration and Refugee Board of Canada and from Citizenship and Immigration Canada verifying protected refugee status.
People with dual a citizenship (Canadian and American) may be eligible for fully underwritten life insurance products with no maximum, providing they can justify the amount requested. Nannies and caregivers can apply for up to $250,000 in coverage, but proof of employment from the nanny program must be provided.
Life insurance plans and eligibility requirements for non-residents are determined on a case-by-case basis. For more details on this, or any other insurance inquires, please contact us at 1-866-899-4849 or visit our Quote Page.