LIFE INSURANCE FOR the HARD TO INSURE AND NON PERMANENT RESIDENTS
The No Medical Life Insurance market in Canada is exploding. More and more people are opting for the convenience of obtaining life insurance without a medical. No Medical Life Insurance policies fall into 2 categories: Guaranteed Issue (no health questions) and Simplified Issue (anywhere from a 2 to 25 + health questions).
What is non-medical life insurance?
Non-medical life insurance does not require medical testing, doctor’s reports or medical reports before your application is approved.
What type of non-medical life insurance is available?
We offer a range of non-medical life insurance products to meet different needs. Whether it is Term insurance to cover a certain period of time or Permanent insurance that lasts for life, there is something for you.
If you have been declined in the last 2 years you will need to apply for a deferred policy. That means that you will be covered for the term that you selected however if death occurs in the first two years since the issue date you would not qualify.
Who should consider this type of insurance?
There is a plan for everyone, but these plans can be an especially good deal for those that may otherwise be considered hard-to-insure.
If you’ve already been declined for life insurance, we’ll be able to take a look at your current health history and your past applications to find the best fit for you from either traditional or non-medical life insurance carriers.
If you have a serious health issue, but have never applied for insurance, we can recommend — or determine — whether a non-medical or a traditional life insurance plan would be best.
Anyone wanting fast and immediate coverage.
Life Insurance for a non-resident in Canada
Life Insurance For Non Immigrants In Canada it is difficult to get life insurance coverage if you are not a Canadian resident or Citizen.
Assumption Life however has a solution, you may be eligible to get life insurance coverage up to $500,000. Non-residents are eligible to apply for five of Assumptions products. FlexTerm, FlexOptions, ParPlus, Golden Protection and Total Protection. The products can serve to cover a variety of needs for individuals and their families.
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.
Who Can Apply?
So you are ready to apply! Assumption has certain restrictions on who can apply but below is a list of categories that are available.
Caregivers or nannies
Immigrants with a one-year full-time work visa
Open work visas
Investors, entrepreneurs and self-employed
No matter your situation there's a solution that's available.