To optimize the newcomer experience, we’ve reduced our requirements for life and critical illness insurance for this clientele, primarily the length of time in Canada before becoming eligible.
These changes stem from suggestions from the sales force, and your constructive feedback has helped us make changes that truly meet the needs of newcomers to Canada.
We’d like to remind you that it’s important to provide all documents needed at the time of submission in order to minimize the time it takes to issue the contract.
Residency periods in Canada have been reduced for most newcomers to Canada.
Status | Old requirements | New requirements |
Skilled worker | 3 months | Upon arrival in Canada |
Foreign-trained physician | 3 months | Upon arrival in Canada |
Married or common-law spouse | 3 months | Upon arrival in Canada |
Temporary worker | 6 months | 3 months |
Refugee | 2 years | 1 year |
International student | 1 year | 3 months |
Changes to amount of life or critical illness insurance
A worker with a temporary work permit who has applied for permanent residence can request $500,000* (previously $250,000) in life insurance and $100,000 (previously $50,000) in critical illness insurance.
* A higher life insurance amount may be available in certain situations, subject to additional financial terms. It will be reviewed on a case by case basis. Example: the client has a high level of income; has a mortgage in a major urban center with a high cost of living.
Other changes
- Exclusions are now based on the insured’s travel habits only. Previously, in certain situations, we also took into consideration the country of origin.
- Work permits or student permits valid for at least 6 months are no longer an eligibility requirement.
- An international student will no longer be limited to purchasing a permanent product. From now on, they will also be able to purchase a temporary product.
We hope these changes for newcomers will bring a fresh perspective as the summer begins.