Life insurance is one of the most important steps you can take to protect your family in a new country. It replaces your income and covers debts so the people who depend on you are financially secure if something happens to you. This guide explains your options as a new Canadian and how to choose the right coverage.
Can New Canadians Get Life Insurance?
Yes. Permanent residents and many people on valid work permits can qualify for life insurance in Canada, often once they are settled with a local address. Eligibility and the products available can depend on your immigration status and how long you have been in the country, so it helps to speak with a licensed broker who knows which insurers are newcomer-friendly.
Term vs. Permanent Life Insurance
Term life covers you for a set period (such as 10, 20, or 30 years) and is typically the most affordable way to get substantial protection during your working and family-raising years. Permanent life covers you for life and can build cash value, which suits longer-term estate and wealth-transfer goals. Many families start with term and adjust later.
How Much Coverage Do You Need?
A common approach is to cover your debts (mortgage, loans), replace several years of income, and add for children’s education and final expenses. A broker can help you size coverage to your family’s actual needs rather than a generic rule of thumb.
How a Broker Helps
NavInsurance is LLQP-licensed and compares life insurance from many Canadian carriers to find coverage that accepts your situation and fits your budget. Visit our life insurance page to learn more.
Frequently Asked Questions
Do I need to be a citizen to buy life insurance?
No. Permanent residents and many work-permit holders can qualify. The available products may vary by status and time in Canada.
Is term or permanent better for a young family?
Term often provides the most protection for the lowest cost during the years your family is most financially vulnerable, but the right choice depends on your goals.